UARK MGMT 3013 Exam 1 Questions and Verified Answers Latest 2025/2026

UARK MGMT 3013 Exam 1 Questions and Verified Answers Latest 2025/2026 Strategic Management - Answer -an integrative management field that combines analysis formulation and implementation in the quest for competitive advantage Strategy - Answer -set of goal directed actions a firm takes to gain and sustain superior performance relative to competitors The 3 Good Strategies (AFI) - Answer -1. Diagnosis *(Analysis)* 2. A guiding policy *(Formulation)* 3. A set of coherent actions *(Implement)* Competitive Advantage - Answer -superior performance relative to other competitors in the same industry average (Walmart, Apple, Amazon) Sustained Competitive Advantage - Answer -out-performing competitors or the industry over a long period of time Competitive Disadvantage - Answer -under performance relative to other competitors in the same industry Competitive Parity - Answer -performance of 2 or more firms of the same level (Coke or Pepsi)Industry Effects - Answer -(landscape) entry and exit barriers, # of size of company, types of products/services offered Firm Effects - Answer -(actions taken by management), *more important* than "industry effects" in determining firms performance Stakeholders Strategy - Answer -integrative approach to managing a diverse set of stakeholders effectively in order to gain and sustain competitive advantage; allows firms to analyze and manage how various external/internal stakeholders interact to jointly create and trade value External Stakeholders - Answer -customers, suppliers, creditors, unions and government Internal Stakeholders - Answer -employees, stockholders and board members Stakeholder Impact Analysis - Answer -a decision tool with which managers can recognize, prioritize and address the needs of different stakeholders, enabling the firm to achieve competitive advantage while acting as a good citizen 1. Power 2. Legitimacy 3. Urgency Stakeholder 5 Step Process - Answer -1. Identify stakeholders? (internal/external) 2. Identify stakeholders interests? 3. Identify opportunities and threats?4. Identify social responsibilities