Strategic Management Basics
11 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the general environment?

  • Factors directly influencing a firm and its competitive actions
  • Higher level, big trends that influence an industry and the firms within it (correct)
  • The set of dimensions under the control of the firm
  • The individuals and groups affected by strategic outcomes

    • Which of the following is a dimension of the general environment?

  • Competitive actions
  • Sociocultural (correct)
  • Enforceable claims
  • Competitive responses

    • In the external environment, what do firms have control over?

  • Physical dimensions
  • Competitive actions (correct)
  • Technological advancements
  • Economic factors

    • What is the industry environment?

    <p>Set of factors directly influencing a firm and its competitors</p> Signup and view all the answers

    Which of the following are dimensions of the general environment that influence an industry?

    <p>Global and sociocultural</p> Signup and view all the answers

    What is the main focus of strategic management?

    <p>Reaching performance objectives</p> Signup and view all the answers

    What is a competitive advantage?

    <p>An edge that adds value for customers and is hard for competitors to copy</p> Signup and view all the answers

    What are above-average returns in the context of business?

    <p>Returns higher than what investors expect from similar-risk investments</p> Signup and view all the answers

    How is a vision different from a mission in business strategy?

    <p>A vision focuses on future aspirations while a mission focuses on present activities</p> Signup and view all the answers

    What does 'risk' refer to in the context of business?

    <p>Uncertainty about economic gains or losses from an investment</p> Signup and view all the answers

    How does a competitive advantage contribute to a firm's success?

    <p>By creating value for customers that competitors cannot easily imitate</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser