MGT 6201 STRATEGY COMPLETE
STUDY GUIDE WITH PRACTICE
QUESTIONS, ANSWERS AND
COMPREHENSIVE STRATEGIC
MANAGEMENT EXAM REVIEW
Updated 2026 Questions and Answers | 100% Verified
Exam Prep
, What is competitive advantage? Superior performance relative to competitors in the same industry.
What does Value Chain Analysis address? The full range of activities a firm performs to bring a product from conception to
delivery.
What are business models? A company's plan for making profit, identifying products, target market, and anticipated
expenses.
What is the Resource Based View of Competitive Advantage? An approach that emphasizes the firm's asset base as the source for creating competitive
advantage.
What are strategic groups? Companies within the same strategic group that are direct competitors with similar
business models.
What are macro-economic forces? The outermost ring of a business's external environment, including political, economic,
socio-cultural, technological, ecological, and legal factors.
What are Porter's Generic Strategies? Cost Leadership, Differentiation, Cost Focus, and Differentiation Focus.
What do business unit strategic issues focus on? Creating and sustaining competitive advantage.
What are Blue Ocean Strategies? Strategies that combine differentiation and cost leadership to find new market
opportunities.
What is the productivity frontier? The theoretical limit of the cost-value relationship, capturing existing best practices.
What does the success of a strategy depend on? How well a firm leverages its internal strengths and exploits external opportunities.
What does corporate strategy cover? Firm scope and allocation of resources, including vertical integration and diversification.
What is business strategy? Goal-directed actions a firm takes to gain and sustain superior performance relative to
competitors.
What is a vision in business strategy? Management's view of a realistic, credible, attractive future for the organization.
What is a mission in business strategy? Often has a product focus or customer market focus.
STUDY GUIDE WITH PRACTICE
QUESTIONS, ANSWERS AND
COMPREHENSIVE STRATEGIC
MANAGEMENT EXAM REVIEW
Updated 2026 Questions and Answers | 100% Verified
Exam Prep
, What is competitive advantage? Superior performance relative to competitors in the same industry.
What does Value Chain Analysis address? The full range of activities a firm performs to bring a product from conception to
delivery.
What are business models? A company's plan for making profit, identifying products, target market, and anticipated
expenses.
What is the Resource Based View of Competitive Advantage? An approach that emphasizes the firm's asset base as the source for creating competitive
advantage.
What are strategic groups? Companies within the same strategic group that are direct competitors with similar
business models.
What are macro-economic forces? The outermost ring of a business's external environment, including political, economic,
socio-cultural, technological, ecological, and legal factors.
What are Porter's Generic Strategies? Cost Leadership, Differentiation, Cost Focus, and Differentiation Focus.
What do business unit strategic issues focus on? Creating and sustaining competitive advantage.
What are Blue Ocean Strategies? Strategies that combine differentiation and cost leadership to find new market
opportunities.
What is the productivity frontier? The theoretical limit of the cost-value relationship, capturing existing best practices.
What does the success of a strategy depend on? How well a firm leverages its internal strengths and exploits external opportunities.
What does corporate strategy cover? Firm scope and allocation of resources, including vertical integration and diversification.
What is business strategy? Goal-directed actions a firm takes to gain and sustain superior performance relative to
competitors.
What is a vision in business strategy? Management's view of a realistic, credible, attractive future for the organization.
What is a mission in business strategy? Often has a product focus or customer market focus.
