11 Questions
What is the general environment?
Higher level, big trends that influence an industry and the firms within it
Which of the following is a dimension of the general environment?
Sociocultural
In the external environment, what do firms have control over?
Competitive actions
What is the industry environment?
Set of factors directly influencing a firm and its competitors
Which of the following are dimensions of the general environment that influence an industry?
Global and sociocultural
What is the main focus of strategic management?
Reaching performance objectives
What is a competitive advantage?
An edge that adds value for customers and is hard for competitors to copy
What are above-average returns in the context of business?
Returns higher than what investors expect from similar-risk investments
How is a vision different from a mission in business strategy?
A vision focuses on future aspirations while a mission focuses on present activities
What does 'risk' refer to in the context of business?
Uncertainty about economic gains or losses from an investment
How does a competitive advantage contribute to a firm's success?
By creating value for customers that competitors cannot easily imitate
Learn about strategic management, competitive advantages, above-average returns, and risk in the business context. Explore the full set of analyses, decisions, and actions that firms undertake to achieve their performance objectives.
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