STRATEGIC MANAGEMENT 14 MOCK EXAM
AND STUDY MATERIAL WITH CASE STUDIES
AND GLOBAL BUSINESS DECISION-MAKING
PRACTICE
◉ Competitive Advantage.
Answer: Superior performance relative to other competitors in the
same industry or the industry average.
◉ Sustainable Competitive Advantage.
Answer: A firm's ability to outperform its competitors or the
industry average over a prolonged period.
◉ Competitive Disadvantage.
Answer: A situation where a firm underperforms its rivals or the
industry average.
◉ Competitive Parity.
Answer: A situation where two or more firms perform at the same
level.
◉ Strategic Positioning.
,Answer: Creating a unique position within an industry that allows
the firm to provide value to customers while controlling costs.
◉ Stakeholders.
Answer: Organizations, groups, and individuals that can affect or be
affected by a firm's actions and have an interest in the performance
or survival of the firm.
◉ Stakeholder Impact Analysis.
Answer: A decision tool to recognize, prioritize, and address
stakeholder needs based on three attributes: power, legitimacy, and
urgency.
◉ Pyramid of Corporate Social Responsibility.
Answer: A framework that defines a firm's responsibilities to its
stakeholders across four levels: economic, legal, ethical, and
philanthropic.
◉ Strategic Leadership.
Answer: The successful use of power and influence to direct the
activities of others and pursue an organization's goals.
◉ Upper Echelons Theory.
, Answer: A framework where organizational outcomes reflect the
values and unique perspectives of the top management team.
◉ Level-5 Leadership Pyramid.
Answer: A progression of leadership capabilities ranging from Level
1 (Highly Capable Individual) to Level 5 (Executive who builds
enduring greatness through willpower and humility).
◉ Strategy Formulation.
Answer: The choice of strategy regarding where to compete
(corporate) and how to compete (business).
◉ Strategy Implementation.
Answer: The execution of strategy, focusing on organization,
coordination, and integration of how work gets done.
◉ Vision.
Answer: A statement that captures an organization's aspiration and
spells out what it ultimately wants to accomplish.
◉ Mission.
Answer: A description of what an organization actually does—the
products and services it provides and the markets in which it
competes.
AND STUDY MATERIAL WITH CASE STUDIES
AND GLOBAL BUSINESS DECISION-MAKING
PRACTICE
◉ Competitive Advantage.
Answer: Superior performance relative to other competitors in the
same industry or the industry average.
◉ Sustainable Competitive Advantage.
Answer: A firm's ability to outperform its competitors or the
industry average over a prolonged period.
◉ Competitive Disadvantage.
Answer: A situation where a firm underperforms its rivals or the
industry average.
◉ Competitive Parity.
Answer: A situation where two or more firms perform at the same
level.
◉ Strategic Positioning.
,Answer: Creating a unique position within an industry that allows
the firm to provide value to customers while controlling costs.
◉ Stakeholders.
Answer: Organizations, groups, and individuals that can affect or be
affected by a firm's actions and have an interest in the performance
or survival of the firm.
◉ Stakeholder Impact Analysis.
Answer: A decision tool to recognize, prioritize, and address
stakeholder needs based on three attributes: power, legitimacy, and
urgency.
◉ Pyramid of Corporate Social Responsibility.
Answer: A framework that defines a firm's responsibilities to its
stakeholders across four levels: economic, legal, ethical, and
philanthropic.
◉ Strategic Leadership.
Answer: The successful use of power and influence to direct the
activities of others and pursue an organization's goals.
◉ Upper Echelons Theory.
, Answer: A framework where organizational outcomes reflect the
values and unique perspectives of the top management team.
◉ Level-5 Leadership Pyramid.
Answer: A progression of leadership capabilities ranging from Level
1 (Highly Capable Individual) to Level 5 (Executive who builds
enduring greatness through willpower and humility).
◉ Strategy Formulation.
Answer: The choice of strategy regarding where to compete
(corporate) and how to compete (business).
◉ Strategy Implementation.
Answer: The execution of strategy, focusing on organization,
coordination, and integration of how work gets done.
◉ Vision.
Answer: A statement that captures an organization's aspiration and
spells out what it ultimately wants to accomplish.
◉ Mission.
Answer: A description of what an organization actually does—the
products and services it provides and the markets in which it
competes.
