MGMT 4000 Exam 1 SB

In the external analysis phase of the AFI strategy framework, managers should ask,

"How do external forces affect our strategy and competitive advantage?"

Which of the following elements comprise strategic management? definition formulation implementation realization analysis

AFI

To which types of organizations can we apply the principles of strategic management?

all types of organizations

When a firm implements a strategy that leads to superior performance relative to other companies in the same industry, it is said to have achieved ______

competitive advantage

Which of the following elements comprise strategic management?

formulation, implementation, analysis

The stakeholders of a firm are ______.

individuals or groups that can affect and are affected by the actions of the firm

The overall purpose of a firm's strategy is to ______.

perform better than other companies in the same industry

In a nutshell, strategy is the art and science of ______.

success and failure

Which of the following topics should be considered during the analysis phase of the AFI framework?

the external environment and associated challenges the firm's internal strengths and resources the role of strategic leadership and the strategy process the firm's business model and competitive advantages

Which of the following topics should be considered during the analysis phase of the AFI framework?

the external environment and associated challenges the role of strategic leadership and the strategy process the firm's business model and competitive advantages the firm's internal strengths and resources

Which of the following indicates that investors expect future growth for Tesla?

the increasing value of the company's stock

What is the overall purpose of strategic management?

to gain a competitive advantage

Which of the following are the relationships that a firm has with stakeholders?

Stakeholders can affect the firm's actions. The actions of the firm can affect stakeholders.

What is one explanation for why Tesla underperforms when the company's profits are compared to the profits of established car companies?

Startups often lose money early on.