MGT 8803 - Business Strategy {LATEST
2026 -2027 update} QUESTIONS AND
ANSWERS 100% CORRECT - Georgia
Institute Of Technology
SMART - correct answer Specific, Measurable, Attainable, Realistic, Timely
Main objective of business strategy - correct answer achieve superior performance in
marketplace
Strategy - correct answer goal-directed actions a firm takes to gain & sustain superior
performance relative to competitors.
Competitive advantage - correct answer superior performance relative to other
competitors in same industry OR industry average | temporary
*people prefer your brand over another's so they are willing to pay more (ie, Apple)
,Elements of Good Business Strategy - correct answer 1. Diagnosis of competitive
challenge
2. Guiding policy to address competitive challenge
3. Set of coherent actions to implement
Cost Leadership - correct answer lowest-cost producer in industry | pricing at or
below industry avg while leveraging a low "cost" advantage
Differentiation - correct answer economic value created is greater than competitors |
uniqueness in an industry with broad market | making products unique to allow
charging premium price
How Tesla does Differentiation - correct answer battery technology, autonomous
driving, high performance, supercharger network, wow factor
,Focus strategy - correct answer establish either a cost leadership OR differentiation
competitive advantage but focused in a narrow market segment (ex: Rolex, Louis
Vuitton)
Vision - correct answer mgt's description of business model, technology, workforce,
strategic positioning, and goals | for inspiring employees & stakeholders
Mission - correct answer how firm will achieve vision | product OR customer market
focus
Core Values - correct answer guiding principles of firm | support company's vision,
shape culture, & reflect company's identity & personality
Business Model Framework - correct answer Value Delivery
, Value Creation
Value Capture
(DCC)
Value Delivery - correct answer customer-centric | specific customer needs being
addressed by product/service | how customers are organized into segments |
marketing channels | how relationships are formed with customers
Value Creation - correct answer creates value & supports product/service post-sales |
focus on business ops | core competencies | resources required for
activities/capabilities | strategic resources
Strategic resources - correct answer assets of the firm (tangible, intangible) that are
important to a firm's competitive advantage
2026 -2027 update} QUESTIONS AND
ANSWERS 100% CORRECT - Georgia
Institute Of Technology
SMART - correct answer Specific, Measurable, Attainable, Realistic, Timely
Main objective of business strategy - correct answer achieve superior performance in
marketplace
Strategy - correct answer goal-directed actions a firm takes to gain & sustain superior
performance relative to competitors.
Competitive advantage - correct answer superior performance relative to other
competitors in same industry OR industry average | temporary
*people prefer your brand over another's so they are willing to pay more (ie, Apple)
,Elements of Good Business Strategy - correct answer 1. Diagnosis of competitive
challenge
2. Guiding policy to address competitive challenge
3. Set of coherent actions to implement
Cost Leadership - correct answer lowest-cost producer in industry | pricing at or
below industry avg while leveraging a low "cost" advantage
Differentiation - correct answer economic value created is greater than competitors |
uniqueness in an industry with broad market | making products unique to allow
charging premium price
How Tesla does Differentiation - correct answer battery technology, autonomous
driving, high performance, supercharger network, wow factor
,Focus strategy - correct answer establish either a cost leadership OR differentiation
competitive advantage but focused in a narrow market segment (ex: Rolex, Louis
Vuitton)
Vision - correct answer mgt's description of business model, technology, workforce,
strategic positioning, and goals | for inspiring employees & stakeholders
Mission - correct answer how firm will achieve vision | product OR customer market
focus
Core Values - correct answer guiding principles of firm | support company's vision,
shape culture, & reflect company's identity & personality
Business Model Framework - correct answer Value Delivery
, Value Creation
Value Capture
(DCC)
Value Delivery - correct answer customer-centric | specific customer needs being
addressed by product/service | how customers are organized into segments |
marketing channels | how relationships are formed with customers
Value Creation - correct answer creates value & supports product/service post-sales |
focus on business ops | core competencies | resources required for
activities/capabilities | strategic resources
Strategic resources - correct answer assets of the firm (tangible, intangible) that are
important to a firm's competitive advantage
