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Strategic Management Test #1 Exam
Questions and Answers 100% Pass
Strategic Competitiveness - ANS is achieved when a firm successfully formulates and
implements a value-creating strategy
Strategy - ANS is an integrated and coordinated set of commitments and actions designed to
exploit core competencies and gain a competitive advantage
Competitive advantage - ANS when it implements a strategy that creates superior value for
customers and competitors are unable to duplicate or find too costly to try to imitate
Above-average returns - ANS are returns in excess of what an investor expects to earn from
other investments with a similar amount of risk
Risk - ANS is an investor's uncertainty about the economic gains or losses that will result
from a particular investment
Average returns - ANS are returns equal to those an investor expects to earn from other
investments with a similar amount of risk
Strategic Management process - ANS is the full set of commitments, decisions and actions
required for a firm to achieve strategic competitiveness and earn above-average returns
Hypercompetition - ANS is a term often used to capture the realities of the competitive
landscape
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, ©FYNDLAY 2025 ALL RIGHTS RESERVED
Global Economy - ANS is one in which goods, services, people, skills, and ideas move freely
across geographic borders
Globalization - ANS is the increasing economic interdependence among countries and their
organizations as reflected in the flow of goods and services, financial capital and knowledge
across country borders
Perpetual innovation - ANS is the term used to describe how rapidly and consistently new,
information-intensive technologies replace older ones
Strategic flexibility - ANS is a set of capabilities used to respond to various demands and
opportunities existing in a dynamic and uncertain competitive environment
The five forces model - ANS Suppliers, buyers, competitive rivalry among firms currently in
the industry, product substitutes and potential entrants to the industry
Resources - ANS are inputs into a firm's production process such as a capital equipment, the
skills of individual employees, patents, finances and talented managers
Capability - ANS is the capacity for a set of resources to perform a task or an activity in an
integrative matter
Core Competencies - ANS are capabilities that serve as a source of competitive advantage for
a firm over its rivals
Vision - ANS is a picture of what the firm wants to be and in broad terms what it wants to
ultimately achieve
Mission - ANS specifies the business in which the firm intends to compete and the customers
it intends to serve
©FYNDLAY 2
Strategic Management Test #1 Exam
Questions and Answers 100% Pass
Strategic Competitiveness - ANS is achieved when a firm successfully formulates and
implements a value-creating strategy
Strategy - ANS is an integrated and coordinated set of commitments and actions designed to
exploit core competencies and gain a competitive advantage
Competitive advantage - ANS when it implements a strategy that creates superior value for
customers and competitors are unable to duplicate or find too costly to try to imitate
Above-average returns - ANS are returns in excess of what an investor expects to earn from
other investments with a similar amount of risk
Risk - ANS is an investor's uncertainty about the economic gains or losses that will result
from a particular investment
Average returns - ANS are returns equal to those an investor expects to earn from other
investments with a similar amount of risk
Strategic Management process - ANS is the full set of commitments, decisions and actions
required for a firm to achieve strategic competitiveness and earn above-average returns
Hypercompetition - ANS is a term often used to capture the realities of the competitive
landscape
©FYNDLAY 1
, ©FYNDLAY 2025 ALL RIGHTS RESERVED
Global Economy - ANS is one in which goods, services, people, skills, and ideas move freely
across geographic borders
Globalization - ANS is the increasing economic interdependence among countries and their
organizations as reflected in the flow of goods and services, financial capital and knowledge
across country borders
Perpetual innovation - ANS is the term used to describe how rapidly and consistently new,
information-intensive technologies replace older ones
Strategic flexibility - ANS is a set of capabilities used to respond to various demands and
opportunities existing in a dynamic and uncertain competitive environment
The five forces model - ANS Suppliers, buyers, competitive rivalry among firms currently in
the industry, product substitutes and potential entrants to the industry
Resources - ANS are inputs into a firm's production process such as a capital equipment, the
skills of individual employees, patents, finances and talented managers
Capability - ANS is the capacity for a set of resources to perform a task or an activity in an
integrative matter
Core Competencies - ANS are capabilities that serve as a source of competitive advantage for
a firm over its rivals
Vision - ANS is a picture of what the firm wants to be and in broad terms what it wants to
ultimately achieve
Mission - ANS specifies the business in which the firm intends to compete and the customers
it intends to serve
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