BMGT 4930 Exam 1 questions with
complete solutions A+ rated
competitive advantage - correct answer ✔✔what sets an organization apart from others and is
the ultimate purpose of strategic management
strategy - correct answer ✔✔an integrated and coordinated set of commitments and actions to
exploit core competencies and gain a competitive advantage
core competencies - correct answer ✔✔have to be valuable to the market and unique to you;
base for competitive advantage
5 Ps of strategy - correct answer ✔✔plan, ploy, pattern, position, perspective
plan - correct answer ✔✔set of steps a company intends to follow in order to be successful
(business model)
ploy - correct answer ✔✔specific move to outwit or trick competitors
pattern - correct answer ✔✔consistency of action over time
position - correct answer ✔✔place in the industry relative to competitors
perspective - correct answer ✔✔refers to how executives interpret the competitive landscape
around them; art vs. science
, intended strategy - correct answer ✔✔strategy that an organization hopes to execute
emergent strategy - correct answer ✔✔unplanned strategy that arises in response to
unexpected opportunities and challenges
Industrial Organization Model - correct answer ✔✔-focuses on the external environment
-industry competitors are similar in every aspect
Resource-Based Model - correct answer ✔✔-focuses on internal factors
-
creative destruction - correct answer ✔✔industry mutation; out with the old, in with the new
general environment - correct answer ✔✔includes overall trends and events in society; any and
everybody affected
industry environment - correct answer ✔✔organizations that collectively compete with one
another by providing similar goods, services, or both
open system - correct answer ✔✔resources and information coming in and out of the
organization
opportunities - correct answer ✔✔events and trends that create chances to improve an
organization's performance level; outside the organization
threats - correct answer ✔✔events and trends that may undermine an organization's
performance; outside the organization
complete solutions A+ rated
competitive advantage - correct answer ✔✔what sets an organization apart from others and is
the ultimate purpose of strategic management
strategy - correct answer ✔✔an integrated and coordinated set of commitments and actions to
exploit core competencies and gain a competitive advantage
core competencies - correct answer ✔✔have to be valuable to the market and unique to you;
base for competitive advantage
5 Ps of strategy - correct answer ✔✔plan, ploy, pattern, position, perspective
plan - correct answer ✔✔set of steps a company intends to follow in order to be successful
(business model)
ploy - correct answer ✔✔specific move to outwit or trick competitors
pattern - correct answer ✔✔consistency of action over time
position - correct answer ✔✔place in the industry relative to competitors
perspective - correct answer ✔✔refers to how executives interpret the competitive landscape
around them; art vs. science
, intended strategy - correct answer ✔✔strategy that an organization hopes to execute
emergent strategy - correct answer ✔✔unplanned strategy that arises in response to
unexpected opportunities and challenges
Industrial Organization Model - correct answer ✔✔-focuses on the external environment
-industry competitors are similar in every aspect
Resource-Based Model - correct answer ✔✔-focuses on internal factors
-
creative destruction - correct answer ✔✔industry mutation; out with the old, in with the new
general environment - correct answer ✔✔includes overall trends and events in society; any and
everybody affected
industry environment - correct answer ✔✔organizations that collectively compete with one
another by providing similar goods, services, or both
open system - correct answer ✔✔resources and information coming in and out of the
organization
opportunities - correct answer ✔✔events and trends that create chances to improve an
organization's performance level; outside the organization
threats - correct answer ✔✔events and trends that may undermine an organization's
performance; outside the organization
