12 Questions
What is the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns?
The full set of commitments, decisions, and actions required
What is NOT a characteristic of the global economy?
The increased use of tariffs to protect industries
What is a result of globalization?
Higher performance standards in competitive dimensions
What is critical for companies succeeding in global markets?
Remaining committed to their domestic market
What is an increasingly valuable source of competitive advantage?
A company's ability to acquire knowledge
What action would be MOST consistent with a company's need to develop and acquire knowledge?
Investing in employee training and hiring experienced staff
What is the outcome when a firm successfully formulates and implements a value-creating strategy?
strategic competitiveness
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
What are above-average returns?
returns in excess of what an investor expects to earn from other investments with a similar level of risk
What is the primary focus of the strategic management process?
earning above-average returns for investors through effective use of the organization's resources
What is a key outcome of a firm's strategic management process?
earning above-average returns for investors
What is a characteristic of a successfully implemented strategy?
it is unable to be duplicated by competitors or is too costly to imitate
Test your knowledge of strategic management concepts, including competitive advantage, strategic competitiveness, and sustainable business strategies.
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