MGMT 5560 UGA EXAM 1 QUESTIONS WITH VERIFIED
ACCURATE ANSWERS
What is Strategy as a Plan? - Answers -____ - a carefully crafted set of steps that a
firm intends to follow in order to be successful
Virtually every org creates a strategic _____ to guide its future
Ex Football coaches game ____
UGA 2025 strategic ____
What is strategy as a pattern? - Answers -_______ - a consistent stream of actions
Viewing strategy as a ______ helps to explain how strategy actually works:
Realized strategy is typically a combination of deliberate and emergent strategy
Ex. Intel in the 1980's shifted its focus from memory chips to microprocessors based on
bottom-up, emergent initiatives
What is strategy as a position? - Answers -_______ - a firms place in industry relative
to its competitors
Related to I/O view strategy or Five Forces Model
Ex Old Navy positioning versus Banana Republic, Tesla vs Toyota vs Kia, Comparing
industries before applying for jobs
What is strategy as a perspective? - Answers -_______ - how executives view and
interpret the competitive landscape around them
Related to the concept of vision, values, culture
Ex. Amazons strategy is based on Jeff Bezoz's vision of using the internet as a sales
channel (he originally started with the idea of selling books online)
Steve Jobs unique _______ and vision formed the basis of apple strategy
What is strategy as a ploy? - Answers -_______ - specific moves or tactics designed to
outwit competitors or manage outsiders impressions
Ex. A company threatens to expand production capacity to discourage competition from
building a new plant
A company announces practices favored by stakeholders (e.g. Better corporate
governance, CSR, diversity) but does not make substantive changes
Who are external stakeholders? - Answers -customers, suppliers, alliance partners,
creditors, unions, communities, government, media
Who are internal stakeholders? - Answers -Employees, Stockholders, Board Members
, Process of strategy > AFI strategy framework - Answers -Outlines actions that
managers take to gain and sustain competitive advantage
____ helps managers craft and execute a strategy that enhances the chances of
achieving superior performance.
_____ includes three broad tasks: Analyze (A)- diagnosis of CA, Formulate (F)-Guiding
policy to address the CA, Implement (I)-a set of coherent actions to implement the firms
guiding policy
Takeaways from Alaska Gold Mine - Answers -Most strategy choices involve trade-offs.
It is essential to clarify your objective(s) when assessing these tradeoffs
Most strategy choices involve some degree of irreversibility, uncertainty, and
competition (time pressure)
General drivers of choice are the external environment and your own resources
(including capabilities and values)
What is a vision? - Answers -What do we want to accomplish ultimately?
Captures an organizations aspiration
Spells out what the organization wants to accomplish
Identifies the long-term objective
An effective _____: Is expressed as a statement, Should be forward looking and
inspiring, Should provide meaning for employees in pursuit of the organizations ultimate
goals
How is vision and CA related? - Answers -Research shows that vision statements and
firm performance are related
This relationship is strongest when: The vision is customer oriented, Internal
stakeholders help define the vision, Organizational structures align to the vision, for
example, compensation.
Customer-oriented vision statements - Answers -Allow companies to adapt to changing
environments
Focus on problem solving for the customer
Product-oriented vision statements: - Answers -Focus on improving existing products
and services
What is a mission? - Answers -What an organization actually does
The products and services it will provide
ACCURATE ANSWERS
What is Strategy as a Plan? - Answers -____ - a carefully crafted set of steps that a
firm intends to follow in order to be successful
Virtually every org creates a strategic _____ to guide its future
Ex Football coaches game ____
UGA 2025 strategic ____
What is strategy as a pattern? - Answers -_______ - a consistent stream of actions
Viewing strategy as a ______ helps to explain how strategy actually works:
Realized strategy is typically a combination of deliberate and emergent strategy
Ex. Intel in the 1980's shifted its focus from memory chips to microprocessors based on
bottom-up, emergent initiatives
What is strategy as a position? - Answers -_______ - a firms place in industry relative
to its competitors
Related to I/O view strategy or Five Forces Model
Ex Old Navy positioning versus Banana Republic, Tesla vs Toyota vs Kia, Comparing
industries before applying for jobs
What is strategy as a perspective? - Answers -_______ - how executives view and
interpret the competitive landscape around them
Related to the concept of vision, values, culture
Ex. Amazons strategy is based on Jeff Bezoz's vision of using the internet as a sales
channel (he originally started with the idea of selling books online)
Steve Jobs unique _______ and vision formed the basis of apple strategy
What is strategy as a ploy? - Answers -_______ - specific moves or tactics designed to
outwit competitors or manage outsiders impressions
Ex. A company threatens to expand production capacity to discourage competition from
building a new plant
A company announces practices favored by stakeholders (e.g. Better corporate
governance, CSR, diversity) but does not make substantive changes
Who are external stakeholders? - Answers -customers, suppliers, alliance partners,
creditors, unions, communities, government, media
Who are internal stakeholders? - Answers -Employees, Stockholders, Board Members
, Process of strategy > AFI strategy framework - Answers -Outlines actions that
managers take to gain and sustain competitive advantage
____ helps managers craft and execute a strategy that enhances the chances of
achieving superior performance.
_____ includes three broad tasks: Analyze (A)- diagnosis of CA, Formulate (F)-Guiding
policy to address the CA, Implement (I)-a set of coherent actions to implement the firms
guiding policy
Takeaways from Alaska Gold Mine - Answers -Most strategy choices involve trade-offs.
It is essential to clarify your objective(s) when assessing these tradeoffs
Most strategy choices involve some degree of irreversibility, uncertainty, and
competition (time pressure)
General drivers of choice are the external environment and your own resources
(including capabilities and values)
What is a vision? - Answers -What do we want to accomplish ultimately?
Captures an organizations aspiration
Spells out what the organization wants to accomplish
Identifies the long-term objective
An effective _____: Is expressed as a statement, Should be forward looking and
inspiring, Should provide meaning for employees in pursuit of the organizations ultimate
goals
How is vision and CA related? - Answers -Research shows that vision statements and
firm performance are related
This relationship is strongest when: The vision is customer oriented, Internal
stakeholders help define the vision, Organizational structures align to the vision, for
example, compensation.
Customer-oriented vision statements - Answers -Allow companies to adapt to changing
environments
Focus on problem solving for the customer
Product-oriented vision statements: - Answers -Focus on improving existing products
and services
What is a mission? - Answers -What an organization actually does
The products and services it will provide
