MBA 705 Exam 1 – Accurate Answers To All
Questions
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Terms in this set (134)
Mission is a broadly defined but enduring statement of
purpose that identifies the scope of an
organization's operations and its offerings to the
various stakeholders
Strategy refers to top management's plans to develop and
sustain competitive advantage so that the
organization's mission is fulfilled.
Competitive advantage is a state whereby a firm's successful strategies
cannot be easily duplicated by its competitors.
Maintaining a sustained competitive advantage over
time can be challenging.
sustained competitive advantage A company's strategies enable it to maintain above-
average profitability for a number of years
,Strategic Management is 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.
The Strategic Management Process 1. External Analysis
2. Internal Analysis
3. Strategy Formulation
4. Strategy Implementation
5. Strategic Control
External Analysis Analyze the opportunities and threats, or
constraints, that exist in the organization's external
environment, including industry and forces in the
external environment
Internal Anaylsis Analyze the organization's strengths and
weaknesses in its internal environment. Consider the
context of managerial ethics and corporate social
responsibility
strategy formulation Formulate strategies that build and sustain
competitive advantage by matching the
organization's strengths and weaknesses with the
environment's opportunities and threats.
Strategic Implementation (Execution) Implement the strategies that have been developed.
Strategic Control Measure success and make corrections when the
strategies are not producing the desired outcomes.
Business model explains how the organization seeks to earn a profit
by selling its goods.
Progressive firms often devise innovative business
models that extract revenue - and ultimately profits
- from sources not identified by competitors.
, 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.
Intended Strategy what management originally plans.
may be realized just as it was planned, in a modified
form, or even in an entirely different form.
Realized Strategy what management actually implements.
Hence, the original strategy may be realized with
desirable or undesirable results, or it may be
modified as changes in the firm or the environment
become known.
Questions
Add to calendar
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (134)
Mission is a broadly defined but enduring statement of
purpose that identifies the scope of an
organization's operations and its offerings to the
various stakeholders
Strategy refers to top management's plans to develop and
sustain competitive advantage so that the
organization's mission is fulfilled.
Competitive advantage is a state whereby a firm's successful strategies
cannot be easily duplicated by its competitors.
Maintaining a sustained competitive advantage over
time can be challenging.
sustained competitive advantage A company's strategies enable it to maintain above-
average profitability for a number of years
,Strategic Management is 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.
The Strategic Management Process 1. External Analysis
2. Internal Analysis
3. Strategy Formulation
4. Strategy Implementation
5. Strategic Control
External Analysis Analyze the opportunities and threats, or
constraints, that exist in the organization's external
environment, including industry and forces in the
external environment
Internal Anaylsis Analyze the organization's strengths and
weaknesses in its internal environment. Consider the
context of managerial ethics and corporate social
responsibility
strategy formulation Formulate strategies that build and sustain
competitive advantage by matching the
organization's strengths and weaknesses with the
environment's opportunities and threats.
Strategic Implementation (Execution) Implement the strategies that have been developed.
Strategic Control Measure success and make corrections when the
strategies are not producing the desired outcomes.
Business model explains how the organization seeks to earn a profit
by selling its goods.
Progressive firms often devise innovative business
models that extract revenue - and ultimately profits
- from sources not identified by competitors.
, 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.
Intended Strategy what management originally plans.
may be realized just as it was planned, in a modified
form, or even in an entirely different form.
Realized Strategy what management actually implements.
Hence, the original strategy may be realized with
desirable or undesirable results, or it may be
modified as changes in the firm or the environment
become known.
