BUS 4385 Test 1 Questions With Complete Solutions(RATED A+)

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