J375 Midterm UPDATED Exam Questions
and CORRECT Answers
what is strategic management - CORRECT ANSWER - an integrative management field
that combines analysis, formulation, and implementation
why do we use strategic management - CORRECT ANSWER - to gain and sustain
competitive advantage
strategy - CORRECT ANSWER - a set of goal-directed actions a firm takes to gain and
sustain superior performance relative to competitors
firm's lifecycle - CORRECT ANSWER - 1. vision
2. analysis
3. innovation
4. implementation
5. feedback/improvement
3 types of strategy - CORRECT ANSWER - -corporate
-business
-functional
corporate strategy - CORRECT ANSWER - -high level decisions about the organization's
approach
-an overall direction towards management of various business units
business strategy - CORRECT ANSWER - -business unit or product level
-improve competitive position
, functional strategy - CORRECT ANSWER - strategy that deals with marketing plans,
research, etc
what must firms compete for in order to achieve competitive advantage? - CORRECT
ANSWER - resources/assets
3 common characteristics of all strategies - CORRECT ANSWER - 1. they are important
2. they involve significant resource commitment
3. they cannot be easily reversed
a good strategy - CORRECT ANSWER - -analysis: diagnosis of the comp. advantage
-formulation: guiding policy to address the comp. challenge
-implementation: set of actions to implement guiding policy
-feedback
stakeholder - CORRECT ANSWER - an individual or group that is affected by the
consequences and outcomes of decisions
competitive advantage - CORRECT ANSWER - when a firm is able to deliver the same
benefits as competitors but at a lower cost, or deliver superior benefits to those of competing
products
why use strategy - CORRECT ANSWER - -a way to focus the firm (set the BHAG)
-improve coordination
-support decisions
BHAG - CORRECT ANSWER - big hairy audacious goal
and CORRECT Answers
what is strategic management - CORRECT ANSWER - an integrative management field
that combines analysis, formulation, and implementation
why do we use strategic management - CORRECT ANSWER - to gain and sustain
competitive advantage
strategy - CORRECT ANSWER - a set of goal-directed actions a firm takes to gain and
sustain superior performance relative to competitors
firm's lifecycle - CORRECT ANSWER - 1. vision
2. analysis
3. innovation
4. implementation
5. feedback/improvement
3 types of strategy - CORRECT ANSWER - -corporate
-business
-functional
corporate strategy - CORRECT ANSWER - -high level decisions about the organization's
approach
-an overall direction towards management of various business units
business strategy - CORRECT ANSWER - -business unit or product level
-improve competitive position
, functional strategy - CORRECT ANSWER - strategy that deals with marketing plans,
research, etc
what must firms compete for in order to achieve competitive advantage? - CORRECT
ANSWER - resources/assets
3 common characteristics of all strategies - CORRECT ANSWER - 1. they are important
2. they involve significant resource commitment
3. they cannot be easily reversed
a good strategy - CORRECT ANSWER - -analysis: diagnosis of the comp. advantage
-formulation: guiding policy to address the comp. challenge
-implementation: set of actions to implement guiding policy
-feedback
stakeholder - CORRECT ANSWER - an individual or group that is affected by the
consequences and outcomes of decisions
competitive advantage - CORRECT ANSWER - when a firm is able to deliver the same
benefits as competitors but at a lower cost, or deliver superior benefits to those of competing
products
why use strategy - CORRECT ANSWER - -a way to focus the firm (set the BHAG)
-improve coordination
-support decisions
BHAG - CORRECT ANSWER - big hairy audacious goal
