UNCW MGT 455 (Guidice) Exam 1 – Study Guide, Practice Questions & Exam
Review
What is Strategy? - ANS ✔✔How to succeed
Jack Welch on Strategy: - ANS ✔✔Strategy should be a living, breathing, part of every day
operations
Strategy is NOT - ANS ✔✔a zero sum game where only one side can win; taking every penny you
can for profit
Mission Statement - ANS ✔✔Specifies the business in which the firm intends to compete and
the customers it intends to serve
Vision - ANS ✔✔A picture of what the company wants to be and what it wants to achieve
Purpose - ANS ✔✔How the company views itself and its conduct
Stakeholders - ANS ✔✔Those affected by strategic decisions, and can influence said decisions
Goals - ANS ✔✔Specific, measurable objectives used to evaluate the extent to which the firm is
accomplishing the mission
Competitive Advantage - ANS ✔✔Superior performance compared to competitors based on
some important and measurable benchmark
General Environment Segments - ANS ✔✔Demographic, Economic, Political/Legal,
Sociocultural, Technological, Global, Physical
, Purpose of an External Analysis - ANS ✔✔to identify Opportunities and Threats
External Analysis shows: - ANS ✔✔What a company Might Do
PESTEL - ANS ✔✔Political, Economic, Social, Technological, Environmental, Legal
Porter's Five Forces - ANS ✔✔Threat of New Entrants, Competitive Rivalry, Supplier Power,
Buyer Power, Threat of Substitutes
Threat of New Entrants - ANS ✔✔Entry barriers (costs, legal, economies of scale)
Competitive Rivalry - ANS ✔✔More competitors, higher rivalry, lower industry attractiveness
Supplier Power - ANS ✔✔Few suppliers, low resources, hgih switching costs, unattractive
industry
Buyer Power - ANS ✔✔low switching costs, undifferentiated product
Threat of Substitutes - ANS ✔✔not just a brand, but a product/industry replacement
Strategic Groups - ANS ✔✔Companies that are following a similar business strategy and
competing for segment market shares
Internal Environment: - ANS ✔✔What a company Can Do
Review
What is Strategy? - ANS ✔✔How to succeed
Jack Welch on Strategy: - ANS ✔✔Strategy should be a living, breathing, part of every day
operations
Strategy is NOT - ANS ✔✔a zero sum game where only one side can win; taking every penny you
can for profit
Mission Statement - ANS ✔✔Specifies the business in which the firm intends to compete and
the customers it intends to serve
Vision - ANS ✔✔A picture of what the company wants to be and what it wants to achieve
Purpose - ANS ✔✔How the company views itself and its conduct
Stakeholders - ANS ✔✔Those affected by strategic decisions, and can influence said decisions
Goals - ANS ✔✔Specific, measurable objectives used to evaluate the extent to which the firm is
accomplishing the mission
Competitive Advantage - ANS ✔✔Superior performance compared to competitors based on
some important and measurable benchmark
General Environment Segments - ANS ✔✔Demographic, Economic, Political/Legal,
Sociocultural, Technological, Global, Physical
, Purpose of an External Analysis - ANS ✔✔to identify Opportunities and Threats
External Analysis shows: - ANS ✔✔What a company Might Do
PESTEL - ANS ✔✔Political, Economic, Social, Technological, Environmental, Legal
Porter's Five Forces - ANS ✔✔Threat of New Entrants, Competitive Rivalry, Supplier Power,
Buyer Power, Threat of Substitutes
Threat of New Entrants - ANS ✔✔Entry barriers (costs, legal, economies of scale)
Competitive Rivalry - ANS ✔✔More competitors, higher rivalry, lower industry attractiveness
Supplier Power - ANS ✔✔Few suppliers, low resources, hgih switching costs, unattractive
industry
Buyer Power - ANS ✔✔low switching costs, undifferentiated product
Threat of Substitutes - ANS ✔✔not just a brand, but a product/industry replacement
Strategic Groups - ANS ✔✔Companies that are following a similar business strategy and
competing for segment market shares
Internal Environment: - ANS ✔✔What a company Can Do
