Mngt-4800-Hopkins : Test 1 (Ch's. 1-3) Study Guide Questions And Correct Answers

performance test {Ans: -One of the 3 tests of a winning strategy -Is it producing superior performance, as indicated by the firm's profitability, financial/competitive strengths, and market standing?}strategy {Ans: The set of coordinated actions that a company's managers take in order to outperform the company's competitors and achieve superior profitability}senior executives {Ans: -One of the three types of managers involved in strategy-making -Fashion the major strategy components involving their areas of responsibility}long-term objectives {Ans: Objectives that force consideration of what to do now to achieve optimal long-term performance}business strategy {Ans: -Part of a firm's strategy-making hierarchy -How to strengthen market position and gain competitive advantage -Actions to build competitive capabilities of single businesses -Monitoring and aligning lower-level strategies}1) Competition from *rival sellers* 2) Competition from *potential new entrants* 3) Competition from *producers of substitutes* 4) *Supplier* bargaining power 5) *Customer* bargaining power {Ans: What are the *5 components of the Five Forces*?}