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Key Concepts in Strategic Management

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Questions and Answers

What is the main focus of a firm striving to achieve sustained competitive advantage?

Outperforming rival firms (correct)

Improving internal weaknesses

Expanding its product line

Increasing short-term profits

Which group of individuals is most responsible for the success or failure of an organization?

Strategists (correct)

Customers

Suppliers

Competitors

What do vision statements primarily address?

The organization's day-to-day operations

Answering what the organization wants to become (correct)

Addressing competitor weaknesses

How to maximize short-term profits

Which of the following is an example of an internal strength for an organization?

Performing certain activities well relative to competitors Signup and view all the answers

What type of trend could significantly benefit or harm an organization based on the text?

Rise in computer hacker problems Signup and view all the answers

Which factor contributes to external opportunities and threats according to the text?

Rapid technological advancements Signup and view all the answers

Key Concepts in Strategic Management

Choose a study mode

Podcast

Questions and Answers

What is the main focus of a firm striving to achieve sustained competitive advantage?

Which group of individuals is most responsible for the success or failure of an organization?

What do vision statements primarily address?

Which of the following is an example of an internal strength for an organization?

What type of trend could significantly benefit or harm an organization based on the text?

Which factor contributes to external opportunities and threats according to the text?

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