Strategic Management Quiz
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Questions and Answers

What is the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns?

  • A set of operational efficiency measures
  • A global marketing strategy
  • The full set of commitments, decisions, and actions required (correct)
  • A comprehensive business plan

What is NOT a characteristic of the global economy?

  • The rise of digital marketing platforms
  • The increased use of tariffs to protect industries (correct)
  • The free movement of goods and services across borders
  • The increasing importance of emerging economies

What is a result of globalization?

  • Higher performance standards in competitive dimensions (correct)
  • Increasing customer loyalty for domestic products
  • Lower performance standards in competitive dimensions
  • Higher operational efficiency due to reduced transportation costs

What is critical for companies succeeding in global markets?

<p>Remaining committed to their domestic market (A)</p> Signup and view all the answers

What is an increasingly valuable source of competitive advantage?

<p>A company's ability to acquire knowledge (A)</p> Signup and view all the answers

What action would be MOST consistent with a company's need to develop and acquire knowledge?

<p>Investing in employee training and hiring experienced staff (B)</p> Signup and view all the answers

What is the outcome when a firm successfully formulates and implements a value-creating strategy?

<p>strategic competitiveness (B)</p> Signup and view all the answers

What is a characteristic of a competitive advantage?

<p>it can be identified when competitors are unable to duplicate a strategy or find it too costly to try to imitate (A)</p> Signup and view all the answers

What are above-average returns?

<p>returns in excess of what an investor expects to earn from other investments with a similar level of risk (A)</p> Signup and view all the answers

What is the primary focus of the strategic management process?

<p>earning above-average returns for investors through effective use of the organization's resources (C)</p> Signup and view all the answers

What is a key outcome of a firm's strategic management process?

<p>earning above-average returns for investors (D)</p> Signup and view all the answers

What is a characteristic of a successfully implemented strategy?

<p>it is unable to be duplicated by competitors or is too costly to imitate (C)</p> Signup and view all the answers

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