BSM600 FINAL EXAM Questions and Correct Answers | Latest Update | A+

Strategy Ans: A plan to gain and sustain competitive advantage Importance of strategic management Ans: - Makes a difference in how well a business performs - Helps managers cope with uncertainty - Helps people focus on the ways and direction to achieve goals Competitive advantage Ans: Operating with an attribute or set of attributes that allows an organization to outperform its rivals Sustainable competitive advantage Ans: One that is difficult for competitors to imitate To create more value than competitors... Ans: The firm must have unique resources and/or capabilities Successful strategies Ans: 1) Where to compete 2) How to offer unique value 3) What resources or capabilities are necessary 4) How to sustain a competitive advantage once it has been achieved Strategic sweet spot Ans: The point at which a company is able to effectively meet the needs of its customers in a way that its competitors cannot Strategy process Ans: The process by which organizations formulate a plan and allocate resources to achieve competitive advantage Strategy process involves making four strategic choices: Ans: 1) Markets to compete in 2) Unique value the firm will offer in those markets 3) The resources and capabilities required to offer that unique value better than competitors 4) Ways to sustain the advantage by preventing imitation Strategic management process: step 1 Ans: Identify the organization's current mission, objectives, and strategies Strategic management process: step 2 Ans: Conduct an internal analysis