Understanding Competitive Advantage and Organisational Concepts
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Questions and Answers

Which of the following best describes the concept of 'competitive advantage'?

  • Superior performance relative to other competitors in the same industry or the industry average (correct)
  • Outperforming competitors or the industry average over a prolonged period of time
  • A stretch goal that pervades the organization with a sense of winning
  • The set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors

    • Which of the following statements accurately represents the concept of 'strategic intent'?

  • Outperforming competitors or the industry average over a prolonged period of time
  • Ethical standards and norms that govern the behavior of individuals within a firm or organization
  • Description of what an organization actually does
  • A stretch goal that pervades the organization with a sense of winning, which it aims to achieve by building the necessary resources and capabilities through continuous learning (correct)

    • Which of the following is the correct definition of 'sustainable competitive advantage'?

  • Outperforming competitors or the industry average over a prolonged period of time (correct)
  • The set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors
  • An integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage
  • Performance of two or more firms at the same level

    • Which of the following is the correct definition of 'mission'?

    <p>Description of what an organisation actually does</p> Signup and view all the answers

    Which of the following is the correct definition of 'vision'?

    <p>A statement about what an organization ultimately wants to accomplish; it captures the company's aspiration</p> Signup and view all the answers

    What is the main focus of stakeholder impact analysis in strategic management?

    <p>Recognizing, prioritizing, and addressing stakeholders' needs</p> Signup and view all the answers

    Which strategic management activity involves coordination and integration of how work gets done?

    <p>Strategy implementation</p> Signup and view all the answers

    What does the upper-echelons theory propose as a reflection of top management team values?

    <p>Strategic choices and performance levels</p> Signup and view all the answers

    In the context of strategic management, what are strategic business units (SBUs) responsible for?

    <p>Their own profit-and-loss</p> Signup and view all the answers

    Which aspect of strategic leadership involves directing activities to achieve organizational goals?

    <p>Power and influence utilization</p> Signup and view all the answers

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