BUSMHR 4490 Exam 1 Questions With
Correct Answers
Strategic |management |- |CORRECT |ANSWER✔✔-combination |of |analysis, |formulation, |and |
implementation |in |a |quest |for |competitive |advantage
Strategy |- |CORRECT |ANSWER✔✔-the |set |of |goal-directed |actions |a |firm |takes |to |gain |and |
sustain |superior |performance |relative |to |competitiors
goal |strategy |consists |of |- |CORRECT |ANSWER✔✔-diagnosis |of |competitive |challenge |guiding |
policy |to |address |it |set |of |actions |to |implement
business |strategy |- |CORRECT |ANSWER✔✔-how |to |build |a |sustainable |competitive |advantage |
in |a |discrete |and |identifiable |market
corporate |strategy |- |CORRECT |ANSWER✔✔-the |overall |plan |for |a |diversified |company
competitive |advantage |- |CORRECT |ANSWER✔✔-about |the |firm |and |the |industry |heterogeneity
the |ability |to |increase |profit |in |a |sustainable |way |more |than |competitors
Superior |performance |relative |to |other |competitors |in |the |same |industry |or |the |industry |
average
Sustainable |competitive |advantage |- |CORRECT |ANSWER✔✔-Outperforming |competitors |or |the
|industry |average |over |a |prolonged |period |of |time
Competitive |disadvantage |- |CORRECT |ANSWER✔✔-Underperformance |relative |to |other |
competitors |in |the |same |industry |or |the |industry |average
, Competitive |Parity |- |CORRECT |ANSWER✔✔-Performance |of |two |or |more |firms |at |the |same |
level
industry |effects |- |CORRECT |ANSWER✔✔-firm |performance |attributed |to |the |structure |of |
industry |in |which |the |firm |competes
firm |effects |- |CORRECT |ANSWER✔✔-firm |performance |attributed |to |the |actions |managers |take
Stakeholders |- |CORRECT |ANSWER✔✔-organizations, |groups, |and |individuals |that |can |affect |or |
are |affected |by |a |firm's |actions
Stakeholder |strategy |- |CORRECT |ANSWER✔✔-an |integrative |approach |to |managing |a |diverse |
set |of |stakeholders |effectively |in |order |to |gain |and |sustain |competitive |advantage
stakeholder |impact |analysis |- |CORRECT |ANSWER✔✔-a |decision |tool |with |which |managers |can |
recognize, |prioritize, |and |address |the |needs |of |different |stakeholders, |enabling |the |firm |to |
achieve |competitive |advantage |while |acting |as |a |good |corporate |citizen
corporate |Social |Responsibility |(CSR) |- |CORRECT |ANSWER✔✔-a |framework |that |helps |firms |
recognize |and |address |the |economic, |legal, |social, |and |philanthropic |expectations |that |society |
has |of |the |business |enterprise |at |a |given |point |in |time
AFI |strategy |framework |- |CORRECT |ANSWER✔✔-a |model |that |links |three |interdependent |
strategic |management |tasks |- |analyze, |formulate, |and |implement |- |that, |together, |help |
managers |plan |and |implement |a |strategy |that |can |improve |performance |and |result |in |
competitive |advantage
generic |strategies |- |CORRECT |ANSWER✔✔-company |can |outperform |only |if |it |can |establish |a |
difference |that |is |can |preserve |overtime
Correct Answers
Strategic |management |- |CORRECT |ANSWER✔✔-combination |of |analysis, |formulation, |and |
implementation |in |a |quest |for |competitive |advantage
Strategy |- |CORRECT |ANSWER✔✔-the |set |of |goal-directed |actions |a |firm |takes |to |gain |and |
sustain |superior |performance |relative |to |competitiors
goal |strategy |consists |of |- |CORRECT |ANSWER✔✔-diagnosis |of |competitive |challenge |guiding |
policy |to |address |it |set |of |actions |to |implement
business |strategy |- |CORRECT |ANSWER✔✔-how |to |build |a |sustainable |competitive |advantage |
in |a |discrete |and |identifiable |market
corporate |strategy |- |CORRECT |ANSWER✔✔-the |overall |plan |for |a |diversified |company
competitive |advantage |- |CORRECT |ANSWER✔✔-about |the |firm |and |the |industry |heterogeneity
the |ability |to |increase |profit |in |a |sustainable |way |more |than |competitors
Superior |performance |relative |to |other |competitors |in |the |same |industry |or |the |industry |
average
Sustainable |competitive |advantage |- |CORRECT |ANSWER✔✔-Outperforming |competitors |or |the
|industry |average |over |a |prolonged |period |of |time
Competitive |disadvantage |- |CORRECT |ANSWER✔✔-Underperformance |relative |to |other |
competitors |in |the |same |industry |or |the |industry |average
, Competitive |Parity |- |CORRECT |ANSWER✔✔-Performance |of |two |or |more |firms |at |the |same |
level
industry |effects |- |CORRECT |ANSWER✔✔-firm |performance |attributed |to |the |structure |of |
industry |in |which |the |firm |competes
firm |effects |- |CORRECT |ANSWER✔✔-firm |performance |attributed |to |the |actions |managers |take
Stakeholders |- |CORRECT |ANSWER✔✔-organizations, |groups, |and |individuals |that |can |affect |or |
are |affected |by |a |firm's |actions
Stakeholder |strategy |- |CORRECT |ANSWER✔✔-an |integrative |approach |to |managing |a |diverse |
set |of |stakeholders |effectively |in |order |to |gain |and |sustain |competitive |advantage
stakeholder |impact |analysis |- |CORRECT |ANSWER✔✔-a |decision |tool |with |which |managers |can |
recognize, |prioritize, |and |address |the |needs |of |different |stakeholders, |enabling |the |firm |to |
achieve |competitive |advantage |while |acting |as |a |good |corporate |citizen
corporate |Social |Responsibility |(CSR) |- |CORRECT |ANSWER✔✔-a |framework |that |helps |firms |
recognize |and |address |the |economic, |legal, |social, |and |philanthropic |expectations |that |society |
has |of |the |business |enterprise |at |a |given |point |in |time
AFI |strategy |framework |- |CORRECT |ANSWER✔✔-a |model |that |links |three |interdependent |
strategic |management |tasks |- |analyze, |formulate, |and |implement |- |that, |together, |help |
managers |plan |and |implement |a |strategy |that |can |improve |performance |and |result |in |
competitive |advantage
generic |strategies |- |CORRECT |ANSWER✔✔-company |can |outperform |only |if |it |can |establish |a |
difference |that |is |can |preserve |overtime
