Ray's BMGT 481 Test One UPDATED
ACTUAL Exam Questions and CORRECT
Answers
TMT has a responsibility to... - CORRECT ANSWER - 1. embrace the orgs vision and
mission. 2. analyze internal and external environment. 3. set realistic goals and objectives 4.
craft, implement, and manage tactics and strategies for the achievement of above average returns
Vision definition - CORRECT ANSWER - picture of what the firm wants to be and what
it ultimately wants to achieve. should be inspiring and highlight their aspirations and values.
Mission definition - CORRECT ANSWER - clarifies where firm will focus its attention
and highlights its core values and beliefs
Strategy definition - CORRECT ANSWER - TMTs how to plan for fulfilling its mission
and accomplishing its goals and objectives
Strategic Competitiveness - CORRECT ANSWER - development of unique business
competencies that enable a firm to perform activities more effectively and efficiently than rivals
scenario models - CORRECT ANSWER - sets of potential environmental conditions that
range from very likely to very unlikely
contingency strategies - CORRECT ANSWER - alternative strategic plans to match the
conditions highlighted in scenario models
business environment consists of... - CORRECT ANSWER - internal and external
environment
, general environment factors - CORRECT ANSWER - sociocultural (country dom religion;
determines if they are changing or will start to change), demographic, economic, technological,
political/legal
Sarbanes-Oxley Act of 2002 - CORRECT ANSWER - established requirements for proper
financial record keeping for public companies and penalties of as much as 25 years in prison for
noncompliance
strategic groups and points of similarity - CORRECT ANSWER - customers, distribution
systems, vertical integration, breadth and depth of products, pricing, quality, geographic,
strategies
3 most common strategic alliances - CORRECT ANSWER - licensing arrangements, joint
ventures, cross holding arrangements that include equity stakes
strategic competencies formula - CORRECT ANSWER - value producing resources+
capable leadership
Basic Competencies - CORRECT ANSWER - what a firm can do profitably
core competencies - CORRECT ANSWER - what a firm can do extremely well while
enhancing its profitability
distinctive competencies - CORRECT ANSWER - what they can do extremely well and
what distinguishes them and their output from competitors
Supplier bargaining power is stronger when: - CORRECT ANSWER - there are few
suppliers, theres greater demand, there are few substitutes, products are crucial, buyers are small
purchasers, supplier has ample supply of customers, high switching costs, risk of forward
integration by supplier
Low-cost leadership - CORRECT ANSWER - comparable set of products at a low price
ACTUAL Exam Questions and CORRECT
Answers
TMT has a responsibility to... - CORRECT ANSWER - 1. embrace the orgs vision and
mission. 2. analyze internal and external environment. 3. set realistic goals and objectives 4.
craft, implement, and manage tactics and strategies for the achievement of above average returns
Vision definition - CORRECT ANSWER - picture of what the firm wants to be and what
it ultimately wants to achieve. should be inspiring and highlight their aspirations and values.
Mission definition - CORRECT ANSWER - clarifies where firm will focus its attention
and highlights its core values and beliefs
Strategy definition - CORRECT ANSWER - TMTs how to plan for fulfilling its mission
and accomplishing its goals and objectives
Strategic Competitiveness - CORRECT ANSWER - development of unique business
competencies that enable a firm to perform activities more effectively and efficiently than rivals
scenario models - CORRECT ANSWER - sets of potential environmental conditions that
range from very likely to very unlikely
contingency strategies - CORRECT ANSWER - alternative strategic plans to match the
conditions highlighted in scenario models
business environment consists of... - CORRECT ANSWER - internal and external
environment
, general environment factors - CORRECT ANSWER - sociocultural (country dom religion;
determines if they are changing or will start to change), demographic, economic, technological,
political/legal
Sarbanes-Oxley Act of 2002 - CORRECT ANSWER - established requirements for proper
financial record keeping for public companies and penalties of as much as 25 years in prison for
noncompliance
strategic groups and points of similarity - CORRECT ANSWER - customers, distribution
systems, vertical integration, breadth and depth of products, pricing, quality, geographic,
strategies
3 most common strategic alliances - CORRECT ANSWER - licensing arrangements, joint
ventures, cross holding arrangements that include equity stakes
strategic competencies formula - CORRECT ANSWER - value producing resources+
capable leadership
Basic Competencies - CORRECT ANSWER - what a firm can do profitably
core competencies - CORRECT ANSWER - what a firm can do extremely well while
enhancing its profitability
distinctive competencies - CORRECT ANSWER - what they can do extremely well and
what distinguishes them and their output from competitors
Supplier bargaining power is stronger when: - CORRECT ANSWER - there are few
suppliers, theres greater demand, there are few substitutes, products are crucial, buyers are small
purchasers, supplier has ample supply of customers, high switching costs, risk of forward
integration by supplier
Low-cost leadership - CORRECT ANSWER - comparable set of products at a low price
