FSU MAN 4720 EXAM 1 STUDY GUIDE
2026/2027 ACCURATE QUESTIONS WITH
CORRECT DETAILED SOLUTIONS ||
100% GUARANTEED PASS
<NEWEST VERSION>
1. Top Corporate Performers Characteristics - ANSWER ✔ -have an
entrepreneurial/opportunistic mindset
-are market/customer-needs oriented
-make effective use of valuable competencies
-Offer new and innovative products and services
2. Being _________ is the biggest threat to any business - ANSWER ✔ non-
customer centric
3. The firms strategic choices - ANSWER ✔ -economies of scale
-barriers to market entry
-diversification
-product differentiation
-industry concentration
-market frictions
4. I/O (Industry Organization) Model Assumptions - ANSWER ✔ 1. The
external environment imposes pressures and constraints that determine
strategic choices.
2. Similarity in strategically relevant resources causes competitors to pursue
similar strategies.
3. Resource differences among competitors are short-lived due to resource
mobility across firms.
4. Strategic decision makers are rational and engage in profit-maximizing
behaviors.
5. 5 Forces Model of Competition - ANSWER ✔
,6. Industry Profitability - ANSWER ✔ -a function of interactions among the
5 forces
7. Building Competitive Advantage - ANSWER ✔ resources, capability and
core competence
8. Core Competencies - ANSWER ✔ -rare
-valuable
-nonsubstitutable
-costly to imitate
9. Strategic Dimensions - ANSWER ✔ -extent of technological leadership
-product quality
-pricing policies
-distribution channels
-customer service
10.Competitor Analysis (42) - ANSWER ✔ How companies gather and
interpret information about their competitors
11.Competitor Intelligence (65) - ANSWER ✔ is the set of data and
information the firm gathers to better understand and anticipate competitors'
objectives, strategies, assumptions, and capabilities.
12.Complementors (66) - ANSWER ✔ companies or networks of companies
that sell complementary goods or services that are compatible with the focal
firm's good or service.
13.Demographic segment (45) - ANSWER ✔ is concerned with a population's
size, age structure, geographic distribution, ethnic mix, and income
distribution.
14.A firm has achieved __________ when it successfully formulates and
implements a value-creating strategy. - ANSWER ✔ strategic
competitiveness
,15.A competitive advantage: - ANSWER ✔ can be identified when
competitors are unable to duplicate a strategy or find it too costly to try to
imitate.
16.Above-average returns are: - ANSWER ✔ returns in excess of what an
investor expects to earn from other investments with a similar level of risk.
17.The strategic management process is: - ANSWER ✔ the full set of
commitments, decisions, and actions required for a firm to achieve strategic
competitiveness and earn above-average returns.
18.If a firm offers a service that is valuable, rare, and costly to imitate, but a
substitute exists for the service, the firm will:
achieve competitive parity.
have a competitive disadvantage.
have a temporary competitive advantage.
gain a sustainable competitive advantage. - ANSWER ✔ have a temporary
competitive advantage.
19.Knowledge transfer and access to resources within the value chain are
enhanced by:
guidelines for sharing knowledge and resources.
social capital.
penalties for not sharing knowledge and resources.
training employees on how to cooperate. - ANSWER ✔ guidelines for sharing
knowledge and resources.
20.Which of the following could be a definition of strategic competitiveness?
a. The ability of a firm to outperform its rivals by forming and executing
a strategy that creates value for its stakeholders
, b. The status of a company with the largest top-line sales number in an
industry
c. A start-up company with an innovative new product that changes an
industry
d. A solid company with predictable sales and profitability every year,
delivering predictability for its shareholders - ANSWER ✔ a (The
ability of a firm to outperform its rivals by forming and executing a
strategy that creates value for its stakeholders)
21.The strategic management process is the:
a. identification of the industry in which a company should compete due
to the attractiveness of that industry's profitability.
b. way that businesses formulate initiatives to create superior value for
customers, then implement those initiatives to out-perform
competitors.
c. analysis of internal and external forces at work on a company that
may prevent it from achieving average returns.
d. utilization of the resource-based model of above-average returns to
identify the internal resources a company should leverage to achieve
strategic competitiveness. - ANSWER ✔ b (way that businesses
formulate initiatives to create superior value for customers, then
implement those initiatives to out-perform competitors.)
