Strategic Management Exam #1

1st step in AFI Framework? 1. Affirmation? 2.Analysis? 3.Assurance? 4.Application?

Analysis

What is the AFI framework?

Analysis, Formulation, Implementation

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

A strategy-planning activity in which top management envisions various what-if scenarios to anticipate plausible futures in order to derive strategic responses is known as...

Scenario Planning

a tool that managers can use to address the needs of stakeholders while maintaining a competitive advantage?

Stakeholder impact analysis

What is the field of management that focuses on attaining competitive advantage by combining analysis, formulation, and implementation

Strategic Management

Serena is the CEO of an online retailer. She and her immediate staff have decided to implement a company-wide marketing strategy to improve online sales in Central and South America. What type of strategic approach is Serena engaging in?

Top-down strategic planning

"We choose the option that is "good enough" and satisfies immediate needs." is an example of ....

cognitive limitations

How many steps does the stakeholder impact analysis have?

five

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

stakeholders

What is strategy?

the set of actions a firm takes to achieve a competitive advantage

If parts of a firm's intended strategy fall by the wayside, it is referred to as

unrealized strategy.