©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED
FIRST PUBLISH OCTOBER 2024
TMP 120 UCSB Exam Study Guide
Solutions
Strategy - ANSWER✔✔-Creates a unique sustainable competitive advantage
Common elements of strategy - ANSWER✔✔-1. Long term + Consistent Goals
2. Deep understanding of the competitive environment
3. Objective assessment of resources and capabilities
4. Effective execution
Strategy aim - ANSWER✔✔-creating value
2 key Questions for strategy - ANSWER✔✔-a. How to compete?
b. Where to compete?
Competitive Advantage happens when - ANSWER✔✔-a firm possess an advantage over its rivals when it
earns or has the potential to earn a peristyle higher rate of profit
Important for start ups and established firms - ANSWER✔✔--choose where to compete
Page 1/12
, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED
FIRST PUBLISH OCTOBER 2024
-uses available resources wisely
-time is critical
-Increase or decrease risk and value
PESTEL - ANSWER✔✔-Political
Economic
Sociocultural
Technological
Environmental
Legal
SWOT - ANSWER✔✔-Strength
Weaknesses
Opportunities
Threats
Porter's 5 forces - ANSWER✔✔-Bargaining power of suppliers
Page 2/12
FIRST PUBLISH OCTOBER 2024
TMP 120 UCSB Exam Study Guide
Solutions
Strategy - ANSWER✔✔-Creates a unique sustainable competitive advantage
Common elements of strategy - ANSWER✔✔-1. Long term + Consistent Goals
2. Deep understanding of the competitive environment
3. Objective assessment of resources and capabilities
4. Effective execution
Strategy aim - ANSWER✔✔-creating value
2 key Questions for strategy - ANSWER✔✔-a. How to compete?
b. Where to compete?
Competitive Advantage happens when - ANSWER✔✔-a firm possess an advantage over its rivals when it
earns or has the potential to earn a peristyle higher rate of profit
Important for start ups and established firms - ANSWER✔✔--choose where to compete
Page 1/12
, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED
FIRST PUBLISH OCTOBER 2024
-uses available resources wisely
-time is critical
-Increase or decrease risk and value
PESTEL - ANSWER✔✔-Political
Economic
Sociocultural
Technological
Environmental
Legal
SWOT - ANSWER✔✔-Strength
Weaknesses
Opportunities
Threats
Porter's 5 forces - ANSWER✔✔-Bargaining power of suppliers
Page 2/12
