MGT 202 Exam 2 Latest Version Already Passed

MGT 202 Exam 2 Latest Version Already Passed Competitive Advantage An organization's ability to use resources so well that it performs better than the competition Technology Using technology to gain operating efficiencies, market exposure, and customer loyalty Cost & Quality Operating with greater efficiency & product or service quality Knowledge & Speed Doing better at innovation & speed of delivery to market for new ideas Barries to Entry Creating a market stronghold that is protected from entry by others Financial Resources Having better investments or loss absorption potential than competitors sustainable competitive advantage Competitive advantage that is durable & difficult or costly for others to copy or imitate Strategy A comprehensive action plan that identifies the long term direction for an organization and that guides resource utilization to achieve sustainable competitive advantage Strategic Intent All energies directed toward accomplishing a long term target/goal 3 Levels of strategy Corporate, Business, and Functional Strategic Management the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage Strategic Analysis To assess the organization, its environment, its competitive positioning, & its competitive strategies strategy formulation Developing a new or revised strategy strategy implementation Using resources to put strategies into action, and then evaluating results so then the implementation can be improved or the strategy changed Mission An organization describes its reason for existence in society Stakeholders Including customers, shareholders, employees, suppliers, creditors, community groups, future generations, and others - who are directly affected by the organization & its accomplishments Core values are broad beliefs about what is or is not appropriate behavior Organizational culture the predominant