MAN 4720 - Dever/FSU - Exam 1 | Florida State University
| UPDATED Questions with 100% Verified Answers
Q1: Strategic Competitiveness
A: Achieved when a firm successfully formulates and implements a value creating strategy
Q2: Strategy
A: an integrated and coordinated set of commitments and actions designed to exploit core
competencies and gain a competitive advantage
Q3: Competitive advantage
A: implementation of a strategy that creates superior value for customers and that the
competitors are unable to duplicate or find it too costly to try and imitate
Q4: Risk
A: is an investor's uncertainty about the economic gains or losses that will result from a
particular investment
Q5: above-average returns
A: are returns in excess of what an investor expects to earn from other investments with a
similar amount of risk
Q6: Average Returns
A: returns equal to those an investor expects to earn from other investments with a similar
amount of risk
Q7: Strategic Management Process Definition
A: The full set of commitments, decisions, and actions required for a firm to achieve strategic
competitiveness and earn above-average returns.
Q8: Hypercompetition
A: competition that is excessive such that it creates inherent instability and necessitates
constant disruptive change for firms in the competitive landscape.
It is a condition of rapidly escalating competition based on price-quality positioning,
competition to create new know-how and establish first-mover advantage, and
competition to protect or invade established product or geographic markets
Q9: Globalization
A: is the increasing economic interdependence among countries and their organizations as
reflected in the flow of goods and services, financial capital, and knowledge across
country borders.
,is a product of a large number of firms competing against one another in an increasing
number of global economies.
Q10: Technology Diffusion
A: which is the speed at which new technologies become available and are used, has
increased substantially over the past 15 to 20 years.
Q11: Perpetual Innovation
A: describes how rapidly and consistently new, information-intensive technologies replace
older ones
Q12: Disruptive technologies
A: technologies that destroy the value of an existing technology and create new markets
—surface frequently in today's competitive markets.
Q13: Information Age
A: a period in history where the production, distribution, and control of information is the
primary driver of the economy
Q14: Knowledge
A: a critical organizational resource and an increasingly valuable source of competitive
advantage.
(information, intelligence, and expertise) is the basis of technology and its application.
Q15: strategic flexibility
A: a set of capabilities used to respond to various demands and opportunities existing in a
dynamic and uncertain competitive environment.
to gain the competitive benefits of such flexibility, a firm has to develop the capacity to
learn.
Q16: Industrial Organization Model of Above-Average Returns
A: explains the external environment's dominant influence on a firm's strategic actions.
The model specifies that the industry in which a company chooses to compete has a
stronger influence on performance than do the choices managers make inside their
organizations.
Q17: I/O Model Assumptions
A: 1. The external environment imposes pressures and constraints that determine strategic
choices.
2. Similarity in strategically relevant resources causes competitors to pursue similar
strategies.
3. Resource differences among competitors are short-lived due to resource mobility
, across firms.
4. Strategic decision makers are rational and engage in profit-maximizing behaviors.
Q18: Five Forces Model of Competition
A: is an analytical tool used to help firms find the industry that is the most attractive for them
The five forces model suggests that an industry's profitability is a function of interactions
among five forces
1. suppliers
2. buyers
3. competitive rivalry among firms currently in the industry
4. product substitutes
5. potential entrants to the industry.
Q19: The Resource-Based Model of Above-Average Returns
A: The model assumes that each organization is a collection of unique resources and
capabilities
The uniqueness of its resources and capabilities is the basis of a firm's strategy and its
ability to earn above-average returns.
Q20: What is a Resource?
A: are inputs into a firm's production process.
i.e. capital equipment, skills of employees, patents, finances, and talented managers.
Q21: What is a capability?
A: the capacity for a set of resources to perform a task or an activity in an integrative
manner
Q22: What is a Vision?
A: the picture of what a firm wants to be and, in broad terms, what it wants to ultimately
achieve.
Thus, a vision statement articulates the ideal description of an organization and gives
shape to its intended future.
In other words, a vision statement points the firm in the direction of where it would like to
be in the years to come.
Q23: What is a Mission?
A: specifies the businesses in which the firm intends to compete and the customers it
intends to serve.
The firm's mission is more concrete than its vision.
should establish a firm's individuality and should be inspiring and relevant to all
stakeholders.
