BUSI 4940 QUESTIONS AND ANSWERS
- Firms achieve strategic competitiveness by formulating and implementing a value
creating strategy. - Answers - strategic competitiveness
- A strategy is an integrated and coordinated set of commitments and actions designed
to exploit core competencies and gain a competitive advantage. - Answers - strategy
- A firm has a competitive advantage when by implementing a chosen strategy, it
creates superior value for customers and when competitors are not able to imitate the
value the firm's products create or find it too expensive to attempt imitation. - Answers -
a competitive advantage
- Above-average returns are returns in excess of what an investor expects to earn from
other investments with a similar amount of risk. - Answers - Above-average returns
- Risk is an investor's uncertainty about the economic gains or losses that will result
from a particular investment. - Answers - Risk
- Average returns are returns equal to those an investor expects to earn from other
investments possessing a similar amount of risk. - Answers - Average returns
- The strategic management process is the full set of commitments, decisions, and
actions firms take to achieve strategic competitiveness and earn above-average returns.
- Answers - strategic management process
- Hyper competition is a condition where competitors engage in intense rivalry, markets
change quickly and often, and entry barriers are low. - Answers - Hyper competition
- A is one in which goods, services, people, skills, and ideas move freely across
geographic borders. - Answers - global economy
- is a set of capabilities firms use to respond to various demands and opportunities
existing in today's dynamic and uncertain competitive environment. - Answers -
Strategic flexibility
- are inputs into a firm's production process, such as capital equipment, the skills of
individual employees, patents, finances, and talented managers. - Answers - Resources
- A is the capacity for a set of resources to perform a task or an activity in an integrative
manner. - Answers - capability
- are capabilities that serve as a source of competitive advantage for a firm over its
rivals. - Answers - Core competencies
, - is a picture of what the firm wants to be and, in broad terms, what it wants to achieve. -
Answers - Vision
- A specifies the businesses in which the firm intends to compete and the customers it
intends to serve. - Answers - mission
- are individuals, groups, and organizations that can affect the firm's vision and mission,
are affected by the strategic outcomes achieved, and have enforceable claims on the
firm's performance. - Answers - Stakeholders
- are people located in different areas and levels of the firm using the strategic
management process to select actions that help the firm achieve its vision and fulfill its
mission. - Answers - Strategic leaders
- refers to the complex set of ideologies, symbols, and core value that individuals
throughout the firm share and that influence how the firm conducts business. - Answers
- Organizational culture
- is the increasing economic interdependence among countries and their organizations
as reflected in the flow of products, financial capital, and knowledge across country
borders. - Answers - Globalization
- is the speed at which new technologies become available to firms and when firms
choose to adopt them - Answers - technology diffusion
- is a term used to describe how rapidly and consistently new, information-intensive
technologies replace older ones. - Answers - Perpetual innovation
- are technologies that destroy the value of an existing technology and create new
markets - Answers - Disruptive technologies
- What are the two main drivers of Hypercompetition? - Answers - the emergence of the
global economy and technology
- What are the basic assumptions regarding companies and assets of the I/O
Economics Model and the Resource-Based Theory of Firms. Example, IO assumes
companies in the same industry have basically the same resources, etc. - Answers - -
External environment imposes pressures
-Resources are similar
-Differences are short lived due to resource mobility
-Decision makers are rational
- Who is the primary scholar associated with I/O Economics from a strategy
perspective? - Answers - Michael Porter
- Firms achieve strategic competitiveness by formulating and implementing a value
creating strategy. - Answers - strategic competitiveness
- A strategy is an integrated and coordinated set of commitments and actions designed
to exploit core competencies and gain a competitive advantage. - Answers - strategy
- A firm has a competitive advantage when by implementing a chosen strategy, it
creates superior value for customers and when competitors are not able to imitate the
value the firm's products create or find it too expensive to attempt imitation. - Answers -
a competitive advantage
- Above-average returns are returns in excess of what an investor expects to earn from
other investments with a similar amount of risk. - Answers - Above-average returns
- Risk is an investor's uncertainty about the economic gains or losses that will result
from a particular investment. - Answers - Risk
- Average returns are returns equal to those an investor expects to earn from other
investments possessing a similar amount of risk. - Answers - Average returns
- The strategic management process is the full set of commitments, decisions, and
actions firms take to achieve strategic competitiveness and earn above-average returns.
- Answers - strategic management process
- Hyper competition is a condition where competitors engage in intense rivalry, markets
change quickly and often, and entry barriers are low. - Answers - Hyper competition
- A is one in which goods, services, people, skills, and ideas move freely across
geographic borders. - Answers - global economy
- is a set of capabilities firms use to respond to various demands and opportunities
existing in today's dynamic and uncertain competitive environment. - Answers -
Strategic flexibility
- are inputs into a firm's production process, such as capital equipment, the skills of
individual employees, patents, finances, and talented managers. - Answers - Resources
- A is the capacity for a set of resources to perform a task or an activity in an integrative
manner. - Answers - capability
- are capabilities that serve as a source of competitive advantage for a firm over its
rivals. - Answers - Core competencies
, - is a picture of what the firm wants to be and, in broad terms, what it wants to achieve. -
Answers - Vision
- A specifies the businesses in which the firm intends to compete and the customers it
intends to serve. - Answers - mission
- are individuals, groups, and organizations that can affect the firm's vision and mission,
are affected by the strategic outcomes achieved, and have enforceable claims on the
firm's performance. - Answers - Stakeholders
- are people located in different areas and levels of the firm using the strategic
management process to select actions that help the firm achieve its vision and fulfill its
mission. - Answers - Strategic leaders
- refers to the complex set of ideologies, symbols, and core value that individuals
throughout the firm share and that influence how the firm conducts business. - Answers
- Organizational culture
- is the increasing economic interdependence among countries and their organizations
as reflected in the flow of products, financial capital, and knowledge across country
borders. - Answers - Globalization
- is the speed at which new technologies become available to firms and when firms
choose to adopt them - Answers - technology diffusion
- is a term used to describe how rapidly and consistently new, information-intensive
technologies replace older ones. - Answers - Perpetual innovation
- are technologies that destroy the value of an existing technology and create new
markets - Answers - Disruptive technologies
- What are the two main drivers of Hypercompetition? - Answers - the emergence of the
global economy and technology
- What are the basic assumptions regarding companies and assets of the I/O
Economics Model and the Resource-Based Theory of Firms. Example, IO assumes
companies in the same industry have basically the same resources, etc. - Answers - -
External environment imposes pressures
-Resources are similar
-Differences are short lived due to resource mobility
-Decision makers are rational
- Who is the primary scholar associated with I/O Economics from a strategy
perspective? - Answers - Michael Porter
