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BMGT 2341 – STRATEGIC MANAGEMENTFinal Exam Topical ReviewCompetitive Advantage What is it (definition)? When is it realized (when does a firm know when it has CA)?What is strategic management all about? (describe the “essence” of strat. Mgnt)Relate CA to a firm’s creation of valueWhich part of strategic management address the firm, the firm’s capabilities and its resources?What is the mathematical formula for value? (the ration of which elements)?What are some problems associated with using a firm’s profitability as a performance measure?What two things are the very foundation of the strategic process?What are the 5 basics of leadership relating to strategic management?List the benefits of good governance in building a stronger organization. (HINT: the text discusses 8)Who is responsible for the initiation, organization and operation of a business venture for the purpose ofearning a profit?What are the characteristics of a Global Strategy?What are the characteristics of a Multi-domestic Strategy?Explain “fit” and its importance in creating competitive advantage.What is the term that describes the tendency of the market to penalize inefficiency and a firm’s underutilization of valuable assets?What are the elements that comprise the resource-based view of a firm’s capabilities and resources?As it relates to a firm’s analysis of its environment, explain the concept underlying the 5-forces model.

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