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BUSA 4980 Strategic Management Exam 1 with Questions and Answers, Exams of Business Administration

BUSA 4980 Strategic Management Exam 1 with Questions and Answers What is strategy? ANSWER consists of the integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. it forms an action plan to attract customers, compete against rivals, grow the business & achieve objectives 4 approaches to building competitive advantage ANSWER cost leadership- competitive advantage arises from a cost structure rivals cannot match (ex: walmart) differentiation- advantage stems from products that provide higher quality, wider selection, attractive styling, technological superiority (ex: mercedes benz) market niche- advantage results by doing a better job than rivals of serving the preference of buyers comprising a narrow market (ex: starbucks) distinct expertise- advantage arises from developing expertise, resource strengths, & capabilities not easily imitated by rivals (ex: fedex)

Typology: Exams

2024/2025

Available from 01/01/2025

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Download BUSA 4980 Strategic Management Exam 1 with Questions and Answers and more Exams Business Administration in PDF only on Docsity!

What is strategy? ANSWER consists of the integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage. it forms an action plan to attract customers, compete against rivals, grow the business & achieve objectives 4 approaches to building competitive advantage ANSWER cost leadership- competitive advantage arises from a cost structure rivals cannot match (ex: walmart) differentiation- advantage stems from products that provide higher quality, wider selection, attractive styling, technological superiority (ex: mercedes benz) market niche- advantage results by doing a better job than rivals of serving the preference of buyers comprising a narrow market (ex: starbucks) distinct expertisc- advantage arises from developing expertise, resource strengths, & capabilities nol easily imitated by rivals (ex: fedex) 5 major clements of strategy ANSWER arenas- where will we be active? vehicles- how will we get there? differentiators- how will we win? slaging- what will be our timing? economic logic- how will we obtain our returns?