BUSI 4940 Exam Questions with Correct Answers 100% Verified by Experts| 2025/2026 Latest
Update
strategy integrated and coordinated set of commitments designed to exploit core
competencies to get a competitive advantage
Above average returns Return in excess of what is expected
Average return Equal to what is expected
Strategic management Set of commitments, decisions and actions a firm takes to achieve
strategic competitiveness and earn above average
Hypercompetition condition where competitors engage in a intense market rivalry, barriers
to entry are low, and markets change quickly
Global economy economy in which goods, peoples, skills move across the geographic
borders
globalization increase economic interdependence amongst businesses across the country as
a reflection in the flow of products and services
Technology diffusion SPEED at which new technology is created and available (vaccine)
Disruptive innovation new technologies that destroy the value of an existing technology and
create new markets(A.I)
Perpetual innovation How rapid and consistently new tech replaces older ones
Two main drivers of hypercompetition? Globalization and Technology
, Organizational culture Complex set of ideologies, and core values that individuals
throughout the firm share and influence how the firm conducts
Strategic flexibility set of capabilities firms use to respond to todays demand and
oppportunities in the dynamic market
Capability CAPACITY for a set of resources as a source of competitive advantage
Core competencies Capabilities that serve as a source of competitive advantage for a firm
include
I/O (industrial-organizational) psychology 1. External environment imposes pressures and
constraints
2. Most firms compete within an industry with similar relevant resources
3. Big differences amongst companies will not last long
resource- based theory 1. firms acquire different resources
2. Firms develop unique capabilities
3. resources are not highly mobile
3 factors to competitive advantage Capabilities, Core competencies, resources,
I/O economics creator michael proter
Resource based economics creator Jay barney
Resource, capabilities, competencies sequence resource= raw materials or assets
Update
strategy integrated and coordinated set of commitments designed to exploit core
competencies to get a competitive advantage
Above average returns Return in excess of what is expected
Average return Equal to what is expected
Strategic management Set of commitments, decisions and actions a firm takes to achieve
strategic competitiveness and earn above average
Hypercompetition condition where competitors engage in a intense market rivalry, barriers
to entry are low, and markets change quickly
Global economy economy in which goods, peoples, skills move across the geographic
borders
globalization increase economic interdependence amongst businesses across the country as
a reflection in the flow of products and services
Technology diffusion SPEED at which new technology is created and available (vaccine)
Disruptive innovation new technologies that destroy the value of an existing technology and
create new markets(A.I)
Perpetual innovation How rapid and consistently new tech replaces older ones
Two main drivers of hypercompetition? Globalization and Technology
, Organizational culture Complex set of ideologies, and core values that individuals
throughout the firm share and influence how the firm conducts
Strategic flexibility set of capabilities firms use to respond to todays demand and
oppportunities in the dynamic market
Capability CAPACITY for a set of resources as a source of competitive advantage
Core competencies Capabilities that serve as a source of competitive advantage for a firm
include
I/O (industrial-organizational) psychology 1. External environment imposes pressures and
constraints
2. Most firms compete within an industry with similar relevant resources
3. Big differences amongst companies will not last long
resource- based theory 1. firms acquire different resources
2. Firms develop unique capabilities
3. resources are not highly mobile
3 factors to competitive advantage Capabilities, Core competencies, resources,
I/O economics creator michael proter
Resource based economics creator Jay barney
Resource, capabilities, competencies sequence resource= raw materials or assets
