Test Bank For Strategic Management Concepts and Cases 3rd Edition By Jeffrey H. Dyer, Paul Godfrey. VERIFIED

1) ________ can be best defined as when an organization generates higher profits compared to its rivals. a) Client advantage b) Competitive advantage c) Employer advantage d) Unique valueAnswer: b Difficulty: Easy Section Reference 1: What Is Business Strategy? Learning Objective 1: Define business strategy, including the importance of competitive advantage, the four choices that are critical to strategy formulation, and the strategic management process. Bloomcode: Knowledge Standard 1 : AACSB || Analytic 2) Gems Corp. is a leading jewelry brand that finds it hard to make as much profit as its competitors. In order to overcome this, the employees of Gems Corp. decide to work harder to provide unique value to customers and increase the sales of the company. After a year, it is able to make more profits than its competitors. This scenario best illustrates ________. a) client advantage b) internal analysis c) external analysis d) competitive advantage Answer: d