MIE 480 EXAM 1 QUESTIONS WITH VERIFIED
ACCURATE ANSWERS
The overall concept for how a company organizes itself, outperforms competitors, and
earns superior returns for shareholders - Answers - strategy
Two strategic imperatives for organizations in today's economic environment include
____ and _____ - Answers - opportunity recognition and value creation
The value created by a firm is likely to _____, and can be ______ among a number of
_____ - Answers - change over time, distributed among shareholders
The overall concept for how a company organizes itself and its activities to conduct
business successfully, deliver superior returns to shareholders, and outperform rivals -
Answers - strategy
Four stages typical of the strategic management process - Answers - Analysis,
formulation, implementation, and evaluation
The stage of the strategic management process in which one examines the industry
where he or she wishes to compete and looks carefully inside the company to
understand its unique competitive strengths and how it organizes its activities - Answers
- analysis
Describes the stage of the strategic management process in which management
articulates its vision and mission, outlines its goals and objectives, and decides upon a
strategic approach - Answers - formulation
The stage of the strategic management process where the firm makes decisions about
the allocation of resources, how to structure the organization and motivate employees,
and in which types of activities the company will engage - Answers - Implementation
The part of the strategic management process in which the expected results of a
strategy are compared to the actual results - Answers - evaluation
Fundamental goal of strategic management is - Answers - superior performance
Results of an effective strategy - Answers - Profits, cash flow and market share
A sound strategy is easily recognized because it is geared toward _____ performance
and ______ _____ for stakeholders on _______ and _______ measures - Answers -
financial, value creation, quantitative & qualitative
, Offers a systematic way of examining all the activities of a firm and how they interact to
find a basis for a competitive advantage - Answers - value chain
Strategic decisions typically involve the commitment of _________ ________ and are
not ______ _______ - Answers - significant resources, easily reversed
To integrate a long-term vision for the company, the market and competitive conditions
encountered, and the company's current situation and capabilities - Answers - the role
of strategy
Concerned with acquiring, managing, and divesting business units to create a portfolio
of businesses that earns economic returns above those that the individual businesses
could earn on their own - Answers - corporate strategy
A proponent of time and motion studies and "the science of work" in the early 1900s -
Answers - Frederick Taylor
Shifted the strategic focus of companies to an internal search for efficiencies and
maximum prosperity - Answers - Frederick Taylor
Involves managing multiple business units under the same corporate ownership -
Answers - corporate strategy
Industry Analysis, SWOT, Sustainable Competitive Advantage - Answers - Michael
Porter
Argued for the importance of identifying likely changes in the external environments of
firms that would necessitate modifications in their market positioning or more
fundamental aspects of their strategies - Answers - Michael Porter
First to use the word strategy - Answers - Alfred D. Chandler
Case studies of four large firms over a fifty-year period showed how general
management changes occurred as each company grew - Answers - Alfred D. Chandler
Encompasses both an examination of its value chain and a "resource and capabilities"
analysis on key success factors - Answers - internal analysis
Spurs a firm to adopt a long-term perspective in its operations - Answers - vision
It bridges the present and the future, identifying how current capabilities might or might
not serve the company in its desired, ideal state - Answers - vision
TRUE or FALSE: Strategic decisions typically involve the commitment of significant
resources and are not easily reversed. - Answers - True
ACCURATE ANSWERS
The overall concept for how a company organizes itself, outperforms competitors, and
earns superior returns for shareholders - Answers - strategy
Two strategic imperatives for organizations in today's economic environment include
____ and _____ - Answers - opportunity recognition and value creation
The value created by a firm is likely to _____, and can be ______ among a number of
_____ - Answers - change over time, distributed among shareholders
The overall concept for how a company organizes itself and its activities to conduct
business successfully, deliver superior returns to shareholders, and outperform rivals -
Answers - strategy
Four stages typical of the strategic management process - Answers - Analysis,
formulation, implementation, and evaluation
The stage of the strategic management process in which one examines the industry
where he or she wishes to compete and looks carefully inside the company to
understand its unique competitive strengths and how it organizes its activities - Answers
- analysis
Describes the stage of the strategic management process in which management
articulates its vision and mission, outlines its goals and objectives, and decides upon a
strategic approach - Answers - formulation
The stage of the strategic management process where the firm makes decisions about
the allocation of resources, how to structure the organization and motivate employees,
and in which types of activities the company will engage - Answers - Implementation
The part of the strategic management process in which the expected results of a
strategy are compared to the actual results - Answers - evaluation
Fundamental goal of strategic management is - Answers - superior performance
Results of an effective strategy - Answers - Profits, cash flow and market share
A sound strategy is easily recognized because it is geared toward _____ performance
and ______ _____ for stakeholders on _______ and _______ measures - Answers -
financial, value creation, quantitative & qualitative
, Offers a systematic way of examining all the activities of a firm and how they interact to
find a basis for a competitive advantage - Answers - value chain
Strategic decisions typically involve the commitment of _________ ________ and are
not ______ _______ - Answers - significant resources, easily reversed
To integrate a long-term vision for the company, the market and competitive conditions
encountered, and the company's current situation and capabilities - Answers - the role
of strategy
Concerned with acquiring, managing, and divesting business units to create a portfolio
of businesses that earns economic returns above those that the individual businesses
could earn on their own - Answers - corporate strategy
A proponent of time and motion studies and "the science of work" in the early 1900s -
Answers - Frederick Taylor
Shifted the strategic focus of companies to an internal search for efficiencies and
maximum prosperity - Answers - Frederick Taylor
Involves managing multiple business units under the same corporate ownership -
Answers - corporate strategy
Industry Analysis, SWOT, Sustainable Competitive Advantage - Answers - Michael
Porter
Argued for the importance of identifying likely changes in the external environments of
firms that would necessitate modifications in their market positioning or more
fundamental aspects of their strategies - Answers - Michael Porter
First to use the word strategy - Answers - Alfred D. Chandler
Case studies of four large firms over a fifty-year period showed how general
management changes occurred as each company grew - Answers - Alfred D. Chandler
Encompasses both an examination of its value chain and a "resource and capabilities"
analysis on key success factors - Answers - internal analysis
Spurs a firm to adopt a long-term perspective in its operations - Answers - vision
It bridges the present and the future, identifying how current capabilities might or might
not serve the company in its desired, ideal state - Answers - vision
TRUE or FALSE: Strategic decisions typically involve the commitment of significant
resources and are not easily reversed. - Answers - True
