Strategic Management Quiz

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Competitive Advantage When customers perceive the distinction as being valuable, they will prefer to purchase the business’s product over a competitor’s. Companies strive to provide a product or service that is distinct, or differentiated, in some way from their competitors.

competitive advantage

A company ______ is a comprehensive plan to achieve a goal keeps company aligned with customer’s needs involves a significant commitment of resources Competitors are firms that provide similar products or services.

strategy

Companies must “beat” ______ by striving to improve offerings to customers and be better than alternatives.

competitors

Understanding The Role of Strategy in Management

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Business Organization and Management Module 4: Environments and Strategic Management Module Learning Outcomes Explain the components and considerations of ______ 4.1: Explain the role of strategy in management 4.2: Describe common frameworks used to evaluate the business environment 4.3: Describe common frameworks used for situational analysis 4.4: Explain the stages of strategy, and describe the common types of business strategies 4.5: Explain the key aspects of the environment that can affect strategy

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