UARK MGMT 3013 Exam 1 Questions
and Answers 100% Pass
Strategic Management - ✔✔an integrative management field that combines analysis
formulation and implementation in the quest for competitive advantage
Strategy - ✔✔set of goal directed actions a firm takes to gain and sustain superior
performance relative to competitors
The 3 Good Strategies (AFI) - ✔✔1. Diagnosis *(Analysis)*
2. A guiding policy *(Formulation)*
3. A set of coherent actions *(Implement)*
Competitive Advantage - ✔✔superior performance relative to other competitors in the
same industry average (Walmart, Apple, Amazon)
Sustained Competitive Advantage - ✔✔out-performing competitors or the industry
over a long period of time
Competitive Disadvantage - ✔✔under performance relative to other competitors in the
same industry
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,Competitive Parity - ✔✔performance of 2 or more firms of the same level (Coke or
Pepsi)
Industry Effects - ✔✔(landscape) entry and exit barriers, # of size of company, types of
products/services offered
Firm Effects - ✔✔(actions taken by management), *more important* than "industry
effects" in determining firms performance
Stakeholders Strategy - ✔✔integrative approach to managing a diverse set of
stakeholders effectively in order to gain and sustain competitive advantage; allows
firms to analyze and manage how various external/internal stakeholders interact to
jointly create and trade value
External Stakeholders - ✔✔customers, suppliers, creditors, unions and government
Internal Stakeholders - ✔✔employees, stockholders and board members
Stakeholder Impact Analysis - ✔✔a decision tool with which managers can recognize,
prioritize and address the needs of different stakeholders, enabling the firm to achieve
competitive advantage while acting as a good citizen
1. Power
2. Legitimacy
3. Urgency
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, Stakeholder 5 Step Process - ✔✔1. Identify stakeholders? (internal/external)
2. Identify stakeholders interests?
3. Identify opportunities and threats?
4. Identify social responsibilities
5. Address stakeholders concerns?
Corporate Social Responsibility (CSR) - ✔✔framework that helps recognize and address
the economic, legal, social and philanthropic expectations that society has of the
business enterprise at a given point in time
Black Swan Events - ✔✔incidents that describe highly improbable but high impact
events
PESTEL Model - ✔✔framework that categorizes and analyzes an important set of
external factors that can affect a firms potential to gain and sustain a competitive
advantage
-*P*olitical - government, laws and regulation
-*E*conomic - interest rates, currency exchange, price stability
-*S*ociocultural - societies, culture, norms, values
-*T*echnological - innovations in product/service
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and Answers 100% Pass
Strategic Management - ✔✔an integrative management field that combines analysis
formulation and implementation in the quest for competitive advantage
Strategy - ✔✔set of goal directed actions a firm takes to gain and sustain superior
performance relative to competitors
The 3 Good Strategies (AFI) - ✔✔1. Diagnosis *(Analysis)*
2. A guiding policy *(Formulation)*
3. A set of coherent actions *(Implement)*
Competitive Advantage - ✔✔superior performance relative to other competitors in the
same industry average (Walmart, Apple, Amazon)
Sustained Competitive Advantage - ✔✔out-performing competitors or the industry
over a long period of time
Competitive Disadvantage - ✔✔under performance relative to other competitors in the
same industry
Brittie Donald, All Rights Reserved © 2025 1
,Competitive Parity - ✔✔performance of 2 or more firms of the same level (Coke or
Pepsi)
Industry Effects - ✔✔(landscape) entry and exit barriers, # of size of company, types of
products/services offered
Firm Effects - ✔✔(actions taken by management), *more important* than "industry
effects" in determining firms performance
Stakeholders Strategy - ✔✔integrative approach to managing a diverse set of
stakeholders effectively in order to gain and sustain competitive advantage; allows
firms to analyze and manage how various external/internal stakeholders interact to
jointly create and trade value
External Stakeholders - ✔✔customers, suppliers, creditors, unions and government
Internal Stakeholders - ✔✔employees, stockholders and board members
Stakeholder Impact Analysis - ✔✔a decision tool with which managers can recognize,
prioritize and address the needs of different stakeholders, enabling the firm to achieve
competitive advantage while acting as a good citizen
1. Power
2. Legitimacy
3. Urgency
Brittie Donald, All Rights Reserved © 2025 2
, Stakeholder 5 Step Process - ✔✔1. Identify stakeholders? (internal/external)
2. Identify stakeholders interests?
3. Identify opportunities and threats?
4. Identify social responsibilities
5. Address stakeholders concerns?
Corporate Social Responsibility (CSR) - ✔✔framework that helps recognize and address
the economic, legal, social and philanthropic expectations that society has of the
business enterprise at a given point in time
Black Swan Events - ✔✔incidents that describe highly improbable but high impact
events
PESTEL Model - ✔✔framework that categorizes and analyzes an important set of
external factors that can affect a firms potential to gain and sustain a competitive
advantage
-*P*olitical - government, laws and regulation
-*E*conomic - interest rates, currency exchange, price stability
-*S*ociocultural - societies, culture, norms, values
-*T*echnological - innovations in product/service
Brittie Donald, All Rights Reserved © 2025 3
