MGT 400 Exam 1 2026 LATEST
UPDATED QUESTIONS WITH ANSWERS
SUCCESS GUIDE.
1/9
, 1. Strategic Man- An integrative management field that combines analysis, formulation, and imple-
agement mentation in the quest for competitive advantage.
It helps you to view a firm in its entirety
Think like a general manager
Position you organization for superior performance
2. Competitive Ad- Superior performance relative to other competitors in the same industry or the
vantage: industry average
Relative not absolute
To assess competitive advantage, benchmark:
Compare the firm to competitors in the same industry
Compare the firm to the industry average
3. Comparative Par- Two or more firms that perform at the same level.
ity:
4. Competitive Dis- A firm that underperforms its rivals or the industry average.
advantage:
5. What Constitutes A good strategy is based on three elements
a Good Strategy? A diagnosis of the competitive challenge (analysis of the firms internal and external
environments)
A guiding policy to address the competitive challenge. Formulation and results in
corporate, business and functional strategies
A set of coherent actions to implement the firms guiding policy (implementation)
6. Strategic Posi- A unique position within an industry that allows a firm to provide value to cus-
tioning: tomers, while controlling costs.
Value Creation - Costs = Economic Contribution
The greater the better
1/9
UPDATED QUESTIONS WITH ANSWERS
SUCCESS GUIDE.
1/9
, 1. Strategic Man- An integrative management field that combines analysis, formulation, and imple-
agement mentation in the quest for competitive advantage.
It helps you to view a firm in its entirety
Think like a general manager
Position you organization for superior performance
2. Competitive Ad- Superior performance relative to other competitors in the same industry or the
vantage: industry average
Relative not absolute
To assess competitive advantage, benchmark:
Compare the firm to competitors in the same industry
Compare the firm to the industry average
3. Comparative Par- Two or more firms that perform at the same level.
ity:
4. Competitive Dis- A firm that underperforms its rivals or the industry average.
advantage:
5. What Constitutes A good strategy is based on three elements
a Good Strategy? A diagnosis of the competitive challenge (analysis of the firms internal and external
environments)
A guiding policy to address the competitive challenge. Formulation and results in
corporate, business and functional strategies
A set of coherent actions to implement the firms guiding policy (implementation)
6. Strategic Posi- A unique position within an industry that allows a firm to provide value to cus-
tioning: tomers, while controlling costs.
Value Creation - Costs = Economic Contribution
The greater the better
1/9
