SEVI 3013 Exam 1 questions with
100% complete solutions
Strategy - correct answer ✔✔the set of decisions and actions of firm managers to ensure the
future success of the firm; integrated and coordinated set of commitments and actions
designed to exploit core competencies and gain a competitive advantage
Characteristics of a strategy - correct answer ✔✔focuses on future and success
Corporate strategy - correct answer ✔✔What industries should we compete in?
Business strategy - correct answer ✔✔How should we compete in our chosen industries?
Global Economy - correct answer ✔✔economy in which goods, services, people, skills, and
ideas move freely across geographic borders
Technological diffusion - correct answer ✔✔speed at which new technologies become available
to firms and when firms choose to adopt them
Knowledge intensity - correct answer ✔✔consists of information, intelligence, and expertise;
basis of technology and its application
Stakeholders - correct answer ✔✔individuals/entities who may be affected by or affect the
firms outcomes
, Strategic leaders - correct answer ✔✔people located in different levels of the firm to select
actions that help the firm achieve its vision and fulfill its mission; decisive and committed to
creating value
Above average returns - correct answer ✔✔investors get yields that exceed what they expect
from other investments with similar risks
Key elements of Industrial Organizational (IO) model - correct answer ✔✔industry-based,
external environment, attractive industry, strategy formulation, assets and skills, strategy
implementation, superior returns
5 forces model - correct answer ✔✔threat of new entrants, rivalry among competing firms,
bargaining power of suppliers, bargaining power of buyers, threat of substitute products
Industry - correct answer ✔✔set of firms that produce similar products
Industry boundaries - correct answer ✔✔can change rapidly; helps executives determine the
arena in which their firm is competing
How strategic managers deal with changing industry boundaries - correct answer ✔✔be willing
to change your perception of industry and have multiple perceptions of your industry
Components of general environment - correct answer ✔✔ecological, economic, political,
sociocultural, legal, technological, global, demographic
Members of an industry - correct answer ✔✔industry and its buyers and suppliers
Suppliers of an industry - correct answer ✔✔set of firms that supplies raw materials to the
industry
100% complete solutions
Strategy - correct answer ✔✔the set of decisions and actions of firm managers to ensure the
future success of the firm; integrated and coordinated set of commitments and actions
designed to exploit core competencies and gain a competitive advantage
Characteristics of a strategy - correct answer ✔✔focuses on future and success
Corporate strategy - correct answer ✔✔What industries should we compete in?
Business strategy - correct answer ✔✔How should we compete in our chosen industries?
Global Economy - correct answer ✔✔economy in which goods, services, people, skills, and
ideas move freely across geographic borders
Technological diffusion - correct answer ✔✔speed at which new technologies become available
to firms and when firms choose to adopt them
Knowledge intensity - correct answer ✔✔consists of information, intelligence, and expertise;
basis of technology and its application
Stakeholders - correct answer ✔✔individuals/entities who may be affected by or affect the
firms outcomes
, Strategic leaders - correct answer ✔✔people located in different levels of the firm to select
actions that help the firm achieve its vision and fulfill its mission; decisive and committed to
creating value
Above average returns - correct answer ✔✔investors get yields that exceed what they expect
from other investments with similar risks
Key elements of Industrial Organizational (IO) model - correct answer ✔✔industry-based,
external environment, attractive industry, strategy formulation, assets and skills, strategy
implementation, superior returns
5 forces model - correct answer ✔✔threat of new entrants, rivalry among competing firms,
bargaining power of suppliers, bargaining power of buyers, threat of substitute products
Industry - correct answer ✔✔set of firms that produce similar products
Industry boundaries - correct answer ✔✔can change rapidly; helps executives determine the
arena in which their firm is competing
How strategic managers deal with changing industry boundaries - correct answer ✔✔be willing
to change your perception of industry and have multiple perceptions of your industry
Components of general environment - correct answer ✔✔ecological, economic, political,
sociocultural, legal, technological, global, demographic
Members of an industry - correct answer ✔✔industry and its buyers and suppliers
Suppliers of an industry - correct answer ✔✔set of firms that supplies raw materials to the
industry
