man 4720 (capstone ucf) final exam

What UCF class, exam, term, and professor is this quizlet made for - Answer️MAN 4720 (Capstone) - Midterm Exam - Spring 2026 (Christopher Leo) Strategy - Answer️Goal-directed actions a firm takes to gain and sustain competitive advantage Strategic Management - Answer️The process of analyzing, formulating, and implementing strategy Competitive Advantage - Answer️When a firm creates more economic value than its competitors Economic Value Creation - Answer️The difference between the value a customer is willing to pay and the cost to produce the product SWOT Analysis - Answer️Framework that combines internal and external analysis Strengths - Answer️Internal capabilities that help a firm compete Weaknesses - Answer️Internal limitations that hinder performance Opportunities - Answer️External conditions that could benefit the firm Threats - Answer️External conditions that could harm the firm Strategic Positioning - Answer️Performing different activities than rivals or performing similar activities differently - Answer️Performing the same activities better than competitors Strategic Trade-Off - Answer️Choosing one strategic position means giving up others Cost Leadership Strategy - Answer️Becoming the lowest cost producer in the industry Differentiation Strategy - Answer️Offering products perceived as unique by customers Focused Strategy - Answer️Targeting a narrow market segment Best-Cost Strategy - Answer️Providing high value while controlling costs Stuck in the Middle - Answer️When a firm fails to achieve either cost leadership or differentiation Balanced Scorecard - Answer️Performance measurement system including financial and non-financial metrics Financial Perspective - Answer️Measures financial performance Customer Perspective - Answer️Measures customer satisfaction and loyalty Internal Process Perspective - Answer️Measures operational efficiency Learning and Growth Perspective - Answer️Measures employee skills, innovation, and improvement Triple Bottom Line - Answer️Evaluating performance based on people, planet, and profit People (TBL) - Answer️Social impact and responsibility Planet (TBL) - Answer️Environmental sustainability Profit (TBL) - Answer️Financial performance Business Model - Answer️How a company creates, delivers, and captures value Industry Structure - Answer️The overall arrangement of firms and competitive forces in an industry Barriers to Entry - Answer️Obstacles that make it difficult for new firms to enter an industry Economies of Scale - Answer️Cost advantages gained through larger production volumes Switching Costs - Answer️Costs customers face when switching to another product Complementary Products - Answer️Products that increase the value of another product Substitutes - Answer️Different products that fulfill the same need Strategic Leadership - Answer️Leaders' ability to guide an organization toward long-term success Strategic Decision Making - Answer️Choosing actions that shape the firm's long-term direction Strategic Fit - Answer️Alignment between a firm's strategy and its environment Strategic Failure - Answer️When a firm cannot adapt to environmental changes Environmental Uncertainty - Answer️When external conditions are difficult to predict Strategic Adaptation - Answer️Adjusting strategies to respond to environmental changes Industry Attractiveness - Answer️The potential profitability of an industry based on competitive forces Accounting Profitability Example - Answer️Metrics such as Return on Invested Capital (ROIC) are used to compare firm performance. Industry Life Cycle - Answer️The stages an industry goes through including introduction, growth, maturity, and decline. Introduction Stage - Answer️Early stage where products are first introduced and demand is uncertain. Growth Stage - Answer️Stage where industry demand expands rapidly and firms compete for market share. Maturity Stage - Answer️Stage where industry growth slows and competition becomes more intense. Industry Environment - Answer️The set of competitive forces and firms within the same industry that directly influence a company's performance. General Environment - Answer️The broader societal forces that affect industries and organizations indirectly. Strategic Issue Identification - Answer️The process of recognizing major opportunities or threats that affect a firm's strategy. Strategic Position Defense - Answer️Actions taken by a firm to protect its competitive advantage from competitors. Analysis (AFI) - Answer️Evaluating external and internal environments Formulation (AFI) - Answer️Deciding what strategy the firm should pursue Implementation (AFI) - Answer️Putting strategy into action through structure, culture, and controls Vision Statement - Answer️Describes what an organization ultimately wants to become Mission Statement - Answer️Defines the organization's purpose and scope of operations Core Values - Answer️Fundamental beliefs that guide behavior and decision making External Analysis - Answer️Examining forces outside the firm that affect competition Internal Analysis - Answer️Evaluating a firm's resources, capabilities, and core competencies PESTEL Framework - Answer️Tool used to analyze macro-environmental factors affecting an industry Political Factors - Answer️Government policies, regulations, and political stability affecting business Economic Factors - Answer️Interest rates, inflation, economic growth, and unemployment Sociocultural Factors - Answer️Demographics, lifestyles, and cultural trends affecting demand Technological Factors - Answer️Innovation, new technologies, and technological change Environmental Factors - Answer️Ecological concerns and sustainability issues affecting industries Legal Factors - Answer️Laws and regulations governing businesses Porter's Five Forces - Answer️Framework used to analyze the competitive intensity and profitability of an industry Threat of New Entrants - Answer️The risk that new competitors will enter the industry Bargaining Power of Suppliers - Answer️The ability of suppliers to influence prices or quality Bargaining Power of Buyers - Answer️The ability of customers to influence prices and terms Threat of Substitutes - Answer️The availability of alternative products satisfying the same need Industry Rivalry - Answer️The intensity of competition among existing firms Strategic Group - Answer️A group of firms within an industry that follow similar strategies Strategic Group Map - Answer️A visual representation of strategic groups in an industry Resource-Based View (RBV) - Answer️A theory stating that competitive advantage comes from unique firm resources Resources - Answer️Assets a firm controls that enable it to create value Capabilities - Answer️A firm's ability to deploy resources effectively Core Competencies - Answer️Unique strengths that allow a firm to create superior value Tangible Resources - Answer️Physical assets such as buildings, equipment, and cash Intangible Resources - Answer️Non-physical assets such as brand reputation, culture, and patents Value Chain - Answer️A model that identifies activities that add value to a product Primary Activities - Answer️Activities directly involved in producing and selling a product Inbound Logistics - Answer️Receiving, storing, and distributing inputs Operations - Answer️Transforming inputs into finished products Outbound Logistics - Answer️Delivering products to customers Marketing and Sales - Answer️Activities used to promote and sell products AFI Framework - Answer️Strategic management model consisting of Analysis, Formulation, and Implementation Service - Answer️Activities that maintain or improve product value after purchase Support Activities - Answer️Activities that assist primary activities Firm Infrastructure - Answer️Organizational structure, control systems, and company culture Human Resource Management - Answer️Recruiting, training, and compensating employees Technology Development - Answer️Research, development, and innovation activities Procurement - Answer️Purchasing inputs and resources used in production VRIO Framework - Answer️Tool used to evaluate whether a resource can create competitive advantage Valuable (VRIO) - Answer️Resource helps exploit opportunities or neutralize threats Rare (VRIO) - Answer️Resource possessed by few competitors Costly to Imitate (VRIO) - Answer️Resource difficult for competitors to copy Organized to Capture Value (VRIO) - Answer️Firm has systems in place to fully utilize the resource Competitive Parity - Answer️Result when a resource is valuable but not rare Temporary Competitive Advantage - Answer️Result when a resource is valuable and rare but easy to imitate Sustained Competitive Advantage - Answer️Result when a resource passes all VRIO tests