Exam 1 MAN 4720 Strategic Management
UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
A competitive advantage that lasts for a long period of time is said to be sustainable. - Correct
answers✔✔A competitive advantage that lasts for a long period of time is said to be
______________
strategy - Correct answers✔✔In order to achieve and sustain competitive advantage, a company
devises and adopts a set of goal directed actions known collectively as a
Which of the following are elements of good strategy according to the AFI Framework? -
Correct answers✔✔A guiding policy to address the competitive challenge
A diagnosis of the competitive challenge
A set of coherent actions to implement the firm's guiding policy. All three are correct
1, 3, 5 - Correct answers✔✔According the the AFI framework, which of the following are
elements of a good strategy?
1) A guiding policy to address the competitive challenge 2) Strong stakeholder involvement in
the strategy formulation process
3) A set of coherent actions to implement the firm's guiding policy
4) A leadership group with relevant prior industry experience
5) A diagnosis of the competitive challenge
Stakeholders - Correct answers✔✔The groups of individuals who can impact or be impacted by
a firm's actions are known as
, Creating value, reinvesting profits to create more employment - Correct answers✔✔A firm that
successfully executes a strategy benefits society by
A set of activities designed to achieve a sustainable competitive advantage - Correct
answers✔✔Which of the following could accurately be called a strategy?
Analysis, formulation, implementation - Correct answers✔✔Which of the following elements
compose strategic management?
AFI framework strategy - Correct answers✔✔A model that links three interdependent strategic
management tasks: (A) Analyze, (F) Formulate, and (I) Implement. That together, help managers
plan and implement strategy that can improve performance and results in competitive advantage.
(pg 18)
competitive advantage - Correct answers✔✔When a firm implements a strategy that leads to
superior performance relative to other companies in the same industry, it is said to achieve a
Employees, stockholders, board members - Correct answers✔✔Which of the following is
considered an internal stakeholder?
trade-offs - Correct answers✔✔Managers often have to make decisions between two conflicting
strategic options, otherwise known as
The firm's strategy - Correct answers✔✔The most important factor in determining firm
performance is
The accounting scandal at Enron
The 9/11 terrorist attacks
UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
A competitive advantage that lasts for a long period of time is said to be sustainable. - Correct
answers✔✔A competitive advantage that lasts for a long period of time is said to be
______________
strategy - Correct answers✔✔In order to achieve and sustain competitive advantage, a company
devises and adopts a set of goal directed actions known collectively as a
Which of the following are elements of good strategy according to the AFI Framework? -
Correct answers✔✔A guiding policy to address the competitive challenge
A diagnosis of the competitive challenge
A set of coherent actions to implement the firm's guiding policy. All three are correct
1, 3, 5 - Correct answers✔✔According the the AFI framework, which of the following are
elements of a good strategy?
1) A guiding policy to address the competitive challenge 2) Strong stakeholder involvement in
the strategy formulation process
3) A set of coherent actions to implement the firm's guiding policy
4) A leadership group with relevant prior industry experience
5) A diagnosis of the competitive challenge
Stakeholders - Correct answers✔✔The groups of individuals who can impact or be impacted by
a firm's actions are known as
, Creating value, reinvesting profits to create more employment - Correct answers✔✔A firm that
successfully executes a strategy benefits society by
A set of activities designed to achieve a sustainable competitive advantage - Correct
answers✔✔Which of the following could accurately be called a strategy?
Analysis, formulation, implementation - Correct answers✔✔Which of the following elements
compose strategic management?
AFI framework strategy - Correct answers✔✔A model that links three interdependent strategic
management tasks: (A) Analyze, (F) Formulate, and (I) Implement. That together, help managers
plan and implement strategy that can improve performance and results in competitive advantage.
(pg 18)
competitive advantage - Correct answers✔✔When a firm implements a strategy that leads to
superior performance relative to other companies in the same industry, it is said to achieve a
Employees, stockholders, board members - Correct answers✔✔Which of the following is
considered an internal stakeholder?
trade-offs - Correct answers✔✔Managers often have to make decisions between two conflicting
strategic options, otherwise known as
The firm's strategy - Correct answers✔✔The most important factor in determining firm
performance is
The accounting scandal at Enron
The 9/11 terrorist attacks
