BCOR 2304 Midterm 1 Complete
Questions And Answers 100% Verified
2025
Strategic Management CORRECT ANSWERS management field that combines
analysis, formulation and implementation in search of competitive advantage
Strategy CORRECT ANSWERS the set of goal-directed actions a firm takes to gain and
sustain superior performance relative to competitors
3 components of strategy (AFI) CORRECT ANSWERS 1. Analysis
2. Formulation
3. Implentation
competitive advantage CORRECT ANSWERS when a firm has superior relative
performance
sustained competitive advantage CORRECT ANSWERS competitive advantage that is
prolonged
competitive disadvantage CORRECT ANSWERS when a firm underperforms its rivals
or the industry average
competitive parity CORRECT ANSWERS firms perform at the same level
Is strategic positioning a zero-sum game? CORRECT ANSWERS No
Value creation CORRECT ANSWERS when companies have good strategies, and
make profit due to said strategies
Stakeholders CORRECT ANSWERS All those impacted by a firm
Stakeholder Strategy CORRECT ANSWERS approach to manage stakeholders needs
to create comparative advantage
Stakeholder Impact Analysis CORRECT ANSWERS gives managers a tool to realize
the needs of different stakeholders
Steps in Stakeholder Impact Analysis CORRECT ANSWERS 1. Who are our
stakeholders?
2. What are our stakeholders' interests and claims?
3. What opportunities and threats do our stakeholders present?
, 4. What economic, legal, ethical, and philanthropic responsibilities do we have to our
stakeholders?
5. What should we do to effectively address the stakeholder concerns?
Corporate Social Responsibility (CSR) CORRECT ANSWERS a business's concern for
society's welfare
Vision CORRECT ANSWERS what a firm ultimately wants to accomplish, needs to be
determined first
mission CORRECT ANSWERS how to accomplish goals/vision. what a company
actually does
Values CORRECT ANSWERS what a company believes is valuable and is a part of
pursuing vision & mission
Product oriented vision CORRECT ANSWERS vision of a business that sells a product
or a specific service
core values statement CORRECT ANSWERS provides a way for employees to
understand company culture
Strategic Management Process CORRECT ANSWERS lays the foundation for
sustainable competitive advantage
What are the 3 approaches to strategic management process? CORRECT ANSWERS
1. Strategic Planning
2. Scenario Planning
3. Strategy as planned emergence
Top-down strategic planning CORRECT ANSWERS Rational strategy that comes all
down from CEO on down; derived from Military
scenario planning CORRECT ANSWERS Asks important what if questions in a top-
down style
Intended Strategy CORRECT ANSWERS the outcome of a rational and structured top-
down strategic plan
Realized Strategy CORRECT ANSWERS combination of top-down and bottom-up
strategies
Emergent strategies CORRECT ANSWERS Unplanned strategy that often comes from
deep with in; can change overall strategies
Questions And Answers 100% Verified
2025
Strategic Management CORRECT ANSWERS management field that combines
analysis, formulation and implementation in search of competitive advantage
Strategy CORRECT ANSWERS the set of goal-directed actions a firm takes to gain and
sustain superior performance relative to competitors
3 components of strategy (AFI) CORRECT ANSWERS 1. Analysis
2. Formulation
3. Implentation
competitive advantage CORRECT ANSWERS when a firm has superior relative
performance
sustained competitive advantage CORRECT ANSWERS competitive advantage that is
prolonged
competitive disadvantage CORRECT ANSWERS when a firm underperforms its rivals
or the industry average
competitive parity CORRECT ANSWERS firms perform at the same level
Is strategic positioning a zero-sum game? CORRECT ANSWERS No
Value creation CORRECT ANSWERS when companies have good strategies, and
make profit due to said strategies
Stakeholders CORRECT ANSWERS All those impacted by a firm
Stakeholder Strategy CORRECT ANSWERS approach to manage stakeholders needs
to create comparative advantage
Stakeholder Impact Analysis CORRECT ANSWERS gives managers a tool to realize
the needs of different stakeholders
Steps in Stakeholder Impact Analysis CORRECT ANSWERS 1. Who are our
stakeholders?
2. What are our stakeholders' interests and claims?
3. What opportunities and threats do our stakeholders present?
, 4. What economic, legal, ethical, and philanthropic responsibilities do we have to our
stakeholders?
5. What should we do to effectively address the stakeholder concerns?
Corporate Social Responsibility (CSR) CORRECT ANSWERS a business's concern for
society's welfare
Vision CORRECT ANSWERS what a firm ultimately wants to accomplish, needs to be
determined first
mission CORRECT ANSWERS how to accomplish goals/vision. what a company
actually does
Values CORRECT ANSWERS what a company believes is valuable and is a part of
pursuing vision & mission
Product oriented vision CORRECT ANSWERS vision of a business that sells a product
or a specific service
core values statement CORRECT ANSWERS provides a way for employees to
understand company culture
Strategic Management Process CORRECT ANSWERS lays the foundation for
sustainable competitive advantage
What are the 3 approaches to strategic management process? CORRECT ANSWERS
1. Strategic Planning
2. Scenario Planning
3. Strategy as planned emergence
Top-down strategic planning CORRECT ANSWERS Rational strategy that comes all
down from CEO on down; derived from Military
scenario planning CORRECT ANSWERS Asks important what if questions in a top-
down style
Intended Strategy CORRECT ANSWERS the outcome of a rational and structured top-
down strategic plan
Realized Strategy CORRECT ANSWERS combination of top-down and bottom-up
strategies
Emergent strategies CORRECT ANSWERS Unplanned strategy that often comes from
deep with in; can change overall strategies
