Competitive Advantage & Strategic Management

Question 1

Competitive advantage

Answer 1

A firm ability to achieve market superiority over its competitors, ultimately resulting in above-average performance.

Question 2

The characteristics of competitive advantage are?

Answer 2

1. Driven by customer
2. Significant contribution
3. Matches resources with the opportunities
4. Difficult to copy
5. Basis for further improvement
6. Provides direction

Question 3

Source of Competitive Advantage

Answer 3

People, Low Cost, Differentiation.

Question 4

Differentation Strategies are?

Answer 4

1. Competing on superior product design
2. Outstanding service
3. High agility
4. Innovation
5. Responsiveness/Time

Question 5

The objective of strategic planning

Answer 5

is to build a posture that is so strong in selective ways that the organization can achieve its goals despite unforeseeable external forces.

Question 6

The role of strategic planning

Answer 6

To align work processes with the organization’s strategic directions to ensure improvement and learning reinforce company priorities.

Question 7

Managerial implication for strategic

Answer 7

Establish a process
Strategy needs to include execution/action planning
Establish a process
Establish strategic performance metrics
Establish a process for the use of data