Strategic Management Final Exam Prep |
Comprehensive Study Guide | 2026/2027
Strategic Management - correct answer-It is is a field of study that includes a
process through which a firm is able to set its mission, vision, goals, and
objectives as well as craft and execute strategies at various levels of its hierarchy
in order to create and sustain competitive advantage.
Competitive strategies - correct answer-- define a firm's position in relation to its
competitors in a given market.
- enable a firm to develop its market position while being able to create
sustainable competitive advantage.
- defend or extend their market position, firms are able to add value to their
bottom line in terms of return on investment.
Strategy - correct answer-Futuristic thinking and developing a course of action to
meet goals and objectives
Competitive Advantage - correct answer-The above-average profits a firm is able
to generate from its business operations when compared to its competition or
competitive set
-Our current position (where are we now?)
-Our intended future position (where do we want to go?)
,-Our growth from the current position to the future position (how do we get
there?) - correct answer-A strategy should be able to define and address the
following:
Competitive set - correct answer-Refers to all firms within a given
market/segment that compete directly against each other.
-To create value for its stakeholders.
-To create and sustain a competitive advantage.
-Engage in constant evaluation. - correct answer-What is the aim of strategic
management?
The duration of time that the firm is able to generate above average profits as
compared to competition in a given market - correct answer-The sustainability of
competitive advantage is dependent on:
-is to do with the uniqueness the firm is able to create through a course of action
-should be accompanied by a clear definition of the industry and the products and
services. - correct answer-Basis of a good strategy
Leader of the army - correct answer-What does strategy mean?
Design, planning, positioning, entrepreneurial, cognitive, learning, power,
cultural, environmental, and configuration. - correct answer-The 10 Schools of
thought on strategy are:
, Outside-in approach - correct answer-based on developing strategy
predominantly using a market perspective in terms of tapping opportunities.
Mission, vision, goals, objectives and analysis. - correct answer-The Strategic
Management Framework includes:
inside-out approach - correct answer-Is about developing strategy based on the
firm's resources, capabilities, and competencies while tapping opportunities
based on its strengths.
Mission Statement - correct answer-a brief description of the very purpose of
creating the organization
Positioning - correct answer-Pertains to the market position that firms aim to
create. It should be based on customers' needs, customers' accessibility, or a
variety of a company's products and services
Vision Statement - correct answer-Describes where the organization wants to go
from where it is at present
variety based positioning - correct answer-relates to the products and services a
firm is able to produce based on distinctive competencies and activities.
Goals - correct answer-specific compared to vision in terms of what the
organization aims to achieve in a definite period of time.
Needs-based positioning - correct answer-is about targeting customer groups
based on their needs
Comprehensive Study Guide | 2026/2027
Strategic Management - correct answer-It is is a field of study that includes a
process through which a firm is able to set its mission, vision, goals, and
objectives as well as craft and execute strategies at various levels of its hierarchy
in order to create and sustain competitive advantage.
Competitive strategies - correct answer-- define a firm's position in relation to its
competitors in a given market.
- enable a firm to develop its market position while being able to create
sustainable competitive advantage.
- defend or extend their market position, firms are able to add value to their
bottom line in terms of return on investment.
Strategy - correct answer-Futuristic thinking and developing a course of action to
meet goals and objectives
Competitive Advantage - correct answer-The above-average profits a firm is able
to generate from its business operations when compared to its competition or
competitive set
-Our current position (where are we now?)
-Our intended future position (where do we want to go?)
,-Our growth from the current position to the future position (how do we get
there?) - correct answer-A strategy should be able to define and address the
following:
Competitive set - correct answer-Refers to all firms within a given
market/segment that compete directly against each other.
-To create value for its stakeholders.
-To create and sustain a competitive advantage.
-Engage in constant evaluation. - correct answer-What is the aim of strategic
management?
The duration of time that the firm is able to generate above average profits as
compared to competition in a given market - correct answer-The sustainability of
competitive advantage is dependent on:
-is to do with the uniqueness the firm is able to create through a course of action
-should be accompanied by a clear definition of the industry and the products and
services. - correct answer-Basis of a good strategy
Leader of the army - correct answer-What does strategy mean?
Design, planning, positioning, entrepreneurial, cognitive, learning, power,
cultural, environmental, and configuration. - correct answer-The 10 Schools of
thought on strategy are:
, Outside-in approach - correct answer-based on developing strategy
predominantly using a market perspective in terms of tapping opportunities.
Mission, vision, goals, objectives and analysis. - correct answer-The Strategic
Management Framework includes:
inside-out approach - correct answer-Is about developing strategy based on the
firm's resources, capabilities, and competencies while tapping opportunities
based on its strengths.
Mission Statement - correct answer-a brief description of the very purpose of
creating the organization
Positioning - correct answer-Pertains to the market position that firms aim to
create. It should be based on customers' needs, customers' accessibility, or a
variety of a company's products and services
Vision Statement - correct answer-Describes where the organization wants to go
from where it is at present
variety based positioning - correct answer-relates to the products and services a
firm is able to produce based on distinctive competencies and activities.
Goals - correct answer-specific compared to vision in terms of what the
organization aims to achieve in a definite period of time.
Needs-based positioning - correct answer-is about targeting customer groups
based on their needs
