MAN 4720 UCF Capstone Midterm Exam Verified v
100% Correct!!
CompetitivevAdvantagev-vAnswerv-
vGeneratingvabovevaveragevreturns.vMeasuredvrelativevtovothervfirms.vShouldvrelyvonvavmor
evholisticvperspectivevvs.vjustvusingvonevmetric.
StrategicvAnalysisvframeworkv-vAnswerv-vAFI
Strategyv-vAnswerv-vquestvtovgainvandvsustainvcompetitivevadvantagevover
Companiesv-vAnswerv-varrayvofvactivities
visionvstatementv-vAnswerv-vpaintsvavpicturevofvwherevavcompanyvwantsvtovbe
BalancedvScorecardv-vAnswerv-
vharnessesvmultiplevinternalvandvexternalvperformancevmetricsvinvordervtovbalancevbothvfin
ancialvandvstrategicvgoals.vUSEDvINvIMPLEMENTATIONvPHASE
strategicvmanagementv-vAnswerv-
vanvintegrativevmanagementvfieldvthatvcombinesvanalysis,vformulation,vandvimplementation
vinvthevquestvforvcompetitivevadvantages
competitivevdisadvantagev-vAnswerv-
vundervperformancevrelativevtovothervcompetitorsvinvthevsamevindustryvorvindustryvaverage
competitivevparityv-vAnswerv-vperformancevofvtwovorvmorevfirmsvatvthevsamevlevel
sustainablevcompetitivevadvantagev-vAnswerv-
voutperformingvcompetitorsvorvthevindustryvovervavprolongedvperiod
co-opetitionv-vAnswerv-vcooperationvbyvcompetitorsvtovachievevavstrategicvobjective
firmveffectsv-vAnswerv-vresultsvofvmangersvactionsvtovinfluencevfirmvperformance
industryveffectsv-vAnswerv-
vthevresultsvattributedvtovthevchoicevofvindustryvinvwhichvtovcompete
, strategicvbusinessvunitv(SBU)v-vAnswerv-
vavstandalonevdivisionvofvavlargervconglomerate,vwithvitsvownvprofitvandvlossvresponsibility
businessvmodelv-vAnswerv-
vorganizationalvplanvthatvdetailsvthevfirmsvcompetitivevtacticsvandvinitiatives;vhowvthevfirmvin
tendsvtovmakevmoney
bottomvofvthevpyramidv-vAnswerv-
vthevlargestvbutvpoorestvsocioeconomicvgroupvofvthevworld'svpopulation
externalitiesv-vAnswerv-vside-
effectsvofvproductionvandvconsumptionvthatvarevnotvreflectedvinvthevpricevofvavproduct.
crowdsourcingv-vAnswerv-
vprocessvinvwhichvpeoplevvoluntarilyvperformsvtasksvtheyvwerevtraditionallyvcompletedvbyvav
firmsvemployees
Stakeholdersv-vAnswerv-
vIndividualsvorvgroupsvwhovcanvaffectvorvarevaffectedvbyvthevactionvofvavfirm.
A.F.I.v-vAnswerv-v1.)vAnalyzev
2.)vFormulatev
3.)vImplement
AFIvstrategyvframeworkv-vAnswerv-
vavmodelvthatvlinksvthreevinterdependentvstrategicvmanagementvtasks-
vAnalyze,vFormulate,vandvImplement.vtogethervhelpvfirmsvconceivevofvandvimplementvavstra
tegyvthatvcanvimprovevperformancevandvresultvinvcompetitivevadvantage
strategicvmanagementvprocessv-vAnswerv-
vMethodvbyvwhichvmanagersvconceivevandvimplementvavstrategyvthatvcanvleadvtovavsustain
ablevcompetitivevadvantage.
Visionv-vAnswerv-
vAvstatementvaboutvwhatvanvorganizationvultimatelyvwantsvtovaccomplish;vItvcapturesvthevco
mpany'svaspiration.
strategicvintentv-vAnswerv-
vstakingvoutvofvavdesiredvleadershipvpositionvthatvfarvexceedsvavcompany'svcurrentvresourc
esvandvcapabilities.