Q24: Stakeholders
| UPDATED Questions with 100% Verified Answers
Q1: Strategic Competitiveness
A: Achieved when a firm successfully formulates and implements a value creating strategy
Q2: Strategy
A: an integrated and coordinated set of commitments and actions designed to exploit core
competencies and gain a competitive advantage
Q3: Competitive advantage
A: implementation of a strategy that creates superior value for customers and that the
competitors are unable to duplicate or find it too costly to try and imitate
Q4: Risk
A: is an investor's uncertainty about the economic gains or losses that will result from a
particular investment
Q5: above-average returns
A: are returns in excess of what an investor expects to earn from other investments with a
similar amount of risk
Q6: Average Returns
A: returns equal to those an investor expects to earn from other investments with a similar
amount of risk
Q7: Strategic Management Process Definition
A: The full set of commitments, decisions, and actions required for a firm to achieve strategic
competitiveness and earn above-average returns.
Q8: Hypercompetition
A: competition that is excessive such that it creates inherent instability and necessitates
constant disruptive change for firms in the competitive landscape.
It is a condition of rapidly escalating competition based on price-quality positioning,
competition to create new know-how and establish first-mover advantage, and
competition to protect or invade established product or geographic markets
Q9: Globalization
A: is the increasing economic interdependence among countries and their organizations as
reflected in the flow of goods and services, financial capital, and knowledge across
country borders.
,is a product of a large number of firms competing against one another in an increasing
number of global economies.
Q10: Technology Diffusion
A: which is the speed at which new technologies become available and are used, has
increased substantially over the past 15 to 20 years.
Q11: Perpetual Innovation
A: describes how rapidly and consistently new, information-intensive technologies replace
older ones
Q12: Disruptive technologies
A: technologies that destroy the value of an existing technology and create new markets
—surface frequently in today's competitive markets.
Q13: Information Age
A: a period in history where the production, distribution, and control of information is the
primary driver of the economy
Q14: Knowledge
A: a critical organizational resource and an increasingly valuable source of competitive
advantage.
(information, intelligence, and expertise) is the basis of technology and its application.
Q15: strategic flexibility
A: a set of capabilities used to respond to various demands and opportunities existing in a
dynamic and uncertain competitive environment.
to gain the competitive benefits of such flexibility, a firm has to develop the capacity to
learn.
Q16: Industrial Organization Model of Above-Average Returns
A: explains the external environment's dominant influence on a firm's strategic actions.
The model specifies that the industry in which a company chooses to compete has a
stronger influence on performance than do the choices managers make inside their
organizations.
Q17: I/O Model Assumptions
A: 1. The external environment imposes pressures and constraints that determine strategic
choices.
2. Similarity in strategically relevant resources causes competitors to pursue similar
strategies.
3. Resource differences among competitors are short-lived due to resource mobility
, across firms.
4. Strategic decision makers are rational and engage in profit-maximizing behaviors.
Q18: Five Forces Model of Competition
A: is an analytical tool used to help firms find the industry that is the most attractive for them
The five forces model suggests that an industry's profitability is a function of interactions
among five forces
1. suppliers
2. buyers
3. competitive rivalry among firms currently in the industry
4. product substitutes
5. potential entrants to the industry.
Q19: The Resource-Based Model of Above-Average Returns
A: The model assumes that each organization is a collection of unique resources and
capabilities
The uniqueness of its resources and capabilities is the basis of a firm's strategy and its
ability to earn above-average returns.
Q20: What is a Resource?
A: are inputs into a firm's production process.
i.e. capital equipment, skills of employees, patents, finances, and talented managers.
Q21: What is a capability?
A: the capacity for a set of resources to perform a task or an activity in an integrative
manner
Q22: What is a Vision?
A: the picture of what a firm wants to be and, in broad terms, what it wants to ultimately
achieve.
Thus, a vision statement articulates the ideal description of an organization and gives
shape to its intended future.
In other words, a vision statement points the firm in the direction of where it would like to
be in the years to come.
Q23: What is a Mission?
A: specifies the businesses in which the firm intends to compete and the customers it
intends to serve.
The firm's mission is more concrete than its vision.
should establish a firm's individuality and should be inspiring and relevant to all
stakeholders.
Q24: Stakeholders
