BMGT495 UPDATED ACTUAL Questions
and CORRECT Answers
competitive advantage - CORRECT ANSWER✔✔- - judged relative to other competition in
industry
- firm must create more value for customers at competitive cost (or same value at lower cost)
sustained competitive advantage - CORRECT ANSWER✔✔- a firm able to dominate
competitors for prolonged periods of time has a ______
competitive disadvantage - CORRECT ANSWER✔✔- a firm continuously underperforms in
its industry has a _______
competitive parity - CORRECT ANSWER✔✔- 2+ firms perform at same level have a _____
strategy - CORRECT ANSWER✔✔- the set of goal-directed actions a firm intends to take in
its quest to gain and sustain a competitive advantage
strategic trade-offs - CORRECT ANSWER✔✔- _____ _____-_____ must be recognized and
addressed to have an effective strategy
managers strategic assumptions - CORRECT ANSWER✔✔- _____ _____ _____ are an
outflow of their theory of how to compete
analysis, formulation, implementation - CORRECT ANSWER✔✔- a successful strategy
requires 3 integrative management tasks ____, _____, and _____
value creation - CORRECT ANSWER✔✔- when managers align their assumptions closely
with competitive realities, they can create and implement successful strategies, resulting in
____ _____
destroy value - CORRECT ANSWER✔✔- when a manager's theories do not reflect reality,
their firms strategy will ____ ____
, firm effects - CORRECT ANSWER✔✔- manager's actions
industry effects - CORRECT ANSWER✔✔- external circumstances surrounding the firm
firm effects - CORRECT ANSWER✔✔- a firms performance is more closely related to ____
_____
interdependent, relevant - CORRECT ANSWER✔✔- firm and industry effects are _____ and
are both _____ in determining performance
corporate, where, how to create synergies - CORRECT ANSWER✔✔- ______ executives,
must provide answers to the question of _____ to compete, and ___ __ ____ ____ among
different business units
general, how to compete - CORRECT ANSWER✔✔- _____ managers must answer the
strategic question of ___ __ ____ in order to achieve superior performance
general, competitive advantage - CORRECT ANSWER✔✔- _____ managers must align all
value- chain activities for ____ ____
functional, implementing business strategy - CORRECT ANSWER✔✔- ____ managers are
responsible for ____ ____ ____ within a single functional area
translate, competitive tactics, implement, effective structures - CORRECT ANSWER✔✔- to
put a firms strategy into action, a business model must:
1. ____ the firms strategy into ____ _____ and initiatives
2. _____ the strategy through ____ ____, processes, cultures and procedures
technological change - CORRECT ANSWER✔✔- the competitive landscape of the 21st
century is characterized by ____ ____ in a global marketplace
and CORRECT Answers
competitive advantage - CORRECT ANSWER✔✔- - judged relative to other competition in
industry
- firm must create more value for customers at competitive cost (or same value at lower cost)
sustained competitive advantage - CORRECT ANSWER✔✔- a firm able to dominate
competitors for prolonged periods of time has a ______
competitive disadvantage - CORRECT ANSWER✔✔- a firm continuously underperforms in
its industry has a _______
competitive parity - CORRECT ANSWER✔✔- 2+ firms perform at same level have a _____
strategy - CORRECT ANSWER✔✔- the set of goal-directed actions a firm intends to take in
its quest to gain and sustain a competitive advantage
strategic trade-offs - CORRECT ANSWER✔✔- _____ _____-_____ must be recognized and
addressed to have an effective strategy
managers strategic assumptions - CORRECT ANSWER✔✔- _____ _____ _____ are an
outflow of their theory of how to compete
analysis, formulation, implementation - CORRECT ANSWER✔✔- a successful strategy
requires 3 integrative management tasks ____, _____, and _____
value creation - CORRECT ANSWER✔✔- when managers align their assumptions closely
with competitive realities, they can create and implement successful strategies, resulting in
____ _____
destroy value - CORRECT ANSWER✔✔- when a manager's theories do not reflect reality,
their firms strategy will ____ ____
, firm effects - CORRECT ANSWER✔✔- manager's actions
industry effects - CORRECT ANSWER✔✔- external circumstances surrounding the firm
firm effects - CORRECT ANSWER✔✔- a firms performance is more closely related to ____
_____
interdependent, relevant - CORRECT ANSWER✔✔- firm and industry effects are _____ and
are both _____ in determining performance
corporate, where, how to create synergies - CORRECT ANSWER✔✔- ______ executives,
must provide answers to the question of _____ to compete, and ___ __ ____ ____ among
different business units
general, how to compete - CORRECT ANSWER✔✔- _____ managers must answer the
strategic question of ___ __ ____ in order to achieve superior performance
general, competitive advantage - CORRECT ANSWER✔✔- _____ managers must align all
value- chain activities for ____ ____
functional, implementing business strategy - CORRECT ANSWER✔✔- ____ managers are
responsible for ____ ____ ____ within a single functional area
translate, competitive tactics, implement, effective structures - CORRECT ANSWER✔✔- to
put a firms strategy into action, a business model must:
1. ____ the firms strategy into ____ _____ and initiatives
2. _____ the strategy through ____ ____, processes, cultures and procedures
technological change - CORRECT ANSWER✔✔- the competitive landscape of the 21st
century is characterized by ____ ____ in a global marketplace
