MGMT-485W EXAM 1 QUESTIONS WITH COMPLETE
ANSWERS 100% SOLVED
Strategic Management - ANSWER the concern of the high level executive or general manager,
who must use a perspective that is qualitatively different from that of the lower-level
functional manager or operations manager (are we doing the right things?)
Strategy - ANSWER a plan, a series of maneuvers that deploy resources in such a way as to
obtain a specific result
to gain an advantage over an opponent - ANSWER What is the purpose of a strategy?
1. create competitive advantage
2. create value for stakeholders - ANSWER What is the purpose of Strategic Management? (2)
winning - ANSWER Strategy is all about _________.
How to make money in business - ANSWER Strategic Management is all about what?
ongoing - ANSWER Strategic Management is a(n) __________ process.
Ready -> Aim --> Fire - ANSWER Analysis, Decisions, Actions equals...
,NO - ANSWER Is the Strategic Management Process always linear?
Mintzberg's Contrarian View - ANSWER What famous view argues that many strategies never
come to fruition, that is, well-reasoned plans often don't work?
1. CEO's hierarchy of objectives
2. Company's strengths and weaknesses
3. Environmental opportunities and threats
4. Stakeholders and corporate social responsibility - ANSWER What are the 4 components of
the expanded SWOT analysis?
CEOs - ANSWER Who is responsible for articulating the mission - making it clear what it is
they are trying to do?
1. CEOs
2. General Managers
3. Functional Managers
4. Corporate-Level Managers
mission - ANSWER The __________ is used to represent the CEO's hierarchy of objectives.
Strenghts and Weaknesses - ANSWER Regarding the old SWOT analysis, the 2 internals are...
,Opportunities and Threats - ANSWER Regarding the old SWOT analysis, the 2 externals are...
TRUE - ANSWER T/F: For a strategy to work, it has to fit with what the firm can do and what
the environment will allow.
desired / possible - ANSWER The mission answers what is __________ while the SWOT analysis
answers what is __________.
value - ANSWER A successful strategy has to create __________ for stakeholders.
1. Mission: want to do
2. SW: can do
3. OT: might do
4. Ethics: should do - ANSWER A successful strategy satisfies all four requirements, which
are...
1. Vision/strategic intent
2. Mission
3. Major goals - ANSWER The hierarchy of strategic objectives is...
Vision - ANSWER long-term direction of the organization
, 1. Builds internal strengths
2. Shores up weaknesses
3. Takes advantages of environmental opportunities
4. Mitigates threats - ANSWER How does vision affect traditional SWOT?
strategic intent - ANSWER Vision is also called __________ __________.
Company Mission - ANSWER The business is a dental practice, does it serve everyone or only
military families? Does it specialize in pediatric teeth cleaning, geriatric orthodontia, teeth
whitening for beauty queen contestants, or budget crowns for the homeless? What is this an
example of?
now / future - ANSWER A mission is __________ whereas the vision is the __________.
business definition / values - ANSWER A mission statement includes the__________ __________
and __________.
1. WHO are our customers?
2. WHAT are their needs?
3. HOW do we meet their needs? - ANSWER What are the 3 questions that the Business
Definition answers?
ANSWERS 100% SOLVED
Strategic Management - ANSWER the concern of the high level executive or general manager,
who must use a perspective that is qualitatively different from that of the lower-level
functional manager or operations manager (are we doing the right things?)
Strategy - ANSWER a plan, a series of maneuvers that deploy resources in such a way as to
obtain a specific result
to gain an advantage over an opponent - ANSWER What is the purpose of a strategy?
1. create competitive advantage
2. create value for stakeholders - ANSWER What is the purpose of Strategic Management? (2)
winning - ANSWER Strategy is all about _________.
How to make money in business - ANSWER Strategic Management is all about what?
ongoing - ANSWER Strategic Management is a(n) __________ process.
Ready -> Aim --> Fire - ANSWER Analysis, Decisions, Actions equals...
,NO - ANSWER Is the Strategic Management Process always linear?
Mintzberg's Contrarian View - ANSWER What famous view argues that many strategies never
come to fruition, that is, well-reasoned plans often don't work?
1. CEO's hierarchy of objectives
2. Company's strengths and weaknesses
3. Environmental opportunities and threats
4. Stakeholders and corporate social responsibility - ANSWER What are the 4 components of
the expanded SWOT analysis?
CEOs - ANSWER Who is responsible for articulating the mission - making it clear what it is
they are trying to do?
1. CEOs
2. General Managers
3. Functional Managers
4. Corporate-Level Managers
mission - ANSWER The __________ is used to represent the CEO's hierarchy of objectives.
Strenghts and Weaknesses - ANSWER Regarding the old SWOT analysis, the 2 internals are...
,Opportunities and Threats - ANSWER Regarding the old SWOT analysis, the 2 externals are...
TRUE - ANSWER T/F: For a strategy to work, it has to fit with what the firm can do and what
the environment will allow.
desired / possible - ANSWER The mission answers what is __________ while the SWOT analysis
answers what is __________.
value - ANSWER A successful strategy has to create __________ for stakeholders.
1. Mission: want to do
2. SW: can do
3. OT: might do
4. Ethics: should do - ANSWER A successful strategy satisfies all four requirements, which
are...
1. Vision/strategic intent
2. Mission
3. Major goals - ANSWER The hierarchy of strategic objectives is...
Vision - ANSWER long-term direction of the organization
, 1. Builds internal strengths
2. Shores up weaknesses
3. Takes advantages of environmental opportunities
4. Mitigates threats - ANSWER How does vision affect traditional SWOT?
strategic intent - ANSWER Vision is also called __________ __________.
Company Mission - ANSWER The business is a dental practice, does it serve everyone or only
military families? Does it specialize in pediatric teeth cleaning, geriatric orthodontia, teeth
whitening for beauty queen contestants, or budget crowns for the homeless? What is this an
example of?
now / future - ANSWER A mission is __________ whereas the vision is the __________.
business definition / values - ANSWER A mission statement includes the__________ __________
and __________.
1. WHO are our customers?
2. WHAT are their needs?
3. HOW do we meet their needs? - ANSWER What are the 3 questions that the Business
Definition answers?
