BUSI 490: Capstone Liberty University questions well answered graded A+

BUSI 490: Capstone Liberty UniversityStrategic Management - correct answer The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives strategy formulation - correct answer -developing a vision and mission -identifying an organization's external opportunities and threats -determining internal strengths and weaknesses -establishing long-term objectives -generating alternative strategies -choosing particular strategies to pursue strategy implementation - correct answer -requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed -often called the action stage Strategy Evaluation - correct answer -Determining which strategies are not working well -Three fundamental activities: 1. reviewing external and internal factors that are the bases for current strategies 2. measuring performance 3. taking corrective actions Competitive Advantage - correct answer -any activity a firm does especially well compared to activities done by rival firms, or -any resource a firm possesses that rival firms desire. A firm must strive to achieve sustained competitive advantage