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Strategic Management (CH: 1,3,4,5) Exam
Questions With Verified Answers.
Strategy - answer✔✔the coordinated means by which an organization pursues its goals and
objectives.
Strategic management process - answer✔✔a process that uses vision, goals and objectives,
internal and external analysis, and implementation levers that can be used to help formulate and
implement strategy.
Strategic Management - answer✔✔the process by which a firm manages the formulation and
implementation of its strategy.
Competitive advantage - answer✔✔a firm's ability to create value in way that its rivals cannot.
Internal Perspective of Competitive advantage - answer✔✔focuses on resources and capabilities
as internal sources of uniqueness that allow firms to beat the competition.
External Perspective of Competitive advantage - answer✔✔focuses on the structure of industries
and the ways in which firms can position themselves within them for competitive advantage
Dynamic Perspective of Competitive advantage - answer✔✔bridges internal and externall, this
view helps explain why competitive advantages do not typically last over long periods of time.
Strategy Diamond: Arenas - answer✔✔Where will we be?
Strategy Diamond: Vehicles - answer✔✔How will we get there?
Strategy Diamond: Differentiators - answer✔✔How will we win in the marketplace?
Strategy Diamond: Staging and Pacing - answer✔✔What will be our speed and sequence of
moves?
Strategy Diamond: Economic Logic - answer✔✔How will we obtain our returns?
Business strategy - answer✔✔strategy for competing against rivals within a particular industry
or industry segment
Strategic Management (CH: 1,3,4,5) Exam
Questions With Verified Answers.
Strategy - answer✔✔the coordinated means by which an organization pursues its goals and
objectives.
Strategic management process - answer✔✔a process that uses vision, goals and objectives,
internal and external analysis, and implementation levers that can be used to help formulate and
implement strategy.
Strategic Management - answer✔✔the process by which a firm manages the formulation and
implementation of its strategy.
Competitive advantage - answer✔✔a firm's ability to create value in way that its rivals cannot.
Internal Perspective of Competitive advantage - answer✔✔focuses on resources and capabilities
as internal sources of uniqueness that allow firms to beat the competition.
External Perspective of Competitive advantage - answer✔✔focuses on the structure of industries
and the ways in which firms can position themselves within them for competitive advantage
Dynamic Perspective of Competitive advantage - answer✔✔bridges internal and externall, this
view helps explain why competitive advantages do not typically last over long periods of time.
Strategy Diamond: Arenas - answer✔✔Where will we be?
Strategy Diamond: Vehicles - answer✔✔How will we get there?
Strategy Diamond: Differentiators - answer✔✔How will we win in the marketplace?
Strategy Diamond: Staging and Pacing - answer✔✔What will be our speed and sequence of
moves?
Strategy Diamond: Economic Logic - answer✔✔How will we obtain our returns?
Business strategy - answer✔✔strategy for competing against rivals within a particular industry
or industry segment
