BCOR 460 Exam 1 Latest 2023 Graded A
Strategic Management ✔✔integrative management field that combines analysis, formulation,
and implementation in the quest for competitive advantage
strategy ✔✔set of goal-directed a
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BCOR 460 Exam 1 Latest 2023 Graded A
Strategic Management ✔✔integrative management field that combines analysis, formulation,
and implementation in the quest for competitive advantage
strategy ✔✔set of goal-directed actions a firm takes to gain and sustain superior performance
relative to competitors
plan, ploy, pattern, position, perspective ✔✔5 P's of Strategy
plan ✔✔consciously intended course of action to deal with a situation
ploy ✔✔specific "maneuver" intended to outwit a competitor
pattern ✔✔consistent stream of action
position ✔✔location among competitors
perspective ✔✔how strategy is conceived by the firm and managers
diagnosis, guiding policy, set of coherent actions ✔✔3 components of good strategy
business model ✔✔explains how a firm intent to make money
competitive advantage ✔✔superior performance relative to other competitors in the same
industry or the industry average
sustainable competitive advantage ✔✔outperforming competitors or the industry average over a
prolonged period of time
competitive disadvantage ✔✔underperformance relative to other competitors in the same
industry or the industry average
competitive parity ✔✔performance of two or more firms at the same level
strategic positioning ✔✔staking out a unique position within an industry that allows a firm to
provide value to customers, while controlling costs
industry effects ✔✔firm performance attributed to the structure of the industry in which the firm
competes
firm effects ✔✔firm performance attributed to the actions managers take
black swan events ✔✔incidents that describe highly improbable but high-impact events
stakeholders ✔✔organizations, groups, and individuals that can affect or be affected by a firm's
actions
stakeholder strategy ✔✔an integrative approach to managing a diverse set of stakeholders
effectively in order to gain and sustain competitive advantage
stakeholder impact analysis ✔✔a decision tool with which managers can recognize, prioritize,
and address the needs of different stakeholders, enabling the firm to achieve competitive
advantage while acting as a good corporate citizen
power, legitimacy, urgency ✔✔3 important stakeholder attributes
identify stakeholders ✔✔step 1 stakeholder impact analysis
identify stakeholders' interests ✔✔step 2 stakeholder impact analysis
identify opportunities and threats ✔✔step 3 stakeholder impact analysis
identify social responsibilities ✔✔step 4 stakeholder impact analysis
corporate social responsibility ✔✔framework that helps firms recognize and address the
economic, legal, social, and philanthropic expectations that society has of the business enterprise
at a given point in time
address stakeholder concerns ✔✔step 5 stakeholder impact analysis
AFI Strategy Framework ✔✔model that link
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