Strategy and Competitive Advantage Quiz
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Questions and Answers

Which of the following best defines competitive advantage?

  • A firm's ability to attract and retain talented employees
  • A firm's ability to outperform its competitors in terms of profitability (correct)
  • A firm's ability to adapt to changes in the industry
  • A firm's ability to maintain its market share

    • What is the role of strategy in a firm's quest for competitive advantage?

  • To implement and execute business plans
  • To position the organization for superior performance (correct)
  • To analyze and formulate business objectives
  • To assess stakeholder impact

    • What does the AFI Strategy Framework stand for?

  • Analysis, Feedback, Implementation
  • Assessment, Feedback, Integration
  • Analysis, Formulation, Integration (correct)
  • Assessment, Formulation, Implementation

    • What is the purpose of conducting a stakeholder impact analysis?

    <p>To identify potential risks and opportunities for the firm</p> Signup and view all the answers

    What does strategic management enable you to do?

    <p>View a firm in its entirety</p> Signup and view all the answers

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