MNGT 4800 Exam 1 , 2025/2026 Actual Complete Real
Exam Questions & Correct Answers | 100% Verified
solutions | Already Graded A+ / 2025 latest Exam!!
Chapter 1
When/How do Vision Statements Fail? - ANSWER--walk doesn't
match the talk
-irrelevance--not anchored
in reality
-too focused--leads to missed
opportunities
-future must match
past
Mission - ANSWER-defines the firm's core intent and
the business or
businesses in which it intends to
operate
Mission Statement - ANSWER--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
Mission Statements most effective when: - ANSWER-
reflects enduring,
overarching strategic priorities and
competitive positioning
Examples of Mission Statements: - ANSWER--Starbucks:
establish starbucks
as the premier purveyor of the finest coffee 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.
Strategy - ANSWER-an action plan designed to move an
organization toward
achievement of its
vision
,"what is our goal and how do we accomplish
that goal?"
Strategic Objectives - ANSWER--operationalize the mission
statement -provide guidance on how the organization can
fulfill or move towards "higher" goals
-specific
-cover a defined time frame
To be effective, Strategic Objectives must be: -
ANSWER-SMART
-Specific, Measurable, Appropriate,
Realistic, Timely
How does a firm formulate a strategy? - ANSWER-2 ways:
-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?"
External Environment - ANSWER--the external
environment is a set of
conditions outside the firm that affect the firms
performance.
-identifies:
-
opportunities
, -threats
Internal Environment - ANSWER--the internal environment is
the set of conditions (strengths, resources, capabilities, core-
competencies) inside the firm affecting the choice and use of
strategies.
Strengths - ANSWER-resources and capabilities that allow the
firm to complete
important
tasks
Resources - ANSWER-the tangible and intangible assets held
by the firm; they
are the basis for a firm's competitive advantages
and strategies
Capabilities - ANSWER-result when the firm integrates
several different
resources to complete a task or a series of
related tasks
Core Competencies - ANSWER-capabilities the firm
emphasize and performs
Exam Questions & Correct Answers | 100% Verified
solutions | Already Graded A+ / 2025 latest Exam!!
Chapter 1
When/How do Vision Statements Fail? - ANSWER--walk doesn't
match the talk
-irrelevance--not anchored
in reality
-too focused--leads to missed
opportunities
-future must match
past
Mission - ANSWER-defines the firm's core intent and
the business or
businesses in which it intends to
operate
Mission Statement - ANSWER--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
Mission Statements most effective when: - ANSWER-
reflects enduring,
overarching strategic priorities and
competitive positioning
Examples of Mission Statements: - ANSWER--Starbucks:
establish starbucks
as the premier purveyor of the finest coffee 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.
Strategy - ANSWER-an action plan designed to move an
organization toward
achievement of its
vision
,"what is our goal and how do we accomplish
that goal?"
Strategic Objectives - ANSWER--operationalize the mission
statement -provide guidance on how the organization can
fulfill or move towards "higher" goals
-specific
-cover a defined time frame
To be effective, Strategic Objectives must be: -
ANSWER-SMART
-Specific, Measurable, Appropriate,
Realistic, Timely
How does a firm formulate a strategy? - ANSWER-2 ways:
-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?"
External Environment - ANSWER--the external
environment is a set of
conditions outside the firm that affect the firms
performance.
-identifies:
-
opportunities
, -threats
Internal Environment - ANSWER--the internal environment is
the set of conditions (strengths, resources, capabilities, core-
competencies) inside the firm affecting the choice and use of
strategies.
Strengths - ANSWER-resources and capabilities that allow the
firm to complete
important
tasks
Resources - ANSWER-the tangible and intangible assets held
by the firm; they
are the basis for a firm's competitive advantages
and strategies
Capabilities - ANSWER-result when the firm integrates
several different
resources to complete a task or a series of
related tasks
Core Competencies - ANSWER-capabilities the firm
emphasize and performs
