BUSI 4940 EXAM 1 PRACTICE SOLUTION
STUDY SHEET QUESTIONS AND DETAILED
ANSWERS
●● Strategy involves:
Answer: Management, planning process, written plan, what actually
happens & the business model.
●● What are the 3 business models?
Answer: I/O Model (Ext. Focus), Resource-Based (internal),
Stakeholder (Both).
●● Who are the types of stakeholders?
Answer: Primary & Secondary
●● Primary:
Answer: Directly tied to value creation (employee, customers, suppliers,
communities, shareholders.
●● Secondary:
Answer: Influence the firm, but not direct value creators (regulators,
NGOs, interest groups)
,●● Explain Vision, Mission, Values:
Answer: Vision - Future aspiration
Mission - Purpose now
Values - core principles guiding decisions.
●● ASP Model:
Answer: Analysis, strategy, and performance
●● Success =
Answer: Managing industry conditions & resources, and stakeholder
relationships guided by vision, mission, and values.
●● Who are the "C-Level" executives?
Answer: Chair or Board of Directors, CEO, Chief Operating Officer,
Chief financial Officer, Chief info officer
●● In the US it is not uncommon for...
Answer: One perso to serve all 3 roles of chairman, CEO & President
●● Strategic Management =
Answer: entire set of activities that senior executives/ board engage.
●● What are the 2 parts of strategic planning?
, Answer: 1) Process
2) Plan
●● Process an Plan usually includes scenarios such as :
Answer: Base Case, Upside Case, and Downside Case
●● Realized Strategy =
Answer: course of action an org actually pursues (Where Mintzberg's
"Emergent Strat" ideas come into play)
●● Business Model =
Answer: Framework of assumptions (Explicit/Implicit) that guide how
companies compete
●● What is your strategy? =
Answer: What is your business model
●● Military Strategy
Answer: generally categorized as a "Zero-sum one-event game"
●● Organizational Strategy =
Answer: operates over many events and can cover the spectrum of
possible outcomes
STUDY SHEET QUESTIONS AND DETAILED
ANSWERS
●● Strategy involves:
Answer: Management, planning process, written plan, what actually
happens & the business model.
●● What are the 3 business models?
Answer: I/O Model (Ext. Focus), Resource-Based (internal),
Stakeholder (Both).
●● Who are the types of stakeholders?
Answer: Primary & Secondary
●● Primary:
Answer: Directly tied to value creation (employee, customers, suppliers,
communities, shareholders.
●● Secondary:
Answer: Influence the firm, but not direct value creators (regulators,
NGOs, interest groups)
,●● Explain Vision, Mission, Values:
Answer: Vision - Future aspiration
Mission - Purpose now
Values - core principles guiding decisions.
●● ASP Model:
Answer: Analysis, strategy, and performance
●● Success =
Answer: Managing industry conditions & resources, and stakeholder
relationships guided by vision, mission, and values.
●● Who are the "C-Level" executives?
Answer: Chair or Board of Directors, CEO, Chief Operating Officer,
Chief financial Officer, Chief info officer
●● In the US it is not uncommon for...
Answer: One perso to serve all 3 roles of chairman, CEO & President
●● Strategic Management =
Answer: entire set of activities that senior executives/ board engage.
●● What are the 2 parts of strategic planning?
, Answer: 1) Process
2) Plan
●● Process an Plan usually includes scenarios such as :
Answer: Base Case, Upside Case, and Downside Case
●● Realized Strategy =
Answer: course of action an org actually pursues (Where Mintzberg's
"Emergent Strat" ideas come into play)
●● Business Model =
Answer: Framework of assumptions (Explicit/Implicit) that guide how
companies compete
●● What is your strategy? =
Answer: What is your business model
●● Military Strategy
Answer: generally categorized as a "Zero-sum one-event game"
●● Organizational Strategy =
Answer: operates over many events and can cover the spectrum of
possible outcomes
