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Essentials of Strategic Management Test Bank – Competitive Advantage & Strategy ( Edition)

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This comprehensive test bank for Essentials of Strategic Management covers key concepts in competitive strategy, business models, sustainable competitive advantage, and strategic planning. Updated for , it includes multiple-choice questions, short-answer prompts, and case-based scenarios to help students and instructors assess understanding of: What constitutes a company’s strategy The role of business models and customer value propositions How to achieve and sustain competitive advantage The five generic strategic approaches The evolution of strategy over time The three tests of a winning strategy Ideal for exam preparation, study guides, and teaching resources in strategic management courses.

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Essentials Of Strategic Management
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Essentials of Strategic Management
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Uploaded on
December 26, 2025
Number of pages
49
Written in
2025/2026
Type
Exam (elaborations)
Contains
Unknown

Subjects

  • competitive advantage
  • business strategy
  • business model
  • strategic planning
  • edition
  • low cost provider
  • differentiation strategy
  • best cost
  • strategic management test bank
  • sustainable competitive advantage

Content preview

EssentialsVofVstrategicVmanagementVTestbankVTheVquestVforVcompetitiveVLatestV2025V2026




ManagersVinVallVtypesVofVbusinessesVmustadevelopVaVclearVanswerVforVwhichVofVtheVfollowingVquestions?


WhereaareVweVnow?

WhereVdoVweawantVtoagoVfromVhere?

WhatVisVtheVsetVofVactionsVthatVweVneedVtoVtakeatoVoutperformVtheVcompany’sVcompetitorsVandVac
hieveasupVeriorVprofitability?

WhenawillVweaknowVweaareathere?

WhatVmovesVandVapproachesVdoVweVneedVtoVgainaadvantageVinVtheVmarketplace?


AVcompany’sVstrategyVisVtheVsetVofVactionsVthatVitsVmanagersaneedVtoVtakeVtoVoutperformVtheVcompany’
sVcompetitVorsVandVachieveVsuperiorVprofitability.

, 10.00V point
2. Award:
s




AVcompany’sVstrategyVconsistsaof


actionsVtoVdevelopVaVmoreVappealingVbusinessamodelVthanVrivals.

plansainvolvingValignmentVofVorganizationalVactivitiesVandVstrategicVobjectives.

offensiveVandVdefensiveVmovesVtoVgenerateVrevenuesaandVincreaseaprofitVmargins.

competitiveVmovesVandVapproachesVthatVmanagersVhaveVdevelopedVtoVgrowVtheVbusiness,VattractVa
ndVpleasVeacustomers,Vconductaoperations,VandaachieveVtargetedaobjectives.

itsVstrategicVvision,aitsVstrategicaobjectives,VandaitsVstrategicVintent.


AVstrategyVstandsaaachanceVofVsucceedingVonlyVwhenVitVisVpredicatedVonaactions,VbusinessVapproaches,Va
ndacomVpetitiveVmovesVaimedVatVappealingatoVbuyersVinVwaysVthatVsetVaVcompanyVapartVfromVrivals.

, 10.00V point
3. Award:
s

TheVcompetitiveamovesVandVbusinessVapproachesVaVcompany’sVmanagementVisausingatoVgrowVtheVbusin
ess,VcomVpeteVsuccessfully,VattractVandVpleaseVcustomers,aconductVoperations,VrespondVtoachangingVeco
nomicVandVmarkeVtVconditions,VandVachieveVorganizationalVobjectivesVisVreferredVtoVas
its


strategy.

movesVtoVimitateakeyVrivals.

strategicVmission.

businessVmodel.

strategicVvision.


AVstrategyVisVpredicatedVonVactions,Vbusinessaapproaches,VandVcompetitiveVmovesVaimedVatVappealing
VtoabuyersVinVwaysVthatasetaaVcompanyVapartVfromVrivals.VSimplyVtryingVtoVmimicVtheastrategiesVofVthe
aindustry’sVsuccessfulVcompaniesVneveraworks.




TheVessenceVofVstrategyVis


developingalastingVsuccessVthatacanVsupportVgrowthVandVsecureVtheacompany’sVfutureVoverVtheVlongV
term.

, 10.00V point
4. Award:
s

re-creatingVaVbusinessamodelVwithVregularity.

matchingarivalVbusinesses’VproductsVandVqualityVdimensionsVinVtheVmarketplace.

buildingaprofitsVforVshort-termasuccess.

realigningVtheVmarketVtoVprovokeVchangeVinVrivalVcompanies.


StrategyVatVitsVessenceVisVaboutVsettingVaVcompanyVapartVfromVitsVrivalsVandVstakingaoutVaVmarketapo
sitionathataisVnotVcrowdedawithVstrongVcompetitors.VAVcompanyVaimsVatadoingVwhatarivalsVcannotVorV
don’tado.
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