MAN 4720 UCF CAPSTONE MIDTERM
QUESTIONS WITH CORRECT ANSWERS
Competitive Advantage - ANSWER-Generating above average returns. Measured
relative to other firms. Should rely on a more holistic perspective vs. just using one
metric.
Strategic Analysis framework - ANSWER-AFI
Strategy - ANSWER-quest to gain and sustain competitive advantage over
Companies - ANSWER-array of activities
vision statement - ANSWER-paints a picture of where a company wants to be
Balanced Scorecard - ANSWER-harnesses multiple internal and external performance
metrics in order to balance both financial and strategic goals. USED IN
IMPLEMENTATION PHASE
strategic management - ANSWER-an integrative management field that combines
analysis, formulation, and implementation in the quest for competitive advantages
competitive disadvantage - ANSWER-under performance relative to other competitors
in the same industry or industry average
competitive parity - ANSWER-performance of two or more firms at the same level
sustainable competitive advantage - ANSWER-outperforming competitors or the
industry over a prolonged period
co-opetition - ANSWER-cooperation by competitors to achieve a strategic objective
firm effects - ANSWER-results of mangers actions to influence firm performance
industry effects - ANSWER-the results attributed to the choice of industry in which to
compete
strategic business unit (SBU) - ANSWER-a standalone division of a larger
conglomerate, with its own profit and loss responsibility
business model - ANSWER-organizational plan that details the firms competitive tactics
and initiatives; how the firm intends to make money
, bottom of the pyramid - ANSWER-the largest but poorest socioeconomic group of the
world's population
externalities - ANSWER-side-effects of production and consumption that are not
reflected in the price of a product.
crowdsourcing - ANSWER-process in which people voluntarily performs tasks they were
traditionally completed by a firms employees
Stakeholders - ANSWER-Individuals or groups who can affect or are affected by the
action of a firm.
A.F.I. - ANSWER-1.) Analyze
2.) Formulate
3.) Implement
AFI strategy framework - ANSWER-a model that links three interdependent strategic
management tasks- Analyze, Formulate, and Implement. together help firms conceive
of and implement a strategy that can improve performance and result in competitive
advantage
strategic management process - ANSWER-Method by which managers conceive and
implement a strategy that can lead to a sustainable competitive advantage.
emergent strategy - ANSWER-any unplanned strategy initiative undertaken by mid-level
employees of their own volition
intended strategy - ANSWER-the outcome of a rational and structured top-down
strategic plan
unrealized strategy - ANSWER-part or all of a firm's strategic plan that falls by the
wayside due to unexpected events
realized strategy - ANSWER-combination of intended and emergent strategy
Vision - ANSWER-A statement about what an organization ultimately wants to
accomplish; It captures the company's aspiration.
strategic intent - ANSWER-staking out of a desired leadership position that far exceeds
a company's current resources and capabilities.
mission - ANSWER-Description of what an organization actually does- what its business
is- and why it does it; can be customer-oreiented or product-oriented.
strategic commitments - ANSWER-actions that are costly, long-term oriented, and
difficult to reverse .
QUESTIONS WITH CORRECT ANSWERS
Competitive Advantage - ANSWER-Generating above average returns. Measured
relative to other firms. Should rely on a more holistic perspective vs. just using one
metric.
Strategic Analysis framework - ANSWER-AFI
Strategy - ANSWER-quest to gain and sustain competitive advantage over
Companies - ANSWER-array of activities
vision statement - ANSWER-paints a picture of where a company wants to be
Balanced Scorecard - ANSWER-harnesses multiple internal and external performance
metrics in order to balance both financial and strategic goals. USED IN
IMPLEMENTATION PHASE
strategic management - ANSWER-an integrative management field that combines
analysis, formulation, and implementation in the quest for competitive advantages
competitive disadvantage - ANSWER-under performance relative to other competitors
in the same industry or industry average
competitive parity - ANSWER-performance of two or more firms at the same level
sustainable competitive advantage - ANSWER-outperforming competitors or the
industry over a prolonged period
co-opetition - ANSWER-cooperation by competitors to achieve a strategic objective
firm effects - ANSWER-results of mangers actions to influence firm performance
industry effects - ANSWER-the results attributed to the choice of industry in which to
compete
strategic business unit (SBU) - ANSWER-a standalone division of a larger
conglomerate, with its own profit and loss responsibility
business model - ANSWER-organizational plan that details the firms competitive tactics
and initiatives; how the firm intends to make money
, bottom of the pyramid - ANSWER-the largest but poorest socioeconomic group of the
world's population
externalities - ANSWER-side-effects of production and consumption that are not
reflected in the price of a product.
crowdsourcing - ANSWER-process in which people voluntarily performs tasks they were
traditionally completed by a firms employees
Stakeholders - ANSWER-Individuals or groups who can affect or are affected by the
action of a firm.
A.F.I. - ANSWER-1.) Analyze
2.) Formulate
3.) Implement
AFI strategy framework - ANSWER-a model that links three interdependent strategic
management tasks- Analyze, Formulate, and Implement. together help firms conceive
of and implement a strategy that can improve performance and result in competitive
advantage
strategic management process - ANSWER-Method by which managers conceive and
implement a strategy that can lead to a sustainable competitive advantage.
emergent strategy - ANSWER-any unplanned strategy initiative undertaken by mid-level
employees of their own volition
intended strategy - ANSWER-the outcome of a rational and structured top-down
strategic plan
unrealized strategy - ANSWER-part or all of a firm's strategic plan that falls by the
wayside due to unexpected events
realized strategy - ANSWER-combination of intended and emergent strategy
Vision - ANSWER-A statement about what an organization ultimately wants to
accomplish; It captures the company's aspiration.
strategic intent - ANSWER-staking out of a desired leadership position that far exceeds
a company's current resources and capabilities.
mission - ANSWER-Description of what an organization actually does- what its business
is- and why it does it; can be customer-oreiented or product-oriented.
strategic commitments - ANSWER-actions that are costly, long-term oriented, and
difficult to reverse .