100% Correct!!
CompetitivevAdvantagev-vAnswerv-
vGeneratingvabovevaveragevreturns.vMeasuredvrelativevtovothervfirms.vShouldvrelyvonvavmor
evholisticvperspectivevvs.vjustvusingvonevmetric.
StrategicvAnalysisvframeworkv-vAnswerv-vAFI
Strategyv-vAnswerv-vquestvtovgainvandvsustainvcompetitivevadvantagevover
Companiesv-vAnswerv-varrayvofvactivities
visionvstatementv-vAnswerv-vpaintsvavpicturevofvwherevavcompanyvwantsvtovbe
BalancedvScorecardv-vAnswerv-
vharnessesvmultiplevinternalvandvexternalvperformancevmetricsvinvordervtovbalancevbothvfin
ancialvandvstrategicvgoals.vUSEDvINvIMPLEMENTATIONvPHASE
strategicvmanagementv-vAnswerv-
vanvintegrativevmanagementvfieldvthatvcombinesvanalysis,vformulation,vandvimplementation
vinvthevquestvforvcompetitivevadvantages
competitivevdisadvantagev-vAnswerv-
vundervperformancevrelativevtovothervcompetitorsvinvthevsamevindustryvorvindustryvaverage
competitivevparityv-vAnswerv-vperformancevofvtwovorvmorevfirmsvatvthevsamevlevel
sustainablevcompetitivevadvantagev-vAnswerv-
voutperformingvcompetitorsvorvthevindustryvovervavprolongedvperiod
co-opetitionv-vAnswerv-vcooperationvbyvcompetitorsvtovachievevavstrategicvobjective
firmveffectsv-vAnswerv-vresultsvofvmangersvactionsvtovinfluencevfirmvperformance
industryveffectsv-vAnswerv-
vthevresultsvattributedvtovthevchoicevofvindustryvinvwhichvtovcompete
, strategicvbusinessvunitv(SBU)v-vAnswerv-
vavstandalonevdivisionvofvavlargervconglomerate,vwithvitsvownvprofitvandvlossvresponsibility
businessvmodelv-vAnswerv-
vorganizationalvplanvthatvdetailsvthevfirmsvcompetitivevtacticsvandvinitiatives;vhowvthevfirmvin
tendsvtovmakevmoney
bottomvofvthevpyramidv-vAnswerv-
vthevlargestvbutvpoorestvsocioeconomicvgroupvofvthevworld'svpopulation
externalitiesv-vAnswerv-vside-
effectsvofvproductionvandvconsumptionvthatvarevnotvreflectedvinvthevpricevofvavproduct.
crowdsourcingv-vAnswerv-
vprocessvinvwhichvpeoplevvoluntarilyvperformsvtasksvtheyvwerevtraditionallyvcompletedvbyvav
firmsvemployees
Stakeholdersv-vAnswerv-
vIndividualsvorvgroupsvwhovcanvaffectvorvarevaffectedvbyvthevactionvofvavfirm.
A.F.I.v-vAnswerv-v1.)vAnalyzev
2.)vFormulatev
3.)vImplement
AFIvstrategyvframeworkv-vAnswerv-
vavmodelvthatvlinksvthreevinterdependentvstrategicvmanagementvtasks-
vAnalyze,vFormulate,vandvImplement.vtogethervhelpvfirmsvconceivevofvandvimplementvavstra
tegyvthatvcanvimprovevperformancevandvresultvinvcompetitivevadvantage
strategicvmanagementvprocessv-vAnswerv-
vMethodvbyvwhichvmanagersvconceivevandvimplementvavstrategyvthatvcanvleadvtovavsustain
ablevcompetitivevadvantage.
Visionv-vAnswerv-
vAvstatementvaboutvwhatvanvorganizationvultimatelyvwantsvtovaccomplish;vItvcapturesvthevco
mpany'svaspiration.
strategicvintentv-vAnswerv-
vstakingvoutvofvavdesiredvleadershipvpositionvthatvfarvexceedsvavcompany'svcurrentvresourc
esvandvcapabilities.
