MGMT 478 Exam 1 - Joel Stevenson
Questions With Complete Answers
Strategic Management - ANSWER The set of decisions and actions that
result in the formulation and implementation of plans designed to achieve a
company's objectives.
Strategy - ANSWER Large-scale, future-oriented plans for interacting with
the competitive environment to achieve company objectives.
Formality - ANSWER The degree to which participation, responsibility,
authority, and discretion in decision making are specified in strategic
management.
Entrepreneurial mode - ANSWER The informal, intuitive, and limited
approach to strategic management associated with owner-managers of
smaller firms.
Planning mode - ANSWER The strategic formality associated with large
firms that operate under a comprehensive, formal planning system.
Adaptive mode - ANSWER The strategic formality associated with medium-
sized firms that emphasize the incremental modification of existing
competitive approaches.
Company mission - ANSWER The unique purpose that sets a company
apart from others of its type and identifies the scope of its operations.
Long-term objectives - ANSWER The results that an organization seeks to
achieve over a multiyear period.
, Generic strategies - ANSWER Fundamental philosophical options for the
design of strategies.
Grand strategies - ANSWER The means by which objectives are achieved.
Short-term objectives - ANSWER Desired results that provide specific
guidance for action during a period of one year or less.
Functional tactics - ANSWER Short-term, narrow scoped plans that detail
the "means" or activities that a company will use to achieve short-term
objectives.
Policies - ANSWER Predetermined decisions that substitute for managerial
discretion in repetitive decision making.
Strategic control - ANSWER Tracking a strategy as it is being implemented,
detecting problems or changes in its underlying premises, and making
necessary adjustments.
Continuous improvement - ANSWER A form of strategic control in which
managers are encouraged to be proactive in improving all operations of the
firm.
Process - ANSWER The flow of information through interrelated stages of
analysis toward the achievement of an aim.
Stakeholders - ANSWER Influential people who are vitally interested in the
actions of the business.
Feedback - ANSWER The analysis of post-implementation results that can
be used to enhance future decision making.
Dynamic - ANSWER The term that characterizes the constantly changing
conditions that affect interrelated and interdependent strategic activities.
Company mission - ANSWER The unique purpose that sets a company
apart from others of its type and identifies the scope of its operations in
product, market and technology terms.
Company creed - ANSWER A company's statement of its philosophy.
Questions With Complete Answers
Strategic Management - ANSWER The set of decisions and actions that
result in the formulation and implementation of plans designed to achieve a
company's objectives.
Strategy - ANSWER Large-scale, future-oriented plans for interacting with
the competitive environment to achieve company objectives.
Formality - ANSWER The degree to which participation, responsibility,
authority, and discretion in decision making are specified in strategic
management.
Entrepreneurial mode - ANSWER The informal, intuitive, and limited
approach to strategic management associated with owner-managers of
smaller firms.
Planning mode - ANSWER The strategic formality associated with large
firms that operate under a comprehensive, formal planning system.
Adaptive mode - ANSWER The strategic formality associated with medium-
sized firms that emphasize the incremental modification of existing
competitive approaches.
Company mission - ANSWER The unique purpose that sets a company
apart from others of its type and identifies the scope of its operations.
Long-term objectives - ANSWER The results that an organization seeks to
achieve over a multiyear period.
, Generic strategies - ANSWER Fundamental philosophical options for the
design of strategies.
Grand strategies - ANSWER The means by which objectives are achieved.
Short-term objectives - ANSWER Desired results that provide specific
guidance for action during a period of one year or less.
Functional tactics - ANSWER Short-term, narrow scoped plans that detail
the "means" or activities that a company will use to achieve short-term
objectives.
Policies - ANSWER Predetermined decisions that substitute for managerial
discretion in repetitive decision making.
Strategic control - ANSWER Tracking a strategy as it is being implemented,
detecting problems or changes in its underlying premises, and making
necessary adjustments.
Continuous improvement - ANSWER A form of strategic control in which
managers are encouraged to be proactive in improving all operations of the
firm.
Process - ANSWER The flow of information through interrelated stages of
analysis toward the achievement of an aim.
Stakeholders - ANSWER Influential people who are vitally interested in the
actions of the business.
Feedback - ANSWER The analysis of post-implementation results that can
be used to enhance future decision making.
Dynamic - ANSWER The term that characterizes the constantly changing
conditions that affect interrelated and interdependent strategic activities.
Company mission - ANSWER The unique purpose that sets a company
apart from others of its type and identifies the scope of its operations in
product, market and technology terms.
Company creed - ANSWER A company's statement of its philosophy.
