MAN 4720 UPDATED FINAL EXAMS ALL QUESTIONS
AND ANSWERS SURE A+
✔✔strategy - ✔✔an integrated and coordinated set of commitments and actions
designed to exploit core competencies and gain a competitive advantage.
✔✔a firm has competitive advantage when - ✔✔it implements a strategy that creates
superior value for customers and that its competitors are unable to duplicate or find too
costly to imitate.
✔✔Is competitive advantage permanent? - ✔✔no
✔✔Above-average returns - ✔✔returns in excess of what an investor expects to earn
from other investments with a similar amount of risk.
✔✔Risk - ✔✔an investor's uncertainty about the economic gains or losses that will
result from a particular investment.
✔✔The most successful companies learn how to effectively manage - ✔✔risk
✔✔In smaller, new venture firms, returns are sometimes measured in terms of - ✔✔the
amount and speed of growth
, ✔✔Average Returns - ✔✔-returns equal to those an investor expects to earn from other
investments with a similar amount of risk
-inability to earn at least average returns eventually results in failure
✔✔Strategic Management Process - ✔✔-the full set of commitments, decisions, and
actions required for a firm to achieve strategic competitiveness and earn above-average
returns
-involves analysis, strategy and performance
✔✔Hypercompetition - ✔✔-competition that is excessive such that it creates inherent
instability and necessitates constant disruptive changes for firms in the competitive
landscape
✔✔Disruptive Technologies - ✔✔-Technologies that destroy the value of an existing
technology and create new markets
-ie. apple products
✔✔Strategic flexibility - ✔✔a set of capabilities used to respond to various demands
and opportunities existing in a dynamic and uncertain competitive environment
✔✔The industrial organization (I/O) model of above-average returns explains - ✔✔the
external environment's dominant influence on a firm's strategic actions
-industry has a stronger influence on performance than the choices managers make
✔✔The I/O Model of Above-Average Returns - ✔✔-the external environment--> an
attractive industry--> strategy formulation--> assets and skills--> strategy
implementation--> superior returns
✔✔Cost Leader Strategy - ✔✔firms can earn above-average returns by producing at
costs below competitors
✔✔Differentiation Strategy - ✔✔firms can earn above-average returns by producing
differetiated goods or services that customers are willing to pay a price premium
✔✔Capability - ✔✔the capacity for a set of resources to perform a task or an activity in
an integrative manner
✔✔Global Economy (8) - ✔✔One in which goods, services, people, skills, and ideas
move freely across geographic borders
✔✔Mission (19) - ✔✔specifies the businesses in which the firm intends to compete and
the customers it intends to serve
AND ANSWERS SURE A+
✔✔strategy - ✔✔an integrated and coordinated set of commitments and actions
designed to exploit core competencies and gain a competitive advantage.
✔✔a firm has competitive advantage when - ✔✔it implements a strategy that creates
superior value for customers and that its competitors are unable to duplicate or find too
costly to imitate.
✔✔Is competitive advantage permanent? - ✔✔no
✔✔Above-average returns - ✔✔returns in excess of what an investor expects to earn
from other investments with a similar amount of risk.
✔✔Risk - ✔✔an investor's uncertainty about the economic gains or losses that will
result from a particular investment.
✔✔The most successful companies learn how to effectively manage - ✔✔risk
✔✔In smaller, new venture firms, returns are sometimes measured in terms of - ✔✔the
amount and speed of growth
, ✔✔Average Returns - ✔✔-returns equal to those an investor expects to earn from other
investments with a similar amount of risk
-inability to earn at least average returns eventually results in failure
✔✔Strategic Management Process - ✔✔-the full set of commitments, decisions, and
actions required for a firm to achieve strategic competitiveness and earn above-average
returns
-involves analysis, strategy and performance
✔✔Hypercompetition - ✔✔-competition that is excessive such that it creates inherent
instability and necessitates constant disruptive changes for firms in the competitive
landscape
✔✔Disruptive Technologies - ✔✔-Technologies that destroy the value of an existing
technology and create new markets
-ie. apple products
✔✔Strategic flexibility - ✔✔a set of capabilities used to respond to various demands
and opportunities existing in a dynamic and uncertain competitive environment
✔✔The industrial organization (I/O) model of above-average returns explains - ✔✔the
external environment's dominant influence on a firm's strategic actions
-industry has a stronger influence on performance than the choices managers make
✔✔The I/O Model of Above-Average Returns - ✔✔-the external environment--> an
attractive industry--> strategy formulation--> assets and skills--> strategy
implementation--> superior returns
✔✔Cost Leader Strategy - ✔✔firms can earn above-average returns by producing at
costs below competitors
✔✔Differentiation Strategy - ✔✔firms can earn above-average returns by producing
differetiated goods or services that customers are willing to pay a price premium
✔✔Capability - ✔✔the capacity for a set of resources to perform a task or an activity in
an integrative manner
✔✔Global Economy (8) - ✔✔One in which goods, services, people, skills, and ideas
move freely across geographic borders
✔✔Mission (19) - ✔✔specifies the businesses in which the firm intends to compete and
the customers it intends to serve
