SEVI 3013 Exam One - Carolyn
Rodeffer-Graded A
Strategy - correct Answer-Is a set of goal-directed actions a firm takes to gain a sustain
superior performance relative to competitors.
Why is Strategy Important? - correct Answer-Effective Strategy enables a firm to exploit
core competencies in a way that differentiates itself from competitors - enabling the firm
to outperform its rivals and achieve above average returns.
Strategic Management - correct Answer-- An integrative management field.
- Combine analysis, formulation, and implementation in the quest for competitive
advantage.
Key Attributes of Strategic Management - correct Answer-- Directs the organization
toward overall goals and objectives
- Includes multiple stakeholders in decision-making
- Incorporates short-term and long-term perspectives
- Recognizes trade-offs between efficiency and effectiveness
Mastery of Strategic Management enables you to: - correct Answer-o View a firm in its
entirety.
o Think like a general manager.
o Position your organization for superior performance.
A good strategy is based on three elements: - correct Answer-1) A Diagnosis of the
Competitive Challenge
2) A Guiding Policy to Address the Competitive Challenge
3) A Set of Coherent Actions to Implement the Firm's Guiding Policy
1) A Diagnosis of the Competitive Challenge - correct Answer-Analysis of the Internal
and External Environments
2) A Guiding Policy to Address the Competitive Challenge - correct Answer-Formulation
of Corporate, Business, and Functional Strategies.
3) A Set of Coherent Actions to Implement the Firm's Guiding Policy - correct Answer-
Strategy Implementation
, Elements of Tesla's Strategy: Competitive Challenge - correct Answer-Manufacture
attractive and affordable vehicles using new technology and build the required
infrastructure
Elements of Tesla's Strategy: Guiding Policy - correct Answer-- Build cost-competitive
mass-market vehicles
- Make significant investments in lithium-ion battery production.
Elements of Tesla's Strategy: Coherent Actions - correct Answer-- Ramp up productive
to achieve economies of scale
- New factory in Shanghai
- Make some proprietary technology available to the public
Competitive Advantage: - correct Answer-Is achieved when a firms performance
exceeds that of its competitors or the industry's average.
- Competitive advantage is relative, not absolute.
To Assess Competitive Advantage: - correct Answer-o Compare the firm to competitors
in the same industry.
o Compare the firm to the industry average.
How to gain Competitive Advantage: - correct Answer-1) Provide goods or services that:
o Consumers value more highly than those of competitors.
o Are like the competitors at a lower price.
2) The reward of superior value creation:
o Profitability
o Market Share
Competitive Advantage Requires a Unique Strategic Position: - correct Answer-- Unique
strategic position requires a successful combination of activities.
- Competitive advantage comes from:
o Performing different activities than rivals.
o Perform the same activities differently than rivals.
Strategic Positioning (Unique) - correct Answer-- A unique position within an industry to
provide value to customers while effectively managing costs.
o Value Creation - Costs = Economic Contribution
--> The greater, the better.
--> Enhances the likelihood of competitive advantage.
Unique Strategic Planning Requires Trade-offs: - correct Answer-- Managers must
make conscious trade-offs:
o How to allocate resources?
Rodeffer-Graded A
Strategy - correct Answer-Is a set of goal-directed actions a firm takes to gain a sustain
superior performance relative to competitors.
Why is Strategy Important? - correct Answer-Effective Strategy enables a firm to exploit
core competencies in a way that differentiates itself from competitors - enabling the firm
to outperform its rivals and achieve above average returns.
Strategic Management - correct Answer-- An integrative management field.
- Combine analysis, formulation, and implementation in the quest for competitive
advantage.
Key Attributes of Strategic Management - correct Answer-- Directs the organization
toward overall goals and objectives
- Includes multiple stakeholders in decision-making
- Incorporates short-term and long-term perspectives
- Recognizes trade-offs between efficiency and effectiveness
Mastery of Strategic Management enables you to: - correct Answer-o View a firm in its
entirety.
o Think like a general manager.
o Position your organization for superior performance.
A good strategy is based on three elements: - correct Answer-1) A Diagnosis of the
Competitive Challenge
2) A Guiding Policy to Address the Competitive Challenge
3) A Set of Coherent Actions to Implement the Firm's Guiding Policy
1) A Diagnosis of the Competitive Challenge - correct Answer-Analysis of the Internal
and External Environments
2) A Guiding Policy to Address the Competitive Challenge - correct Answer-Formulation
of Corporate, Business, and Functional Strategies.
3) A Set of Coherent Actions to Implement the Firm's Guiding Policy - correct Answer-
Strategy Implementation
, Elements of Tesla's Strategy: Competitive Challenge - correct Answer-Manufacture
attractive and affordable vehicles using new technology and build the required
infrastructure
Elements of Tesla's Strategy: Guiding Policy - correct Answer-- Build cost-competitive
mass-market vehicles
- Make significant investments in lithium-ion battery production.
Elements of Tesla's Strategy: Coherent Actions - correct Answer-- Ramp up productive
to achieve economies of scale
- New factory in Shanghai
- Make some proprietary technology available to the public
Competitive Advantage: - correct Answer-Is achieved when a firms performance
exceeds that of its competitors or the industry's average.
- Competitive advantage is relative, not absolute.
To Assess Competitive Advantage: - correct Answer-o Compare the firm to competitors
in the same industry.
o Compare the firm to the industry average.
How to gain Competitive Advantage: - correct Answer-1) Provide goods or services that:
o Consumers value more highly than those of competitors.
o Are like the competitors at a lower price.
2) The reward of superior value creation:
o Profitability
o Market Share
Competitive Advantage Requires a Unique Strategic Position: - correct Answer-- Unique
strategic position requires a successful combination of activities.
- Competitive advantage comes from:
o Performing different activities than rivals.
o Perform the same activities differently than rivals.
Strategic Positioning (Unique) - correct Answer-- A unique position within an industry to
provide value to customers while effectively managing costs.
o Value Creation - Costs = Economic Contribution
--> The greater, the better.
--> Enhances the likelihood of competitive advantage.
Unique Strategic Planning Requires Trade-offs: - correct Answer-- Managers must
make conscious trade-offs:
o How to allocate resources?
