BSM600 Midterm Questions and Correct Answers | Latest Update | A+

Task Specialization Ans: Breaking a large process into smaller tasks that require specialized knowledge Business Strategy Ans: A company's dynamic plan to gain, and sustain, competitive advantage Competitive Advantage Ans: When a firm generates consistently higher profits compared to its competitors Ways to obtain competitive advantage Ans: 1) Strategy is too difficult or costly to maintain 2) Firm generates above average profits 4 choices critical to strategy formulation Ans: 1) Markets to compete in 2) Unique value the firm will offer in markets 3) Resources & capabilities required to offer better value 4) Ways to sustain advantage/prevent imitation Strategic Management Ans: Process by which organizations formulate plans (business strategy) and allocate resources to achieve competitive advantage Who benefits from good business strategy Ans: 1) Capital market stakeholders 2) Product market stakeholders 3) Organizational stakeholders 4) Community stakeholders 3 types of strateg