MNGT 4800 Test 1 Adams questions with
verified answers graded A+
external analysis - correct answer ✔✔industry structure, competitive forces, and strategic
groups
internal analysis - correct answer ✔✔resources, capabilities, and core competencies
Strategy Formulation (business/corporate strategy) - correct answer ✔✔Guiding policy to
address the competitive challenge
Strategy Implementation - correct answer ✔✔Coherent actions to implement the firms guiding
policy
Strategy - correct answer ✔✔a set of goal directed actions a firm takes to gain & sustain
superior performance relative to competitors
Strategy is not (4) - correct answer ✔✔1. Tactics or operational activities
2. Grandiose statement
3. Failure to face competitive challenges
4. Operational effectiveness, benchmarking, or other tools
competitive advantage - correct answer ✔✔superior performance relative to other competitors
in the same industry or the industry average
, sustainable competitive advantage - correct answer ✔✔a competitive advantage that other
companies have tried unsuccessfully to duplicate and have, for the moment, stopped trying to
duplicate.
Outperforming over a prolonged period of time
strategic positioning - correct answer ✔✔attempts to achieve sustainable competitive
advantage by preserving what is distinctive about a company
Trade-offs are required
(cost leadership and differentiation)
firm performance - correct answer ✔✔determined primarily by two factors: industry effects and
firm effects
industry effects - correct answer ✔✔firm performance attributed to the industry structure in
which a firm competes
firm effects - correct answer ✔✔firm performance attributed to the actions managers take
Superior performance drives reinvestments in (3) - correct answer ✔✔1. Fulfilling careers
2. Shareholder value
3. Value for society
stakeholder strategy - correct answer ✔✔an integrative approach to managing a diverse set of
stakeholders effectively in order to gain and sustain competitive advantage. Concerned with
how the firm exchanges with various stakeholders to create and trade value
Agency Theory - correct answer ✔✔says that firms exist to maximize returns to shareholders
verified answers graded A+
external analysis - correct answer ✔✔industry structure, competitive forces, and strategic
groups
internal analysis - correct answer ✔✔resources, capabilities, and core competencies
Strategy Formulation (business/corporate strategy) - correct answer ✔✔Guiding policy to
address the competitive challenge
Strategy Implementation - correct answer ✔✔Coherent actions to implement the firms guiding
policy
Strategy - correct answer ✔✔a set of goal directed actions a firm takes to gain & sustain
superior performance relative to competitors
Strategy is not (4) - correct answer ✔✔1. Tactics or operational activities
2. Grandiose statement
3. Failure to face competitive challenges
4. Operational effectiveness, benchmarking, or other tools
competitive advantage - correct answer ✔✔superior performance relative to other competitors
in the same industry or the industry average
, sustainable competitive advantage - correct answer ✔✔a competitive advantage that other
companies have tried unsuccessfully to duplicate and have, for the moment, stopped trying to
duplicate.
Outperforming over a prolonged period of time
strategic positioning - correct answer ✔✔attempts to achieve sustainable competitive
advantage by preserving what is distinctive about a company
Trade-offs are required
(cost leadership and differentiation)
firm performance - correct answer ✔✔determined primarily by two factors: industry effects and
firm effects
industry effects - correct answer ✔✔firm performance attributed to the industry structure in
which a firm competes
firm effects - correct answer ✔✔firm performance attributed to the actions managers take
Superior performance drives reinvestments in (3) - correct answer ✔✔1. Fulfilling careers
2. Shareholder value
3. Value for society
stakeholder strategy - correct answer ✔✔an integrative approach to managing a diverse set of
stakeholders effectively in order to gain and sustain competitive advantage. Concerned with
how the firm exchanges with various stakeholders to create and trade value
Agency Theory - correct answer ✔✔says that firms exist to maximize returns to shareholders
