Strategic Management Final Exam Newest 2026
Questions and Correct Detailed Answers Already
Graded A+
The relationship between value propositions and competitive advantage -
CORRECT ANSWER-A value proposition explains why customers should choose
a firm's product over others.
Customer types & WTP - CORRECT ANSWER-Different customers have
different willingness to pay based on preferences, income, and needs.
Competitive cost analysis - CORRECT ANSWER-Firms analyze their cost
structure to identify areas where they can improve efficiency.
Sustaining competitive advantage - CORRECT ANSWER-An advantage is
sustainable if competitors cannot easily imitate it.
Hard part = keeping it
Sources:
,-Brand
-Patents
-Network effects
-High switching costs
-Unique resources
Threats:
-Imitation
-Technology changes
-Regulation
Impact of systemic changes - CORRECT ANSWER-Changes like new technology
or regulation can weaken or destroy a firm's advantage.
Potential sources of sustainability - CORRECT ANSWER-Sustainable advantage
comes from resources like brand, patents, network effects, and switching costs.
Threats to sustainability from beyond the market (external threats) - CORRECT
ANSWER-Factors like regulation, economic shifts, and social trends can threaten
a firm's strategy.
, Factors that affect profitability over time - CORRECT ANSWER-Profitability is
driven by both industry structure (Five Forces) and a firm's strategic positioning.
Firms in attractive industries with strong strategies tend to sustain higher profits.
The importance of consistency in relation to a firm's internal model and external
positioning - CORRECT ANSWER-A firm's strategy must be consistent across all
activities. Misalignment (e.g., being both low-cost and premium) weakens
performance.
How the business environment and structural forces affect profitability -
CORRECT ANSWER-External forces like competition, suppliers, buyers, and
substitutes shape how profitable an industry is.
Define strategy and introduce the core concepts of competitive strategy -
CORRECT ANSWER-Definition: Strategy is a firm's deliberate plan to achieve
competitive advantage by choosing how and where to compete.
Where to compete → industry, market, customer segment
How to compete → cost leadership or differentiation
What activities to perform → operations, marketing, supply chain
Questions and Correct Detailed Answers Already
Graded A+
The relationship between value propositions and competitive advantage -
CORRECT ANSWER-A value proposition explains why customers should choose
a firm's product over others.
Customer types & WTP - CORRECT ANSWER-Different customers have
different willingness to pay based on preferences, income, and needs.
Competitive cost analysis - CORRECT ANSWER-Firms analyze their cost
structure to identify areas where they can improve efficiency.
Sustaining competitive advantage - CORRECT ANSWER-An advantage is
sustainable if competitors cannot easily imitate it.
Hard part = keeping it
Sources:
,-Brand
-Patents
-Network effects
-High switching costs
-Unique resources
Threats:
-Imitation
-Technology changes
-Regulation
Impact of systemic changes - CORRECT ANSWER-Changes like new technology
or regulation can weaken or destroy a firm's advantage.
Potential sources of sustainability - CORRECT ANSWER-Sustainable advantage
comes from resources like brand, patents, network effects, and switching costs.
Threats to sustainability from beyond the market (external threats) - CORRECT
ANSWER-Factors like regulation, economic shifts, and social trends can threaten
a firm's strategy.
, Factors that affect profitability over time - CORRECT ANSWER-Profitability is
driven by both industry structure (Five Forces) and a firm's strategic positioning.
Firms in attractive industries with strong strategies tend to sustain higher profits.
The importance of consistency in relation to a firm's internal model and external
positioning - CORRECT ANSWER-A firm's strategy must be consistent across all
activities. Misalignment (e.g., being both low-cost and premium) weakens
performance.
How the business environment and structural forces affect profitability -
CORRECT ANSWER-External forces like competition, suppliers, buyers, and
substitutes shape how profitable an industry is.
Define strategy and introduce the core concepts of competitive strategy -
CORRECT ANSWER-Definition: Strategy is a firm's deliberate plan to achieve
competitive advantage by choosing how and where to compete.
Where to compete → industry, market, customer segment
How to compete → cost leadership or differentiation
What activities to perform → operations, marketing, supply chain
