MAN 4720 FSU Test 1 - Rousseau
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Strategy -ANSWER✅✅✅a set of goal directed actions aimed to gain and sustain
superior performance relative to competitors.
A good strategy is based on what 3 elements? -ANSWER✅✅✅1. Diagnosis of
competitive challenges
2. A guiding policy or formulation
3. Set of actions to implement the guiding policy
Competitive Advantage -ANSWER✅✅✅superior performance relative to competitors in
the same industry
sustainable competitive advantage -ANSWER✅✅✅the ability to outperform rivals over
a period of time.
EX) apple
What is positioning? -ANSWER✅✅✅A unique position in an industry that allows the
firm to provide value to customers while controlling costs.
How to gain competitive advantage -ANSWER✅✅✅a firm needs to provide either
goods or services consumers value more highly than those of its competitors, or goods
or services similar to the competitors' at a lower price
What strategy is NOT -ANSWER✅✅✅1. Grandiose statements
2. A failure to face a competitive challenge
3. Operational effectiveness, competitive benchmarking, or other tactical tools
ex) "pricing strategy" or "branding strategy"