MGT498 Strategic Management Week 1 Questions
And Answers Latest Updates
Select all that apply
Which of the following elements comprise strategic management? ANS✅ analysis
implementation
formulation
Burger Bomb is a new hamburger restaurant. In order to compete successfully against its many competitors,
Burger Bomb has decided to focus on quality and an interesting, unique menu that uses locally sourced,
organic ingredients. These ideas are Burger Bomb's ______. ANS✅ strategy
Effective guiding policy is supported by and stays consistent through the use of Blank______. ANS✅
strategic commitments
When a firm implements a strategy that leads to superior performance relative to other companies in the same
industry, it is said to have achieved Blank______. ANS✅ a competitive advantage
Sustainable competitive advantage exists when a firm Blank______. ANS✅ maintains superior performance
relative to its industry over a long period of time
What is the overall purpose of strategic management? ANS✅ Gain competitive advantage
Andrew's Home Center has created a unique situation for itself in its industry that allows the company to not
only provide excellent value to its customers but also control its costs. This is known as Blank______. ANS✅
strategic positioning
What is strategy? ANS✅ the set of actions a firm takes to achieve a competitive advantage
What term describes the groups or individuals who can impact or be impacted by a firm's actions? ANS✅
stakeholders
And Answers Latest Updates
Select all that apply
Which of the following elements comprise strategic management? ANS✅ analysis
implementation
formulation
Burger Bomb is a new hamburger restaurant. In order to compete successfully against its many competitors,
Burger Bomb has decided to focus on quality and an interesting, unique menu that uses locally sourced,
organic ingredients. These ideas are Burger Bomb's ______. ANS✅ strategy
Effective guiding policy is supported by and stays consistent through the use of Blank______. ANS✅
strategic commitments
When a firm implements a strategy that leads to superior performance relative to other companies in the same
industry, it is said to have achieved Blank______. ANS✅ a competitive advantage
Sustainable competitive advantage exists when a firm Blank______. ANS✅ maintains superior performance
relative to its industry over a long period of time
What is the overall purpose of strategic management? ANS✅ Gain competitive advantage
Andrew's Home Center has created a unique situation for itself in its industry that allows the company to not
only provide excellent value to its customers but also control its costs. This is known as Blank______. ANS✅
strategic positioning
What is strategy? ANS✅ the set of actions a firm takes to achieve a competitive advantage
What term describes the groups or individuals who can impact or be impacted by a firm's actions? ANS✅
stakeholders
