Strategy

Question 1

Sustainable Competitive Advantage

Answer 1

Structural factors that allow a firm to outcompete its rivals for many years.

Question 2

Core Competency

Answer 2

A harmonized combination of multiple resources and skills that distinguish a firm in the marketplace.

Question 3

Strategy & Tactics

Answer 3

Sun Tzu: “Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.

Question 4

Sphere of Influence

Answer 4

A spatial region or concept division over which a state or organization has a level of cultural, economic, military, or political exclusivity, accommodating to the interests of powers outside the borders of the state that controls it.

Question 5

Unknown unknowns

Answer 5

Known unknowns refers to ‘risks you are aware of, such as cancelled flights….’ Unknown unknowns are risks that ‘come from situations that are so out of this world that they never occur to you.