MGMT 449 ExaM 1 NEWEST 2026 aCTUaL ExaM QUESTIONS aND
CORRECT aNSWERS (VERIFIED) | LaTEST UPDaTE 2026/2027 |
GRaDED a+ | BRaND NEW | 100% GUaRaNTEED PaSS
Strategy - ANSWER-set of actions that managers take to out perform
competitors and achieve superior profitability
What are the three aspects of good strategy? - ANSWER-Analysis, formulation,
and implementation
Analysis - ANSWER-- businesses's environment and industry conditions
- firm's financial and competitive capabilities
Formulation - ANSWER-create a vision for the firm's future direction
Implementation - ANSWER-crafting an action plan and doing it
How do firms compete differently from rivals? - ANSWER-- do what they don't or
do it better
- do what they can't
- do things that attract customers and set it apart from competitors
- do what the firm must do and know what it must not do
Competitive advantage - ANSWER-provide buyers with superior value or offers
product at same value to rival, but lower cost to firm
Sustainable competitive advantage - ANSWER-basis for advantage persists
despite best efforts of competitors to match/surpass its advantage (ex: Apple)
, Why do firms modify strategy? - ANSWER-- market conditions change
- advancing technology
- fresh moves of competitors
- shifting buyer needs
- emerging market opportunities
- new ideas for improving strategies
Business model - ANSWER-how a strategy will create value for the customer
while creating revenue to cover costs and create a profit
What are some common examples of business models? - ANSWER-- razor-
razorblade
- subscription
- pay-as-you-go
- freemium
- wholesale
- agency
- bundling
Why is executing and crafting a strategy important? - ANSWER-- prescription for
doing business
- roadmap to competitive advantage
- plan for pleasing customers
- long term-standout marketplace performance
What are the five stages of strategy making and execution process? - ANSWER-
1. Develop a strategic vision, mission statement, and a set of core values.
2. Set objectives.
CORRECT aNSWERS (VERIFIED) | LaTEST UPDaTE 2026/2027 |
GRaDED a+ | BRaND NEW | 100% GUaRaNTEED PaSS
Strategy - ANSWER-set of actions that managers take to out perform
competitors and achieve superior profitability
What are the three aspects of good strategy? - ANSWER-Analysis, formulation,
and implementation
Analysis - ANSWER-- businesses's environment and industry conditions
- firm's financial and competitive capabilities
Formulation - ANSWER-create a vision for the firm's future direction
Implementation - ANSWER-crafting an action plan and doing it
How do firms compete differently from rivals? - ANSWER-- do what they don't or
do it better
- do what they can't
- do things that attract customers and set it apart from competitors
- do what the firm must do and know what it must not do
Competitive advantage - ANSWER-provide buyers with superior value or offers
product at same value to rival, but lower cost to firm
Sustainable competitive advantage - ANSWER-basis for advantage persists
despite best efforts of competitors to match/surpass its advantage (ex: Apple)
, Why do firms modify strategy? - ANSWER-- market conditions change
- advancing technology
- fresh moves of competitors
- shifting buyer needs
- emerging market opportunities
- new ideas for improving strategies
Business model - ANSWER-how a strategy will create value for the customer
while creating revenue to cover costs and create a profit
What are some common examples of business models? - ANSWER-- razor-
razorblade
- subscription
- pay-as-you-go
- freemium
- wholesale
- agency
- bundling
Why is executing and crafting a strategy important? - ANSWER-- prescription for
doing business
- roadmap to competitive advantage
- plan for pleasing customers
- long term-standout marketplace performance
What are the five stages of strategy making and execution process? - ANSWER-
1. Develop a strategic vision, mission statement, and a set of core values.
2. Set objectives.
