Failing to monitor the environment has led to the down fall of many companies. CEOs must now
be able to not only make the right decisions today but also look out and see the trends that will affect
them in the future. Blockbuster is a great example
1. Explain why the concept of competitive advantage is central to the study of strategic management.
The concept of competitive advantage is central to the study of strategic management, since an
organization must follow an aligned strategy to outperform
1. How is "strategic management" defined in the text, and what are its four key attributes?
As defined in the book, strategic management consist of analyses, decisions, and actions
an organization understates in order to create and sustain competitive adv
January 25, 2017
Chapter Two Review Questions
4. The major differences between the economic model of social responsibility and the socioeconomic
model is that in the economic model is the view that the society will benefit the
1. What is meant by the concept of a continuum of radical and incremental innovations?
The continuum is like a scale as to where the innovation is closer to. In other words if the 2 endpoints
were the invention of the internet and the introduction of purp
Ch 5 - Application Questions Exercise #2 - page 173
There is vape shop down the road from my house called Mystic Vapor (MV). They offer custom juices
and a wide variety of electronic cigarette tanks, accessories and batteries called mods. The overall tren
1. A balanced scorecard is a method of evaluating a firms performance using performance
measures from the customers internal, innovation, and learning and financial perspective.
Which basically means these four components or perspectives as its called in
Pg 241 #2
Factor endowments: a countries position in the factors of production.
Demand conditions: the nature of the home markets demand for that product or service.
Related and supporting industries: the prescience or absence of a nations supplier indust
CH 3 # 4
The value creating activities that PSC offers are very similar to our competitors. Things such as student
outings, sports, an education, tutoring, library, school merchandise, student government organizations,
clubs, charitable events and multipl
Ch1: Ethics Question #2 - page 30
Yes, when executives do not follow the vision statement it could result in ethical issues. Its important to
differentiate that it is not the actually act of not following a vision statement that makes it unethical. Ill
Application log 4
Incremental and radical innovation is important in any industry. The difference between them is
important ad radical innovations usually tend to require more money and more commitment of
resources. We will look at 2 companie
International expansion risks is an important part of expanding a company to other countries
successfully. Basically broken down into four categories currency risks, management risks, political risk
and economic risks. These four things
1. Summarize the concept of the balanced scorecard. What are it's main advantages?
The balanced scorecard is a performance measurement system that considers not only
financial measures, but also the customer perspective, internal process perspective, inno