BA 676 Strategic Management Exam one Questions With Correct Answers

EXAM STUDY MATERIALS July 29, 2024 12:59 PM BA 676 Strategic Management Exam one Questions With Correct Answers Strategy - answerA set of consistent, relevant, and integrated actions to accomplish organizational goals Why is strategy important? - answerTo achieve a unique competitive position that leads to sustained superior performance relative to competitors (sustained competitive advantage) Who formulates and implements strategy? - answerManagers (Corporate, Business, and Functional Levels) How do managers formulate and implement strategy? - answerStrategic Management Process. Vision - Mission - Values - Goals; Analysis- Formulation - Implementation What is a Mission? - answerDescribes what the firm does Google's mission is to organize the world's information and make it universally accessible and useful. What are the steps of the formal strategic planning process? - answer1. Select the corporate mission and major corporate goals. 2.Analyze the organization's external competitive environment to identify opportunities and threats. 3.Analyze the organization's internal operating environment to identify the organization's strengths and weaknesses. EXAM STUDY MATERIALS July 29, 2024 12:59 PM 4. Select strategies that build on the organization's strengths and correct its weaknesses to take advantage of external opportunities and counter external threats. 5. Implement the strategies. What is vision? - answera statement of some desired future state. Microsoft operated with a very powerful vision of a computer on every desk and in every home. What is a goal? - answerA goal is a precise, measurable, desired future state that a company attempts to realize What are the characteristics of well-constructed goals? - answer1. Precise and measurable 2. Address crucial issues 3. Challenging but realistic 4. A timeline Long-Term goals are related to: - answerProduct development, customer satisfaction, and efficiency. What are the 3 interrelated environments that should be examined when undertaking an external analysis? - answer1. Industry enviroment the company operates in 2. Country or national enviroment 3. wider socioeconomic or microenvironment. ( Remember, this is the second component of Strategic management process.) Internal Analysis focuses on: - answer1. Reviewing the resources, EXAM STUDY MATERIALS July 29, 2024 12:59 PM 2. Capabilities 3. Identifying its strengths and weaknesses. The goal of SWOT analysis is to: - answerCreate, affirm, or fine-tune a company-specific business model that will best align, fit, or match a company's resources and capabilities to the demands of the environment in which it operates. 4 main strategies that that managers compare and contrast. - answer1. Business-Level 2. Functional-Level 3. Global 4. Corporate-level Business-level strategies - answerencompass the business's overall competitive theme, the way it positions itself in the marketplace to gain a competitive advantage, and the different positioning strategies that can be used in different industry settings Functional-level strategies - answerdirected at improving the efficiency and effectiveness of operations within a company, such as manufacturing and marketing, Global strategies - answerwhich address how to expand operations outside the home country in order to grow and prosper in a world Corporate-level strategies answer the primary questions: - answerWhat business or businesses should we be in to maximize the long-run profitability and profit growth of the organization, and how should we enter and increase our presence in these businesses to gain a competitive advantage? Strategy implementation involves - answertaking actions at the functional, business, and corporate levels to execute a strategic plan. The feedback loop in indicates that: - answerstrategic planning is ongoing: it never ends