short answer Q

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short answer Q
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School: University of Maryland



Strategic management
Student’s name




Briefly define each of the following terms.

Strategy – It is a plan formulated by an organization to offer direction, the scope of its activities
and how it is going to utilize its resources in the future to achieve its goals, increase its
competitive advantage or even solve an existing problem.
Sustainable competitive advantage- It is a long-term advantage which an organization has over
other organizations regarding a certain activity which all organizations are involved and it
provides the organization with superiority over its competitors in the market.
Business model- It is a plan about the structure of an organization which shows how it is going
to generate revenues from its sales, execute its activities, identify its customers and reach its
goals and objectives.

List five elements of an enterprise business strategy.

The elements of an enterprise strategy include the industrial analysis, the core competencies,
long term planning, a good financial structure and lastly a short term and long-term key
objectives of the organization.

Explain the difference between a company’s business model and a company

A business model is a broad plan of the structure of a business showing how the business will
operate to generate revenue, how to use its resources, handle with its customers and employees
and achieve goals whereas a business strategy is narrower and offers direction about the
activities of the organization. Additionally, a business model, on the other hand, aims at
improving the overall competitiveness by improving the sales whereas business strategies aimed



at improving the future by adopting a new measure to make the business better. While the
business model comprises of how resources will be used, the key activities to be introduced and
the revenue and cost factors strategies can be categorized into several categories cooperate and
operational strategies.

What is the connection between a company’s strategy and its quest for sustainable
competitive advantage?

Both components are related in that the formulation of good company strategies enable the
company to have superiority over its competitors thus having a sustainable competitive
advantage over other companies. Thus the sustainable competitive advantage is as a result of the
good company strategies. Additionally, both concepts are seen to be dependable on each other
since it is the existence of competitive advantage that a company achieves it strategies objective.
Lastly it is through the effort of a company trying to entice its customers and have a sustainable
competitive advantage them that the best business strategy is chosen.

Should a company be tight on its quest for sustainable competitive advantage? Why
or why not? What differences does it make whether the company has a competitive
advantage or not?

Sustainable competitive advantage is important for every company. Therefore believe that a
company should be tight on their quest for attainable competitive advantage since it is what
makes them have a larger m...

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