Strategic Management Exam 1 (Chapters
s s s s
1-6) with correct answers
s s s s
Strategic sCompetitiveness s- sCorrect s sAnswer s- sAchieved swhen sa sfirm ssuccessfully sformulates sand
simplements sa svalue-creating sstrategy.
Strategy s- sCorrect s sAnswer s- sAn sintegrated sand scoordinated sset sof scommitments sand sactions sdesigned
sto sexploit score scompetencies sand sgain sa scompetitive sadvantage.
Competitive sAdvantages s- sCorrect s sAnswer s- sWhen sa sfirm simplements sa sstrategy sthat screates ssuperior
svalue sfor scustomers sand scompetitors sare sunable sto sduplicate sor sfind stoo scostly sto stry sto simitate.
Above-average sreturns s- sCorrect s sAnswer s- sReturns sin sexcess sof swhat san sinvestors sexpects sto searn sfrom
sother sinvestments swith sa ssimilar samount sof srisk.
Risk s- sCorrect s sAnswer s- sAn sinvestor's suncertainty sabout sthe seconomic sgains sor slosses sthat swill sresult
sfrom sa sparticular sinvestment.
Average sReturns s- sCorrect s sAnswer s- sReturns sequal sto sthose san sinvestor sexpects sto searn sfrom sother
sinvestments swith ssimilar samount sof srisk.
Strategic sManagement sProcess s- sCorrect s sAnswer s- sThe sfull sset sof scommitment, sdecisions, sand sactions
srequired sfor sa sfirm sto sachieve sstrategic scompetitiveness sand searn sabove-average sreturns.
Global sEconomy s- sCorrect s sAnswer s- sGoods, sservices, speople, sskills, sand sideas smove sfreely sacross
sgeographic sborders.
, Strategic sFlexibility s- sCorrect s sAnswer s- sA sset sof scapabilities sused sto srespond sto svarious sdemands sand
sopportunities sexisting sin sa sdynamic sand suncertain scompetitive senvironment.
Resources s- sCorrect s sAnswer s- sInputs sinto sa sfirm's sproduction sprocess.
Capability s- sCorrect s sAnswer s- sThe scapacity sfor sa sset sof sresources sto sperform sa stask sor san sactivity sin san
sintegrative smanner.
Core scompetencies s- sCorrect s sAnswer s- sCapabilities sthat sserve sas sa ssource sof scompetitive sadvantage sfor
sa sfirm sover sits srivals.
Vision s- sCorrect s sAnswer s- sA spicture sof swhat sthe sfirm swants sto sbe sand, sin sbroad sterms, swhat sit swants
sto sultimately sachieve.
Mission s- sCorrect s sAnswer s- sSpecifies sthe sbusinesses sin swhich sthe sfilm sintends sto scompete sand sthe
scustomers sit sintends sto sserve.
Stakeholders s- sCorrect s sAnswer s- sThe sindividuals, sgroups, sand sorganizations sthat scan saffect sthe sfirm's
svision sand smission, sare saffected sby sthe sstrategic soutcomes sachieved, sand shave senforceable sclaims son
sthe sfirm's sperformance.
Strategic sLeaders s- sCorrect s sAnswer s- sPeople slocated sin sdifferent sares sand slevels sof sthe sfirm susing sthe
sstrategic smanagement sprocess sto sselect sstrategic sactions sthat shelp sthe sfirm sachieve sits svision sand
sfulfill sits smission.
Profit sPool s- sCorrect s sAnswer s- sEntails sthe stotal sprofits searned sin san sindustry sat sall spoints salong sthe
svalue schain.
s s s s
1-6) with correct answers
s s s s
Strategic sCompetitiveness s- sCorrect s sAnswer s- sAchieved swhen sa sfirm ssuccessfully sformulates sand
simplements sa svalue-creating sstrategy.
Strategy s- sCorrect s sAnswer s- sAn sintegrated sand scoordinated sset sof scommitments sand sactions sdesigned
sto sexploit score scompetencies sand sgain sa scompetitive sadvantage.
Competitive sAdvantages s- sCorrect s sAnswer s- sWhen sa sfirm simplements sa sstrategy sthat screates ssuperior
svalue sfor scustomers sand scompetitors sare sunable sto sduplicate sor sfind stoo scostly sto stry sto simitate.
Above-average sreturns s- sCorrect s sAnswer s- sReturns sin sexcess sof swhat san sinvestors sexpects sto searn sfrom
sother sinvestments swith sa ssimilar samount sof srisk.
Risk s- sCorrect s sAnswer s- sAn sinvestor's suncertainty sabout sthe seconomic sgains sor slosses sthat swill sresult
sfrom sa sparticular sinvestment.
Average sReturns s- sCorrect s sAnswer s- sReturns sequal sto sthose san sinvestor sexpects sto searn sfrom sother
sinvestments swith ssimilar samount sof srisk.
Strategic sManagement sProcess s- sCorrect s sAnswer s- sThe sfull sset sof scommitment, sdecisions, sand sactions
srequired sfor sa sfirm sto sachieve sstrategic scompetitiveness sand searn sabove-average sreturns.
Global sEconomy s- sCorrect s sAnswer s- sGoods, sservices, speople, sskills, sand sideas smove sfreely sacross
sgeographic sborders.
, Strategic sFlexibility s- sCorrect s sAnswer s- sA sset sof scapabilities sused sto srespond sto svarious sdemands sand
sopportunities sexisting sin sa sdynamic sand suncertain scompetitive senvironment.
Resources s- sCorrect s sAnswer s- sInputs sinto sa sfirm's sproduction sprocess.
Capability s- sCorrect s sAnswer s- sThe scapacity sfor sa sset sof sresources sto sperform sa stask sor san sactivity sin san
sintegrative smanner.
Core scompetencies s- sCorrect s sAnswer s- sCapabilities sthat sserve sas sa ssource sof scompetitive sadvantage sfor
sa sfirm sover sits srivals.
Vision s- sCorrect s sAnswer s- sA spicture sof swhat sthe sfirm swants sto sbe sand, sin sbroad sterms, swhat sit swants
sto sultimately sachieve.
Mission s- sCorrect s sAnswer s- sSpecifies sthe sbusinesses sin swhich sthe sfilm sintends sto scompete sand sthe
scustomers sit sintends sto sserve.
Stakeholders s- sCorrect s sAnswer s- sThe sindividuals, sgroups, sand sorganizations sthat scan saffect sthe sfirm's
svision sand smission, sare saffected sby sthe sstrategic soutcomes sachieved, sand shave senforceable sclaims son
sthe sfirm's sperformance.
Strategic sLeaders s- sCorrect s sAnswer s- sPeople slocated sin sdifferent sares sand slevels sof sthe sfirm susing sthe
sstrategic smanagement sprocess sto sselect sstrategic sactions sthat shelp sthe sfirm sachieve sits svision sand
sfulfill sits smission.
Profit sPool s- sCorrect s sAnswer s- sEntails sthe stotal sprofits searned sin san sindustry sat sall spoints salong sthe
svalue schain.
