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STRATEGIC MANAGEMENT EXAM 1
(CHAPTERS 1-6) 2026 LATEST
QUESTIONS AND ANSWERS| ACE
YOUR GRADES.
1. Market Commonality - correct answer -Concerned with the
number of markets with which the firm and competitor are
jointly involved and the degree of importance of the individual
markets to each.
2. Resource Similarity - correct answer -The extent of which the
firm's intangible and tangible resources are comparable to a
competitors in terms of type and amount.
3. Competitive Action - correct answer -A strategic or tactical
action the firm takes to build or defend its competitive
advantages or improve its market position.
4. Competitive Response - correct answer -A strategic or tactical
action a firm takes to counteract the competitive action of
another firm.
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5. Strategic Action or Strategic Response - correct answer -A
market based move that involves significant commitment of
organizational resources and is difficult to implement and
reverse.
6. Tactical action or Tactical Response - correct answer -A
market based move that is taken to fine tune a strategy.
Involves fewer resources and is relatively easy to implement
and reverse.
7. First Mover - correct answer -A firm that takes an initial
competitive action in order to build or defend its competitive
advantages or to improve market position.
8. Second Mover - correct answer -A firm that responds to the
first movers competitive action typically through imitation.
9. Late Mover - correct answer -A firm that responds to
competitive action a significant amount of time after the first
mover's action and the second mover's response.
STRATEGIC MANAGEMENT EXAM 1
(CHAPTERS 1-6) 2026 LATEST
QUESTIONS AND ANSWERS| ACE
YOUR GRADES.
1. Market Commonality - correct answer -Concerned with the
number of markets with which the firm and competitor are
jointly involved and the degree of importance of the individual
markets to each.
2. Resource Similarity - correct answer -The extent of which the
firm's intangible and tangible resources are comparable to a
competitors in terms of type and amount.
3. Competitive Action - correct answer -A strategic or tactical
action the firm takes to build or defend its competitive
advantages or improve its market position.
4. Competitive Response - correct answer -A strategic or tactical
action a firm takes to counteract the competitive action of
another firm.
, Page | 2
5. Strategic Action or Strategic Response - correct answer -A
market based move that involves significant commitment of
organizational resources and is difficult to implement and
reverse.
6. Tactical action or Tactical Response - correct answer -A
market based move that is taken to fine tune a strategy.
Involves fewer resources and is relatively easy to implement
and reverse.
7. First Mover - correct answer -A firm that takes an initial
competitive action in order to build or defend its competitive
advantages or to improve market position.
8. Second Mover - correct answer -A firm that responds to the
first movers competitive action typically through imitation.
9. Late Mover - correct answer -A firm that responds to
competitive action a significant amount of time after the first
mover's action and the second mover's response.
