MGT 8803 - Business Strategy Exam Questions And Answers Verified 100% Correct

MGT 8803 - Business Strategy Exam Questions And Answers Verified 100% Correct strategic business unit (SBU) - ANSWER - profit center which focuses on product offering and market segment - winning in the market place - a competitive advantage strategy - ANSWER goal-directed actions a firm takes to gain and sustain superior performance relative to competitors. competitive advantage - ANSWER superior performance relative to other competitors in the same industry or the industry average strategic positioning - ANSWER A unique position within an industry that allows the firm to provide value to customers while controlling costs. Requires trade offs corporate strategy - ANSWER scope of the firm and the allocation of resouces across the firm functional strategy - ANSWER alignment of business functions to the SBU strategy (ex. marketing and manufacturing) competitive parity - ANSWER is when firms perform at the same level (not distinctive or viewed as being similar/very close substitutes) competitive disadvantage - ANSWER underperformance relative to other competitors in the same industry or the industry average Porter's 4 generic positioning strategies - ANSWER - cost leadership - differentiation - focused cost leadership - focused differentiation cost leadership - ANSWER becoming the lowest-cost producer in an industry differentiation - ANSWER attempting to be unique in an industry within a broad market strategic management process - ANSWER Analysis, Formulation, Implementation SWOT - ANSWER strengths, weaknesses, opportunities, threats PESTEL - ANSWER Political Economic Social Technological Environmental Legal Porter 5 Forces - ANSWER VRIO Famework - ANSWER Value Chain Analysis - ANSWER Benchmarking - ANSWER Ratio Analysis - ANSWER BCG Growth-Share Matrix - ANSWER Ansoff Matrix - ANSWER external environment - ANSWER strategic groups - ANSWER vertical integration - ANSWER horizontal integration - ANSWER diversification - ANSWER organic growth - ANSWER inorganic growth - ANSWER The management process - ANSWER planning, organizing, leading, controlling planning - ANSWER setting performance objectives and deciding how to achieve them organizing - ANSWER arranging tasks, people, and other resources to accomplish the work leading - ANSWER inspiring and motivating workers to work hard to achieve organizational goals controlling - ANSWER measuring performance and taking action to ensure desired results strategy steps - ANSWER 1. set goals 2. superior (financial performance) 3. compare with competitors and against industry average 4. formulate over multiple levels of the organization that have to align