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Strategic Management Quiz

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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?

Remaining committed to their domestic market Signup and view all the answers

What is an increasingly valuable source of competitive advantage?

A company's ability to acquire knowledge Signup and view all the answers

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

Investing in employee training and hiring experienced staff Signup and view all the answers

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

strategic competitiveness Signup and view all the answers

What is a characteristic of a competitive advantage?

it can be identified when competitors are unable to duplicate a strategy or find it too costly to try to imitate Signup and view all the answers

What are above-average returns?

returns in excess of what an investor expects to earn from other investments with a similar level of risk Signup and view all the answers

What is the primary focus of the strategic management process?

earning above-average returns for investors through effective use of the organization's resources Signup and view all the answers

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

earning above-average returns for investors Signup and view all the answers

What is a characteristic of a successfully implemented strategy?

it is unable to be duplicated by competitors or is too costly to imitate Signup and view all the answers