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MGT 527 Midterm Exam review Questions with
100% Correct Answers
What is the overall purpose of strategic management?
Gain competitive advantage
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 ______.
strategy
What must a firm do after diagnosing its specific competitive
challenge?
Create an effective guiding policy
A competitive advantage ______.
is assessed relative to other competitors in the industry
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 ______.
a competitive advantage
A competitive advantage that lasts for a long period of time is
said to be ______.
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sustainable
The Bright Bulb light bulb company produces a line of LED
bulbs that customers consider very similar to competitors'
LED bulbs. Which of the following conditions must be true
for Bright Bulb to have a competitive advantage?
The bulbs must have a lower cost than competitors' bulbs.
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 ______.
strategic positioning
We have an expert-written solution to this problem!
Which statement about strategies is true?
A statement of desire on its own often leads to goal conflict.
Which of the following are the relationships that a firm has
with stakeholders?
- Stakeholders can affect the firm's actions.
- The actions of the firm can affect stakeholders.
Which of the following are aims of stakeholder strategy?
(Select all that apply.)
To gain and sustain competitive advantage
To manage various stakeholders effectively
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he third step of stakeholder impact analysis requires managers
to identify the ______ presented by internal and external
stakeholders.
opportunities and threats
True or false: A statement such as, "We will be the biggest
company in the world," is an example of strategy.
False
We have an expert-written solution to this problem!
A firm's attempts to manage the web of relationships between
internal and external stakeholders in order to create value is
known as ______.
stakeholder strategy
We have an expert-written solution to this problem!
What is strategy?
the set of actions a firm takes to achieve a competitive
advantage
Stakeholder impact analysis is a ______-step process that
allows managers to better understand and address
stakeholders' needs.
MGT 527 Midterm Exam review Questions with
100% Correct Answers
What is the overall purpose of strategic management?
Gain competitive advantage
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 ______.
strategy
What must a firm do after diagnosing its specific competitive
challenge?
Create an effective guiding policy
A competitive advantage ______.
is assessed relative to other competitors in the industry
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 ______.
a competitive advantage
A competitive advantage that lasts for a long period of time is
said to be ______.
,2 | Page
sustainable
The Bright Bulb light bulb company produces a line of LED
bulbs that customers consider very similar to competitors'
LED bulbs. Which of the following conditions must be true
for Bright Bulb to have a competitive advantage?
The bulbs must have a lower cost than competitors' bulbs.
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 ______.
strategic positioning
We have an expert-written solution to this problem!
Which statement about strategies is true?
A statement of desire on its own often leads to goal conflict.
Which of the following are the relationships that a firm has
with stakeholders?
- Stakeholders can affect the firm's actions.
- The actions of the firm can affect stakeholders.
Which of the following are aims of stakeholder strategy?
(Select all that apply.)
To gain and sustain competitive advantage
To manage various stakeholders effectively
, 3 | Page
he third step of stakeholder impact analysis requires managers
to identify the ______ presented by internal and external
stakeholders.
opportunities and threats
True or false: A statement such as, "We will be the biggest
company in the world," is an example of strategy.
False
We have an expert-written solution to this problem!
A firm's attempts to manage the web of relationships between
internal and external stakeholders in order to create value is
known as ______.
stakeholder strategy
We have an expert-written solution to this problem!
What is strategy?
the set of actions a firm takes to achieve a competitive
advantage
Stakeholder impact analysis is a ______-step process that
allows managers to better understand and address
stakeholders' needs.
