BCOR 460 EXAM 1 QUESTIONS WITH CORRECT ANSWERS
2025/2026
Strategic Management -ANSWER-integrative management field that combines analysis,
formulation, and implementation in the quest for competitive advantage
strategy -ANSWER-set of goal-directed actions a firm takes to gain and sustain superior
performance relative to competitors
plan, ploy, pattern, position, perspective -ANSWER-5 P's of Strategy
plan -ANSWER-consciously intended course of action to deal with a situation
ploy -ANSWER-specific "maneuver" intended to outwit a competitor
pattern -ANSWER-consistent stream of action
position -ANSWER-location among competitors
perspective -ANSWER-how strategy is conceived by the firm and managers
diagnosis, guiding policy, set of coherent actions -ANSWER-3 components of good strategy
business model -ANSWER-explains how a firm intent to make money
competitive advantage -ANSWER-superior performance relative to other competitors in the
same industry or the industry average
, sustainable competitive advantage -ANSWER-outperforming competitors or the industry
average over a prolonged period of time
competitive disadvantage -ANSWER-underperformance relative to other competitors in the
same industry or the industry average
competitive parity -ANSWER-performance of two or more firms at the same level
strategic positioning -ANSWER-staking out a unique position within an industry that allows a
firm to provide value to customers, while controlling costs
industry effects -ANSWER-firm performance attributed to the structure of the industry in
which the firm competes
firm effects -ANSWER-firm performance attributed to the actions managers take
black swan events -ANSWER-incidents that describe highly improbable but high-impact
events
stakeholders -ANSWER-organizations, groups, and individuals that can affect or be affected
by a firm's actions
stakeholder strategy -ANSWER-an integrative approach to managing a diverse set of
stakeholders effectively in order to gain and sustain competitive advantage
stakeholder impact analysis -ANSWER-a decision tool with which managers can recognize,
prioritize, and address the needs of different stakeholders, enabling the firm to achieve
competitive advantage while acting as a good corporate citizen
power, legitimacy, urgency -ANSWER-3 important stakeholder attributes
2025/2026
Strategic Management -ANSWER-integrative management field that combines analysis,
formulation, and implementation in the quest for competitive advantage
strategy -ANSWER-set of goal-directed actions a firm takes to gain and sustain superior
performance relative to competitors
plan, ploy, pattern, position, perspective -ANSWER-5 P's of Strategy
plan -ANSWER-consciously intended course of action to deal with a situation
ploy -ANSWER-specific "maneuver" intended to outwit a competitor
pattern -ANSWER-consistent stream of action
position -ANSWER-location among competitors
perspective -ANSWER-how strategy is conceived by the firm and managers
diagnosis, guiding policy, set of coherent actions -ANSWER-3 components of good strategy
business model -ANSWER-explains how a firm intent to make money
competitive advantage -ANSWER-superior performance relative to other competitors in the
same industry or the industry average
, sustainable competitive advantage -ANSWER-outperforming competitors or the industry
average over a prolonged period of time
competitive disadvantage -ANSWER-underperformance relative to other competitors in the
same industry or the industry average
competitive parity -ANSWER-performance of two or more firms at the same level
strategic positioning -ANSWER-staking out a unique position within an industry that allows a
firm to provide value to customers, while controlling costs
industry effects -ANSWER-firm performance attributed to the structure of the industry in
which the firm competes
firm effects -ANSWER-firm performance attributed to the actions managers take
black swan events -ANSWER-incidents that describe highly improbable but high-impact
events
stakeholders -ANSWER-organizations, groups, and individuals that can affect or be affected
by a firm's actions
stakeholder strategy -ANSWER-an integrative approach to managing a diverse set of
stakeholders effectively in order to gain and sustain competitive advantage
stakeholder impact analysis -ANSWER-a decision tool with which managers can recognize,
prioritize, and address the needs of different stakeholders, enabling the firm to achieve
competitive advantage while acting as a good corporate citizen
power, legitimacy, urgency -ANSWER-3 important stakeholder attributes
