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1 CHAPTER 1 WHAT IS STRATEGY AND THE STRATEGIC MANAGEMENT PROCESS?
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What are the main categories for measuring accounting performance in a firm?
The classifications for measuring accounting performance include:Profitability Ratios (ROA/ROE/gross profit margin/earnings per share/cash flow per share) Liquidity Ratios (current ratio/quick ratio) Leverage Ratios (debt to assets/debt to equity/times interest earned) - Activity
Ratios (inventory turnover/accounts receivable turnover/average collection period)
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How are a company's objectives characterized in the strategic management process?
- Must be measurable and specific.
- Impact can be none, positive, or negative.
- Serve to guide strategic choices.
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What does external analysis assess in the strategic management process?
- Evaluates threats and opportunities.
- Assesses strengths and weaknesses.
- Informs strategic choice decisions.
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what is accounting measures of CA?
is a measure of CA by using information of firms published profit and loss and balance sheet statements
When a firm's performance is above the industry average, it earns:Above-Average Accounting Performance- Indicates superior financial standing compared to industry peers
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What are examples of corporate strategies in the strategic choice phase?
- Vertical integration: Controlling supply chain.
- Strategic alliances: Partnerships.
- Diversification: Variety of products.
- Mergers and Acquisitions: Expanding reach.
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What is the cost of capital in terms of economic measures of competitive advantage?
The cost of capital is defined as:- Rate of return promised to suppliers of capital
- Induces them to invest in the firm
- Essential for producing and selling products
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What are key elements in strategy implementation?
- Organizational structure: Framework of roles.
- Control processes: Monitoring performance.
- Compensation policy: Motivating employees.
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What distinguishes a firm’s mission from its objectives?
A firm's mission provides a broad statement of its purpose and values, while objectives are:- Specific
- Measurable targets
- Used for evaluating the realization of the mission
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what are 3 specific organizational policies and practices that are important for implementing a strategy?
Strategy implementation includes adopting:Firms formal organizational structure- Formal and informal control systems
employee compensation policies
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What defines a firm's competitive advantage?
A competitive advantage exists when a firm can create more economic value than its rival firms. This is assessed through the difference between what customers pay and the total cost of production.
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Thanks to StudySmart, I passed all my exams, and with better grades than before! On top of that, I have mastered a very good study method now, which I am confident will help me earn my degree.
For my 1st exam I got a C. Then, I started looking for ways to learn better and I came across Study Smart. Since then I have scored a A+, A, A- and another A. I highly recommend it to everyone who wants to hear it. I am so happy with it!!
I was struggling to finish all my first-year subjects for 3 years. Then I discovered Study Smart, which helped me to finish all of them within 3 months.
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Hey Chris, I really want to thank you very much for developing the platform, I usually got around C for my exams, now I scored an A+, an A and a A- !!
Since using Study Smart, my average has increased significantly. I even completed a statistics course with a A+ while I'm bad at statistics. I took on extra courses this year, because of Study Smart. Thanks so much!
Ever since I started studying with StudySmart I passed all my exams !!! No more re-sits!! At first, I was happy with a pass and now I only get good grades. Many thanks!
I aced all the courses I studied with Study Smart. For law, I first scored a D, and now an A! I’m 100% sure that I’ll pass all the courses I study with Study Smart.
I always thought I studied well. My grades were fine. I could never have imagined that applying these study skills would have such a huge and direct impact on my grades, my speed and the pleasure I have in learning.
For the first time, I finally feel totally confident about the way I learn. I have the perfect overview and make great progress in terms of speed and the grades I get. Thanks, Chris!
I immediately started to enjoy learning again, and my grades soared. All of a sudden, everything went better. I highly recommend Study Smart to all students..
Being able to create my materials online made the process of studying so much smoother and quicker. I no longer have to spend a huge amount of my time on creating my summaries.
At first, my notes were a mess. Now I use Study Smart to take my notes in a perfectly structured way. It helps me to save a lot of time and do other things I enjoy.
Students that study with Study Smart get better grades. The system applies all the learning methods in such a way that both well-performing students and students who struggle perform much better.
Hi Chris, I would like to thank you very much. Last year I scored C on a course, and this year I got an A+ thanks to your method! Thank you very much!
The largest effect is that my child is more enthusiastic about school! Every parent wants their children to be happy at school, Study Smart made it happen.
In high school, I failed several exams, and that has really changed now. I actually needed this tool very much back then. Since I started studying with StudySmart, I haven't had any D's. My average score is now an A and those are results I would have never had in the past
With my old method, I passed only 3 out of 8 courses. Since I started taking my notes digitally in Study Smart, I have passed all my courses on the first try. For me, StudySmart takes away the stress of wondering if I will pass or not.
Thanks to StudySmart, I passed all my exams, and with better grades than before! On top of that, I have mastered a very good study method now, which I am confident will help me earn my degree.
For my 1st exam I got a C. Then, I started looking for ways to learn better and I came across Study Smart. Since then I have scored a A+, A, A- and another A. I highly recommend it to everyone who wants to hear it. I am so happy with it!!
I was struggling to finish all my first-year subjects for 3 years. Then I discovered Study Smart, which helped me to finish all of them within 3 months.
Because of StudySmart, things are going well in many ways. Before, I always had study stress and no time for anything. Now I feel calm and confident (because of the program). I used to score a B, now I usually score an A or A+.
Hey Chris, I really want to thank you very much for developing the platform, I usually got around C for my exams, now I scored an A+, an A and a A- !!
Since using Study Smart, my average has increased significantly. I even completed a statistics course with a A+ while I'm bad at statistics. I took on extra courses this year, because of Study Smart. Thanks so much!
Ever since I started studying with StudySmart I passed all my exams !!! No more re-sits!! At first, I was happy with a pass and now I only get good grades. Many thanks!
I aced all the courses I studied with Study Smart. For law, I first scored a D, and now an A! I’m 100% sure that I’ll pass all the courses I study with Study Smart.
I always thought I studied well. My grades were fine. I could never have imagined that applying these study skills would have such a huge and direct impact on my grades, my speed and the pleasure I have in learning.
For the first time, I finally feel totally confident about the way I learn. I have the perfect overview and make great progress in terms of speed and the grades I get. Thanks, Chris!