22.Which of the following describes a company that has delivered above-
average returns to its investors?
a. An airline that reported weaker-than-projected earnings this year
because of increased maintenance costs for its aging fleet of planes
b. A biotech firm that recently announced it has received FDA approval
for its new orphan drug to treat a rare heart condition and will be able
2026/2027 ACCURATE QUESTIONS WITH
CORRECT DETAILED SOLUTIONS ||
100% GUARANTEED PASS
<NEWEST VERSION>
1. Top Corporate Performers Characteristics - ANSWER ✔ -have an
entrepreneurial/opportunistic mindset
-are market/customer-needs oriented
-make effective use of valuable competencies
-Offer new and innovative products and services
2. Being _________ is the biggest threat to any business - ANSWER ✔ non-
customer centric
3. The firms strategic choices - ANSWER ✔ -economies of scale
-barriers to market entry
-diversification
-product differentiation
-industry concentration
-market frictions
4. I/O (Industry Organization) Model Assumptions - ANSWER ✔ 1. The
external environment imposes pressures and constraints that determine
strategic choices.
2. Similarity in strategically relevant resources causes competitors to pursue
similar strategies.
3. Resource differences among competitors are short-lived due to resource
mobility across firms.
4. Strategic decision makers are rational and engage in profit-maximizing
behaviors.
5. 5 Forces Model of Competition - ANSWER ✔
,6. Industry Profitability - ANSWER ✔ -a function of interactions among the
5 forces
7. Building Competitive Advantage - ANSWER ✔ resources, capability and
core competence
8. Core Competencies - ANSWER ✔ -rare
-valuable
-nonsubstitutable
-costly to imitate
9. Strategic Dimensions - ANSWER ✔ -extent of technological leadership
-product quality
-pricing policies
-distribution channels
-customer service
10.Competitor Analysis (42) - ANSWER ✔ How companies gather and
interpret information about their competitors
11.Competitor Intelligence (65) - ANSWER ✔ is the set of data and
information the firm gathers to better understand and anticipate competitors'
objectives, strategies, assumptions, and capabilities.
12.Complementors (66) - ANSWER ✔ companies or networks of companies
that sell complementary goods or services that are compatible with the focal
firm's good or service.
13.Demographic segment (45) - ANSWER ✔ is concerned with a population's
size, age structure, geographic distribution, ethnic mix, and income
distribution.
14.A firm has achieved __________ when it successfully formulates and
implements a value-creating strategy. - ANSWER ✔ strategic
competitiveness
,15.A competitive advantage: - ANSWER ✔ can be identified when
competitors are unable to duplicate a strategy or find it too costly to try to
imitate.
16.Above-average returns are: - ANSWER ✔ returns in excess of what an
investor expects to earn from other investments with a similar level of risk.
17.The strategic management process is: - ANSWER ✔ the full set of
commitments, decisions, and actions required for a firm to achieve strategic
competitiveness and earn above-average returns.
18.If a firm offers a service that is valuable, rare, and costly to imitate, but a
substitute exists for the service, the firm will:
achieve competitive parity.
have a competitive disadvantage.
have a temporary competitive advantage.
gain a sustainable competitive advantage. - ANSWER ✔ have a temporary
competitive advantage.
19.Knowledge transfer and access to resources within the value chain are
enhanced by:
guidelines for sharing knowledge and resources.
social capital.
penalties for not sharing knowledge and resources.
training employees on how to cooperate. - ANSWER ✔ guidelines for sharing
knowledge and resources.
20.Which of the following could be a definition of strategic competitiveness?
a. The ability of a firm to outperform its rivals by forming and executing
a strategy that creates value for its stakeholders
, b. The status of a company with the largest top-line sales number in an
industry
c. A start-up company with an innovative new product that changes an
industry
d. A solid company with predictable sales and profitability every year,
delivering predictability for its shareholders - ANSWER ✔ a (The
ability of a firm to outperform its rivals by forming and executing a
strategy that creates value for its stakeholders)
21.The strategic management process is the:
a. identification of the industry in which a company should compete due
to the attractiveness of that industry's profitability.
b. way that businesses formulate initiatives to create superior value for
customers, then implement those initiatives to out-perform
competitors.
c. analysis of internal and external forces at work on a company that
may prevent it from achieving average returns.
d. utilization of the resource-based model of above-average returns to
identify the internal resources a company should leverage to achieve
strategic competitiveness. - ANSWER ✔ b (way that businesses
formulate initiatives to create superior value for customers, then
implement those initiatives to out-perform competitors.)
22.Which of the following describes a company that has delivered above-
average returns to its investors?
a. An airline that reported weaker-than-projected earnings this year
because of increased maintenance costs for its aging fleet of planes
b. A biotech firm that recently announced it has received FDA approval
for its new orphan drug to treat a rare heart condition and will be able
