LSUS MBA 705 Chapter 1 UPDATED ACTUAL Questions And Correct Answers
C
Terms in this set (26)
What is a Mission? The reason for an organization's existence. The mission statement is a broadly
defined but enduring statement of purpose that identifies the scope of an
organization's operations and its offerings to affected groups (i.e., stakeholders, as
defined later in the book)
What is Strategy? Refers to top management's plans to
develop and sustain competitive advantage so
that the organization's mission is fulfilled
What is a Competitive Advantage? A state whereby a firm's successful strategies cannot be easily duplicated by its
competitors.
What is Strategic Management? A broader term than strategy and is a process that
includes top management's analysis of the environment in which the organization
operates prior to formulating a strategy, as well as the plan for implementation
and
control of the strategy.
What is a Business Model? The economic mechanism by which a business hopes to sell its goods or services
and generate a profit.
What kind of models do progressive firms use? Innovative business models that extract revenue—and ultimately profits—from
sources not identified by competitors
What are the Five Characteristics of a Successful 1. Understand the competitive environment.
Strategy? 2. Understand how resources translate into strengths and weaknesses.
3. The strategy is consistent with the mission and goals of the organization.
4. Plans for putting the strategy into action are designed before it is implemented.
5. Possible future changes (i.e., strategic control) are evaluated before the strategy
is adopted.
What is the Intended Strategy? What managment originally plans.
What is the Realized Strategy? What management actually implements.
Why do Intended and Realized Strategies differ? Because of unforeseen events, better information that was not available when the
strategy was formulated, and/or an improvement in top management's ability to
assess its environment
Viewing Strategy as an Art, what is empahsized? Creativity and Innovation.
Plans should be developed like a potter molds clay.
C
Terms in this set (26)
What is a Mission? The reason for an organization's existence. The mission statement is a broadly
defined but enduring statement of purpose that identifies the scope of an
organization's operations and its offerings to affected groups (i.e., stakeholders, as
defined later in the book)
What is Strategy? Refers to top management's plans to
develop and sustain competitive advantage so
that the organization's mission is fulfilled
What is a Competitive Advantage? A state whereby a firm's successful strategies cannot be easily duplicated by its
competitors.
What is Strategic Management? A broader term than strategy and is a process that
includes top management's analysis of the environment in which the organization
operates prior to formulating a strategy, as well as the plan for implementation
and
control of the strategy.
What is a Business Model? The economic mechanism by which a business hopes to sell its goods or services
and generate a profit.
What kind of models do progressive firms use? Innovative business models that extract revenue—and ultimately profits—from
sources not identified by competitors
What are the Five Characteristics of a Successful 1. Understand the competitive environment.
Strategy? 2. Understand how resources translate into strengths and weaknesses.
3. The strategy is consistent with the mission and goals of the organization.
4. Plans for putting the strategy into action are designed before it is implemented.
5. Possible future changes (i.e., strategic control) are evaluated before the strategy
is adopted.
What is the Intended Strategy? What managment originally plans.
What is the Realized Strategy? What management actually implements.
Why do Intended and Realized Strategies differ? Because of unforeseen events, better information that was not available when the
strategy was formulated, and/or an improvement in top management's ability to
assess its environment
Viewing Strategy as an Art, what is empahsized? Creativity and Innovation.
Plans should be developed like a potter molds clay.
