MAN 4720 Chapter 1 Questions & Correct Answers | Latest Update |Already Graded A+

Strategic Competitiveness : achieved when a firm successfully formulates and implements a value-creating strategy Strategy : an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain competitive advantage The chosen strategy tells us 2 things: : What the firm WILL DO and WILL NOT do Give an example of how Alibaba is changing their environment : Alibaba is coordinating with Apple Pay Competitive Advantage : when a firm implements a strategy that creates superior value for customers and competitors are unable to duplicate or find too costly to try to imitate 2 | P a g e T/F: Some Competitive Advantages are permanent : False, no completive advantage is permanent A competitive advantage will last for how long? : Until another firm can acquire the skills to duplicate the benefits Above-Average Returns : returns in excess of what an investor expects to earn from other investments with similar amount of risk Risk : an investor's uncertainty about the economic gains or losses that will result from a particular investment In small new firms, returns are often measured in terms of ________ and _____. : amount and speed of growth Average Return