Chapter 10 Management 202 UTK Questions with Correct Verified Answers Updated.

Competitive advantage - Answer the ability to do something so well that one outperforms competitors Sustainable competitive advantage - Answer the ability to outperform rivals in ways that are difficult or costly to imitate strategy - Answer a comprehensive plan guiding resource allocation to achieve long-term organization goals Strategic intent - Answer focuses and applies organizational energies on a unifying and compelling goal Corporate Strategy - Answer sets long-term direction for the total enterprise Business Strategy - Answer identifies how a division or strategic business unit will compete in its product or service domain Functional Strategy - Answer guides activities within one specific area of operations Strategic Management - Answer the process of formulating and implementing strategies Strategic Analysis - Answer the process of analyzing the organization, the environment, and the organization's competitive position and current strategies strategy formulation - Answer the process of crafting strategies to guide the allocation of resources strategy implementation - Answer the process of putting strategies into action mission - Answer statement expresses the organization's reason for existence in society stakeholders - Answer are individuals and groups directly affected by the organization and its strategic accomplishments