MAN4720 Midterm EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) Strategy - Correct Answers ✅- the set of goal-directed actions a firm takes to gain and sustain competitive advantage relative to competitors
- quest to gain and sustain competitive advantage over rivals
- most famous example in ancient times was trojan horse
- "firms ability to generate above average returns relative to
Competitive Advantage - Correct Answers ✅- superior performance relative to other competitors
competitors" Sustainable Competitive Advantage - Correct Answers ✅Outperform its competitors or the industry average over a prolonged period Competitive Disadvantage - Correct Answers ✅Underperforms (below average returns) Competitive Parity - Correct Answers ✅Generating average returns Strategic Management - Correct Answers ✅Overall process used by strategists to engage the analysis, formulation, and implementation of major goals and objectives in order to achieve competitive advantage 1 / 4
MAN4720 Midterm EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) AFI Framework - Correct Answers ✅Analysis, Formulation, Implementation Analysis - Correct Answers ✅Diagnosis of the competitive challenge Formulation - Correct Answers ✅Guiding policy to address the competitive advantage Implementation - Correct Answers ✅A set of coherent actions to implement the firm's guiding policy Organization's Vision - Correct Answers ✅- Describes what the organization hopes to become in the future
- 1 key tool available to executives to inspire the people in an
- highlight the values and aspirations that lay at the heart of
- looks to the future
organization
the organization
Mission Statements - Correct Answers ✅- Aim to capture an organization's identity and provide answers to the fundamental question "who are we?" 2 / 4
MAN4720 Midterm EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025)
- Captures the key elements of the organization's past and
- Outlines the reasons for the organization's existence and
- an umbrella under which all strategic management
- Provides principle guide behavior
- provides employees with a moral compass
present
explains what role it plays in society
functions occur Values - Correct Answers ✅- What commitments do we make and what guardrails do we put in place to act both legally and ethically as we pursue our vision and mission?
Strategic Position - Correct Answers ✅A unique position within an industry that allows the firm to provide value to customers, while controlling costs PESTEL Analysis - Correct Answers ✅Important tool that executives can rely on to organize factors within the general environment and to identify how these factors influence industries and the firms within them
PESTEL Stands For: - Correct Answers ✅Political
Economic Sociocultural 3 / 4
MAN4720 Midterm EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) Technological Environmental Legal Political Factors - Correct Answers ✅Elements such as tax policies, changes in trade restrictions and tariffs, the stability of governments, and proposed legislative changes that have not yet been enacted into law
- Firms can engage in "non-market strategies" to alter playing
- / 4
field, such as lobbying Economic Factors - Correct Answers ✅Elements such as interest rates, inflation rates, gross domestic product, unemployment rates, levels of disposable income, and the general growth or decline of the economy Sociocultural Factors - Correct Answers ✅Trends in demographics such as population size, age, and ethnic mix, as well as cultural trends and shifts such as attitudes toward obesity and consumer activism.Technological Factors - Correct Answers ✅Include changes in the rate of new product development, increases in automation, and advancements in service industry delivery