MGT 3013 Ronald Anderson Exam 2 Study Guide |
Questions & Detailed Answers |100% Verified and
Updated |Graded A +|Latest
SWOT analysis
Correct Answer:
strengths, weaknesses, opportunities, threats
Porter's 5 competitive forces
Correct Answer:
rival competitors, threat of substitutes, threat of entrants, bargaining power of buyers,
and bargaining power of suppliers
strategic management process
Correct Answer:
1. Establish the mission and the vision
2. Assess the current reality
3. Formulate the grand strategy
4. Implement the strategy
5. Maintain strategic control
three grand strategies
Correct Answer:
growth, stability, defensive
3 levels of strategy
Correct Answer:
corporate, business, functional
Porter's Four Competitive Strategies
Correct Answer:
cost leadership, cost focused, differentiation, and focus-differentiation
Diversification
,Correct Answer:
related (close brands), unrelated (no connections), and vertical (supplied)
SMART goals
Correct Answer:
Specific
Measurable
Attainable
Results-oriented
Target dates
business plan
Correct Answer:
outlines goals, means of achieving, measurement of standards
sustainable competitive advantage
Correct Answer:
unique, hard to copy, effective, adaptable
operational plan
Correct Answer:
taking the strategic plan from top managers to operational and tactical actions for middle
and first-line management
strategic planning
Correct Answer:
Top managers determine what the organization's long-term goals should be for the next
1-5 years with the resources they expect to have available
tactical planning
Correct Answer:
middle management determines what contributions their departments or similar work
units can make with their given resources during the next 6-24 months
operational planning
Correct Answer:
First-line managers determine how to accomplish specific tasks with available resources
within the next 1-52 weeks
, related goods
Correct Answer:
same inputs, close operations, same consumer
MBO (management by objectives)
Correct Answer:
develop a plan
review performance
appraise and reward
set objectives
mission statement
Correct Answer:
why a company exist
vision statement
Correct Answer:
what a company wants to be
value
Correct Answer:
what a company stands for
strategic positioning
Correct Answer:
create unique and valuable position
VRIO
Correct Answer:
valuable
rare
imitation
organizational
corporate level BCG matrix
Correct Answer:
Star-Question Mark-Cow-Dog
growth chart
Questions & Detailed Answers |100% Verified and
Updated |Graded A +|Latest
SWOT analysis
Correct Answer:
strengths, weaknesses, opportunities, threats
Porter's 5 competitive forces
Correct Answer:
rival competitors, threat of substitutes, threat of entrants, bargaining power of buyers,
and bargaining power of suppliers
strategic management process
Correct Answer:
1. Establish the mission and the vision
2. Assess the current reality
3. Formulate the grand strategy
4. Implement the strategy
5. Maintain strategic control
three grand strategies
Correct Answer:
growth, stability, defensive
3 levels of strategy
Correct Answer:
corporate, business, functional
Porter's Four Competitive Strategies
Correct Answer:
cost leadership, cost focused, differentiation, and focus-differentiation
Diversification
,Correct Answer:
related (close brands), unrelated (no connections), and vertical (supplied)
SMART goals
Correct Answer:
Specific
Measurable
Attainable
Results-oriented
Target dates
business plan
Correct Answer:
outlines goals, means of achieving, measurement of standards
sustainable competitive advantage
Correct Answer:
unique, hard to copy, effective, adaptable
operational plan
Correct Answer:
taking the strategic plan from top managers to operational and tactical actions for middle
and first-line management
strategic planning
Correct Answer:
Top managers determine what the organization's long-term goals should be for the next
1-5 years with the resources they expect to have available
tactical planning
Correct Answer:
middle management determines what contributions their departments or similar work
units can make with their given resources during the next 6-24 months
operational planning
Correct Answer:
First-line managers determine how to accomplish specific tasks with available resources
within the next 1-52 weeks
, related goods
Correct Answer:
same inputs, close operations, same consumer
MBO (management by objectives)
Correct Answer:
develop a plan
review performance
appraise and reward
set objectives
mission statement
Correct Answer:
why a company exist
vision statement
Correct Answer:
what a company wants to be
value
Correct Answer:
what a company stands for
strategic positioning
Correct Answer:
create unique and valuable position
VRIO
Correct Answer:
valuable
rare
imitation
organizational
corporate level BCG matrix
Correct Answer:
Star-Question Mark-Cow-Dog
growth chart
