FSU MAN 4720 Exam 1 | Florida State University |
UPDATED Questions with 100% Verified Answers
Q1: Strategic Management
A: The ongoing process companies use to form a vision, analyze their external environment
and their internal environment, and select one or more strategies to use to create value
for customers and other stakeholders, especially shareholders
Q2: Vision
A: is the IDEAL description of the organization. A picture of what the firm wants to be and
ultimately achieve.
Q3: Mission
A: specifies the business or businesses in which the firm competes and the customers it
intends to serve.
Q4: I/O Model (Industrial Organization Model)
A: Used to identify threats and opportunities in the firms external environment that may
help/hinder the firm reach its vision
Q5: Resource-based view of the Firm
A: The internal environment is the set of conditions (such as strengths, resources,
capabilities, and so forth) inside the firm affecting the choice and use of strategies.
Firms have direct control.
Q6: Core Competencies
A: are capabilities the firm emphasizes and performs especially well while pursuing its
vision.
Q7: Distinctive Competencies
A: are core competencies that differ from those held by competitors.
Q8: Competitive Advantage
A: when the firm's core competencies allow it to create value for customers by performing a
key activity better than competitors or when a distinctive competence allows it to
perform an activity that creates value for customers that competitors can't perform
Q9: SWOT Analysis
A: Strengths, Weaknesses, Opportunities, Threats.
Internal Analysis
Resource based view
, External Analysis
Industrial Org Model
Q10: Strategic Leaders
A: Individuals who practice strategic leadership - making sure that decisions are made that
will ensure their firm's success.
Q11: Organizational Culture
A: is the set of values and beliefs that are shared throughout the firm. Values reflect what is
important, while beliefs speak to how things should be done.
Q12: Stakeholders
A: Individuals and groups who have an interest in a firm's performance and an ability to
influence its actions.
Q13: Primary Stakeholders
A: Firm relies on for continuous survival and prosperity.
Q14: Secondary Stakeholders
A: Not engaged in direct transactions or essential to firm survival, but are still impacted by
and have the power to influence and affect the firm.
Q15: Ethics
A: are concerned with the standards for deciding what is good or bad, right or wrong as
defined by most members of a particular society
Q16: Strategic Leadership
A: involves developing a vision for the firm, designing strategic actions to achieve this vision,
and empowering others to carry out those strategic actions.
Q17: Strategic Leadership Styles
A: Transformational (generally the best...)
Transactional
Laissez-Faire
Q18: Board of Directors
A: Monitor (oversight), advice and council (advisory), access to social network/resources
(social capital), legitimacy/ prestige (reputation)
Q19: How long are strategic plans designed for? Vision?
UPDATED Questions with 100% Verified Answers
Q1: Strategic Management
A: The ongoing process companies use to form a vision, analyze their external environment
and their internal environment, and select one or more strategies to use to create value
for customers and other stakeholders, especially shareholders
Q2: Vision
A: is the IDEAL description of the organization. A picture of what the firm wants to be and
ultimately achieve.
Q3: Mission
A: specifies the business or businesses in which the firm competes and the customers it
intends to serve.
Q4: I/O Model (Industrial Organization Model)
A: Used to identify threats and opportunities in the firms external environment that may
help/hinder the firm reach its vision
Q5: Resource-based view of the Firm
A: The internal environment is the set of conditions (such as strengths, resources,
capabilities, and so forth) inside the firm affecting the choice and use of strategies.
Firms have direct control.
Q6: Core Competencies
A: are capabilities the firm emphasizes and performs especially well while pursuing its
vision.
Q7: Distinctive Competencies
A: are core competencies that differ from those held by competitors.
Q8: Competitive Advantage
A: when the firm's core competencies allow it to create value for customers by performing a
key activity better than competitors or when a distinctive competence allows it to
perform an activity that creates value for customers that competitors can't perform
Q9: SWOT Analysis
A: Strengths, Weaknesses, Opportunities, Threats.
Internal Analysis
Resource based view
, External Analysis
Industrial Org Model
Q10: Strategic Leaders
A: Individuals who practice strategic leadership - making sure that decisions are made that
will ensure their firm's success.
Q11: Organizational Culture
A: is the set of values and beliefs that are shared throughout the firm. Values reflect what is
important, while beliefs speak to how things should be done.
Q12: Stakeholders
A: Individuals and groups who have an interest in a firm's performance and an ability to
influence its actions.
Q13: Primary Stakeholders
A: Firm relies on for continuous survival and prosperity.
Q14: Secondary Stakeholders
A: Not engaged in direct transactions or essential to firm survival, but are still impacted by
and have the power to influence and affect the firm.
Q15: Ethics
A: are concerned with the standards for deciding what is good or bad, right or wrong as
defined by most members of a particular society
Q16: Strategic Leadership
A: involves developing a vision for the firm, designing strategic actions to achieve this vision,
and empowering others to carry out those strategic actions.
Q17: Strategic Leadership Styles
A: Transformational (generally the best...)
Transactional
Laissez-Faire
Q18: Board of Directors
A: Monitor (oversight), advice and council (advisory), access to social network/resources
(social capital), legitimacy/ prestige (reputation)
Q19: How long are strategic plans designed for? Vision?
