Contemporary Strategy Analysis Exam Questions and Answers Already Passed
Successful strategy consists of - Answers Clear, consistent long term goals, profound understanding of
the competitive environment, objective appraisal of resources, and effective implementation
Internal Strategy factors - Answers Goals and values, resources and capabilities, and structures and
systems
Industry Strategy Environment factors - Answers Competitors, Customers, Suppliers
Strategic Fit - Answers The consistency of a firm's strategy with its external environment and with its
internal environment, especially with its goals and values, resources and capabilities, and structure and
systems
Internal Fit - Answers Internal consistency of the different elements of a firms strategy.
Effective Strategy - Answers One which all the decisions and actions that make up the strategy are
aligned with one another to create a consistent strategic direction.
Activity System - Answers Strategy is the creation of a unique and differentiated position involving a
different set of activities.
Contingency theory - Answers There is no single best way of organizing or managing. The best way to
design, manage, and lead an organization depends upon circumstances.
Strategy - Answers Means by which individuals or organizations achieve their objectives.
Why Do Firms need strategy? - Answers Decision Support, Coordinating device, and Target
Where to find strategy? - Answers Mission statement, statement of principles or values, vision
statement, strategy statement
Mission Statement - Answers Describes organizational purpose, addressing why we exist
Statement of principles - Answers Outlines what a company believes and how they will behave
Vision statement - Answers Projects what we want to be
Strategy statement - Answers Articulates the company's competitive game plan, which typically
describes objectives, business scope, and advantage.
Corporate and business strategy ask two basic questions, which are - Answers Where to compete and
how to compete
Corporate Strategy - Answers defines the scope of the firm in terms of the industries and markets in
which it competes
Successful strategy consists of - Answers Clear, consistent long term goals, profound understanding of
the competitive environment, objective appraisal of resources, and effective implementation
Internal Strategy factors - Answers Goals and values, resources and capabilities, and structures and
systems
Industry Strategy Environment factors - Answers Competitors, Customers, Suppliers
Strategic Fit - Answers The consistency of a firm's strategy with its external environment and with its
internal environment, especially with its goals and values, resources and capabilities, and structure and
systems
Internal Fit - Answers Internal consistency of the different elements of a firms strategy.
Effective Strategy - Answers One which all the decisions and actions that make up the strategy are
aligned with one another to create a consistent strategic direction.
Activity System - Answers Strategy is the creation of a unique and differentiated position involving a
different set of activities.
Contingency theory - Answers There is no single best way of organizing or managing. The best way to
design, manage, and lead an organization depends upon circumstances.
Strategy - Answers Means by which individuals or organizations achieve their objectives.
Why Do Firms need strategy? - Answers Decision Support, Coordinating device, and Target
Where to find strategy? - Answers Mission statement, statement of principles or values, vision
statement, strategy statement
Mission Statement - Answers Describes organizational purpose, addressing why we exist
Statement of principles - Answers Outlines what a company believes and how they will behave
Vision statement - Answers Projects what we want to be
Strategy statement - Answers Articulates the company's competitive game plan, which typically
describes objectives, business scope, and advantage.
Corporate and business strategy ask two basic questions, which are - Answers Where to compete and
how to compete
Corporate Strategy - Answers defines the scope of the firm in terms of the industries and markets in
which it competes
