CM 4223 Strategic Management Midterm 2026/2027 | 150+ Questions & Answers | Porter’s Five Forces, EFE/IFE, RBV, Value Chain & Business Ethics

CM 4223 Strategic Management Midterm 2026/2027 is an extensive 33-page midterm exam study resource containing 150+ questions and answers, associated with Kimberley Williams and Moodle resources. The document covers the strategic-management process from strategy formulation, implementation and evaluation through mission and vision development, external and internal audits, competitive intelligence, Porter’s Five Forces, EFE and IFE matrices, the Resource-Based View (RBV), Competitive Profile Matrix (CPM), organizational culture, marketing, finance, operations, Value Chain Analysis, benchmarking, business ethics and environmental sustainability. The first major section establishes the foundations of strategic management, defining it as the formulation, implementation and evaluation of cross-functional decisions that enable organizations to achieve their objectives. It explains the three stages of strategic management and examines the responsibilities of strategists, long-term and annual objectives, policies and systematic strategic decision-making. The questions also address both financial and nonfinancial benefits of strategic management, communication, employee involvement and common strategic-planning pitfalls. These concepts closely reflect the framework developed in Fred R. David, Forest R. David and Meredith E. David's Strategic Management: A Competitive Advantage Approach, Concepts and Cases. A substantial section examines vision and mission statements. Students review the purpose of each statement, characteristics of effective missions and the nine commonly taught mission-statement components: customers, products/services, markets, technology, survival/growth/profitability, philosophy, self-concept, public image and employees. The material also examines customer orientation, distinctive competence and examples involving organizations such as General Motors, Avon and L'Oréal. The document then provides detailed preparation for the external strategic-management audit. It organizes external forces into economic; social, cultural, demographic and natural-environment; political, governmental and legal; technological; and competitive categories. Topics include inflation, exchange rates, demographic change, environmental regulation, antitrust legislation, artificial intelligence, the Internet of Things, competitive intelligence and forecasting. Students also learn how to construct an External Factor Evaluation (EFE) Matrix using key external factors, weights, ratings and weighted scores. One of the strongest exam-focused sections covers Porter’s Five Forces and industry competition. Questions address rivalry among competitors, barriers to entry, substitute products and consumer bargaining power, alongside factors such as fixed costs, customer switching, economies of scale, brand loyalty, capital requirements and government regulation. The framework originates from Michael E. Porter's influential work on competitive strategy and industry structure, making this section especially relevant to questions requiring students to assess industry attractiveness and sources of competitive pressure. The internal-analysis material contrasts the Industrial Organization (I/O) perspective with the Resource-Based View (RBV). The RBV section examines physical, human and organizational resources and explains how valuable, rare, difficult-to-imitate or difficult-to-substitute resources can contribute to sustained competitive advantage. Students also review distinctive competencies, organizational culture and cultural products such as values, beliefs, rituals, stories, symbols and organizational heroes. The document extends strategic analysis across major functional areas of business. Management questions address planning, organizing, motivating, staffing and controlling. Marketing coverage includes customer analysis, product and service planning, pricing, distribution and marketing research. Finance questions cover investment, financing and dividend decisions, financial ratios and cost-benefit analysis, while operations material addresses process, capacity, inventory, workforce and quality. Research and development and management information systems are also incorporated into the internal strategic audit. Another high-value section focuses on Value Chain Analysis (VCA), benchmarking and the Internal Factor Evaluation (IFE) Matrix. Students learn how value-chain activities can develop into core competencies and distinctive competencies that ultimately support sustained competitive advantage. The document also explains benchmarking as a way to identify areas in which competitors possess advantages and the IFE Matrix as a method for summarizing and evaluating major internal strengths and weaknesses. The final pages provide detailed revision of business ethics, social responsibility and environmental sustainability. Topics include ethical principles, whistle-blowing, bribery, workplace relationships, social policy, sustainability reporting, environmental performance and ISO 14000/14001 Environmental Management Systems (EMS). The material connects ethical conduct and environmental responsibility to reputation, regulatory compliance and sustainable competitive advantage, making it useful for both conceptual questions and applied strategic-management scenarios. Relevant Students: This resource is particularly relevant to students enrolled in CM 4223 or equivalent Strategic Management, Business Policy, Business Strategy or Competitive Strategy courses. It is also suitable for undergraduate and graduate students in business administration, management, commerce, entrepreneurship, marketing, finance, international business and MBA-related programs who need revision material on strategic analysis and competitive advantage. The document identifies Kimberley Williams and Moodle resources, but does not state a university or institution, so adding a specific university to the title without verification would be inaccurate. 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