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MGT 498 Week 1 Knowledge Check

1. Which of the following is the main purpose of a strategic management process?
2. ___________can be best define as the reason a firm wins with customers or the value proposition it offers to customers, such as a low-cost advantage or differentiation advantage.
3. ___________can be best define as when an organization generates higher profits compared to its rivals.
4. Which of the following is true of competitive advantage?
5. Which of the following statements is true about customer needs?
6. A product that is fundamentally different yet serves the same function or purpose as another product best defines the term ____________.
7. A visual description of the steps required to turn raw materials into finished products and/or services most accurately defines the term ___________.
8. Which of the following statements is true of a value chain?
9. All assets, capabilities, organizational processes, firm attributes, information, knowledge, and so on, controlled by a firm that enable the firm to conceive of and implement strategies that improve its efficiency and effectiveness most accurately defines the term____________.
10. The procedures, processes, or routines for delivering value to customers, employees, suppliers, or investors most accurately define the term ____________.

MGT 498 Week 1 Knowledge