BUS 4385 exam 1 Questions and Answers

when a firm successfully formulates and implements a value-creating strategy? - ANSWER strategic competitiveness coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage? - ANSWER strategy capabilities that serve as a source of competitive advantage for a firm over its rivals? - ANSWER core competencies ability for a set of resources to perform a task or activity in an integrative manner? - ANSWER capability when a firm implements a strategy that creates superior value for customers and its competitors are unable to duplicate or find too costly to imitate? - ANSWER competitive advantage returns in excess of what an investor expects to earn from other investments with a similar amount of risk? - ANSWER above average returns expected return based on other investments with similar risk? - ANSWER average returns investor's uncertainty about economic gain or loss resulting from an investment? - ANSWER risk full set of commitment, decisions, and actions required for a firm to achieve strategic competitiveness and earn above average returns? - ANSWER strategic management process where goods, services, people, skills and ideas move freely across geographical borders? - ANSWER global economy increasing economic interdependence among countries and their organizations as reflected in the flow of goods, services, financial capital, and knowledge across borders? - ANSWER globalization speed at which new technologies become available and are used? - ANSWER technology diffusion describes how rapidly and consistently new information-intensive technologies replace older ones? - ANSWER perpetual innovation technologies that destroy the value of existing technology and creates new markets? - ANSWER disruptive technologies set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain competitive environment? - ANSWER strategic flexibility inputs into a firm's production process, such as capital equipment, the skills of individual employees, patents, finances, and talented managers. - ANSWER resources what four qualities lead to resources forming a competitive advantage? - ANSWER valuable, rare, costly to imitate and non-substitutable a picture of what the firm wants to be and wants to ultimately achieve? - ANSWER vision specifies the businesses in which the firm intends to compete and the customers it intends to serve? - ANSWER mission individuals, groups, and organizations that can affect the firm's vision and mission, are affected by the strategic outcomes achieved, and have enforceable claims on the firm's performance? - ANSWER stakeholders people located in different areas and levels of the firm using the strategic management process to select strategic actions that help the firm achieve its vision and fulfill its mission? - ANSWER strategic leaders the complex set of ideologies, symbols, and core values that are shared throughout the firm and that influence how the firm conducts business? - ANSWER organizational culture entails the total profits earned in an industry at all points along the value chain? - ANSWER profit pool environment composed of dimensions in the broader society that influence an industry and the firms within it? - ANSWER general environment what are the seven dimensions in the general environment? - ANSWER demographic, economic, political/legal, sociocultural, technological, global, and physical environment with a set of factors that directly influences a firm and its competitive actions and competitive responses? - ANSWER industry environment what are the five forces in the industry environm