Business Policy and StrategyRutgers, Exam One | Questions and Correct Answers | Latest Update 2024/2025

Business Policy and StrategyRutgers, Exam One | Questions and Correct Answers | Latest Update 2024/2025 Define strategy - Answer -Integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage Define Strategic Competiveness - Answer -When a firm successfully formulates and implements a value-creating strategy Define Comepetitive Advantage - Answer -When a firm implements a strategy that creates superior value for customers AND that its competitors are unable to duplicate Define above-average returns - Answer -Returns in excess of what an investor expects to earn from other investments with a similar amount of risk Define Risk - Answer -An investor's uncertainty about economic gains or losses that will result from a particular investment Define Strategic Management Process - Answer -Full set of commitments, decisions, and actions that can lead a firm to achieve strategic competitiveness and earn above-average returnsDefine capability - Answer -an ability to perform a task in an integrative manner toward the fulfillment of a firm's mission Industrial Organizational Model of Above Average returns - Answer -Top to bottom: 1. The external environment 2. Attractive industry