MNGT 4800 Exam 1 Exam Questions & Answers | 100% Verified solutio
|Questions with Correct Answers 2025 latest update!!
1. Chapter 1
2. What is Strategic the ongoing process companies use to form a vision, analyze their internal
Management and external environment, and select one or more strategies to use to create
value for customers and other stakeholders, especially shareholders
3. Key Characteristics -performance oriented
of Strategic Manage- -ongoing in nature
ment: -dynamic
-oriented to the present and the future
-concerned with conditions both outside and inside firm
-concerned with performing well and satisfying stakeholders
4. Components of Hier- -vision
archy of Goals -mission
-strategic objectives
5. Hierarchy of Goals -vision--> more general and longer time horizon
explained -mission-->in the middle of both
-strategic objectives--> more specific and shorter time
6. Organizational Vi- states the organizations: values, aspirations, and goals
sion
7. Vision Statement overarching direction
8. Examples of Vision -Disney: "to be the happiest place on earth"
Statements: -McDonalds: "to give each customer, every time, an experience that sets new
standards in value, service, friendliness, and quality
-Petsmart: "to be the premier organization in nurturing and enriching the
bond between people and animals
9.
, MNGT 4800 Exam 1 Exam Questions & Answers | 100% Verified solutio
|Questions with Correct Answers 2025 latest update!!
When/How do Vision -walk doesn't match the talk
Statements Fail? -irrelevance--not anchored in reality
-too focused--leads to missed opportunities
-future must match past
10. Mission defines the firm's core intent and the business or businesses in which it
intends to operate
11. Mission Statement -states the purpose of the company
-forms the basis of competition and competitive advantages
-more specific than vision statements
-focuses on the means by which the firm will compete
12. Mission Statements reflects enduring, overarching strategic priorities and competitive position-
most effective when: ing
13. Examples of Mission -Starbucks: establish starbucks as the premier purveyor of the finest coffee
Statements: in the world while maintaining our uncompromising principles as we grow.
-Microsoft: our mission and values are to help people and businesses
through the world realize their full potential.
14. Strategy an action plan designed to move an organization toward achievement of its
vision
"what is our goal and how do we accomplish that goal?"
15. Strategic Objectives -operationalize the mission statement
-provide guidance on how the organization can fulfill or move towards
"higher" goals
-specific
-cover a defined time frame
16. SMART
-Specific, Measurable, Appropriate, Realistic, Timely
, MNGT 4800 Exam 1 Exam Questions & Answers | 100% Verified solutio
|Questions with Correct Answers 2025 latest update!!
To be effective,
Strategic Objectives
must be:
17. How does a firm for- 2 ways:
mulate a strategy? -look inside the firm-->"what are we good at?" "what are our limitations?"
-look outside the firm--> "what are our competitors doing?" "what industry
is the most attractive?"
18. External Environ- -the external environment is a set of conditions outside the firm that affect
ment the firms performance.
-identifies:
-opportunities
-threats
19. Internal Environ- -the internal environment is the set of conditions (strengths, resources,
ment capabilities, core-competencies) inside the firm affecting the choice and use
of strategies.
20. Strengths resources and capabilities that allow the firm to complete important tasks
21. Resources the tangible and intangible assets held by the firm; they are the basis for a
firm's competitive advantages and strategies
22. Capabilities result when the firm integrates several different resources to complete a task
or a series of related tasks
23. Core Competencies capabilities the firm emphasize and performs especially well while pursuing
its vision
24. The end goal: What Competitive Advantage
are we trying to
achieve?
|Questions with Correct Answers 2025 latest update!!
1. Chapter 1
2. What is Strategic the ongoing process companies use to form a vision, analyze their internal
Management and external environment, and select one or more strategies to use to create
value for customers and other stakeholders, especially shareholders
3. Key Characteristics -performance oriented
of Strategic Manage- -ongoing in nature
ment: -dynamic
-oriented to the present and the future
-concerned with conditions both outside and inside firm
-concerned with performing well and satisfying stakeholders
4. Components of Hier- -vision
archy of Goals -mission
-strategic objectives
5. Hierarchy of Goals -vision--> more general and longer time horizon
explained -mission-->in the middle of both
-strategic objectives--> more specific and shorter time
6. Organizational Vi- states the organizations: values, aspirations, and goals
sion
7. Vision Statement overarching direction
8. Examples of Vision -Disney: "to be the happiest place on earth"
Statements: -McDonalds: "to give each customer, every time, an experience that sets new
standards in value, service, friendliness, and quality
-Petsmart: "to be the premier organization in nurturing and enriching the
bond between people and animals
9.
, MNGT 4800 Exam 1 Exam Questions & Answers | 100% Verified solutio
|Questions with Correct Answers 2025 latest update!!
When/How do Vision -walk doesn't match the talk
Statements Fail? -irrelevance--not anchored in reality
-too focused--leads to missed opportunities
-future must match past
10. Mission defines the firm's core intent and the business or businesses in which it
intends to operate
11. Mission Statement -states the purpose of the company
-forms the basis of competition and competitive advantages
-more specific than vision statements
-focuses on the means by which the firm will compete
12. Mission Statements reflects enduring, overarching strategic priorities and competitive position-
most effective when: ing
13. Examples of Mission -Starbucks: establish starbucks as the premier purveyor of the finest coffee
Statements: in the world while maintaining our uncompromising principles as we grow.
-Microsoft: our mission and values are to help people and businesses
through the world realize their full potential.
14. Strategy an action plan designed to move an organization toward achievement of its
vision
"what is our goal and how do we accomplish that goal?"
15. Strategic Objectives -operationalize the mission statement
-provide guidance on how the organization can fulfill or move towards
"higher" goals
-specific
-cover a defined time frame
16. SMART
-Specific, Measurable, Appropriate, Realistic, Timely
, MNGT 4800 Exam 1 Exam Questions & Answers | 100% Verified solutio
|Questions with Correct Answers 2025 latest update!!
To be effective,
Strategic Objectives
must be:
17. How does a firm for- 2 ways:
mulate a strategy? -look inside the firm-->"what are we good at?" "what are our limitations?"
-look outside the firm--> "what are our competitors doing?" "what industry
is the most attractive?"
18. External Environ- -the external environment is a set of conditions outside the firm that affect
ment the firms performance.
-identifies:
-opportunities
-threats
19. Internal Environ- -the internal environment is the set of conditions (strengths, resources,
ment capabilities, core-competencies) inside the firm affecting the choice and use
of strategies.
20. Strengths resources and capabilities that allow the firm to complete important tasks
21. Resources the tangible and intangible assets held by the firm; they are the basis for a
firm's competitive advantages and strategies
22. Capabilities result when the firm integrates several different resources to complete a task
or a series of related tasks
23. Core Competencies capabilities the firm emphasize and performs especially well while pursuing
its vision
24. The end goal: What Competitive Advantage
are we trying to
achieve?
