Mgmt 449 CSUF Midterm Exam Questions
With Accurate Answers
Strategic Management - ANSWER consists of the analyses, decisions, and
actions an organization undertakes in order to create and sustain competitive
advantages
What are the three ongoing processes of strategic management? - ANSWER
Analysis, Decisions, and Actions
What is the essence of strategic management? - ANSWER The study of why
some firms outperform others.
What is strategy? - ANSWER The ideas, decisions, and actions that enable a firm
to succeed.
ambidexterity - ANSWER the ability to do multiple things at once.
Intended Strategy - ANSWER strategy in which organizational decisions are
determined only by analysis.
Rarely survives in its original form
Realized Strategy - ANSWER strategy in which organizational decisions are
determined by both analysis and unforeseen environmental developments,
unanticipated resource constraints, and/or changes in managerial preferences.
An intended strategy is the plan at the beginning. A realized strategy is how it
worked out at the end
Hierarchy of Goals - ANSWER organizational goals ranging from, at the top,
those that are less specific yet able to evoke powerful and compelling mental
images, to, at the bottom, those that are more specific and measurable.
Includes the mission, vision, and strategic objectives.
Organizational Vision - ANSWER organizational goal(s) that are massively
inspiring, overarching, and Long-term
, How vision statements could fail - ANSWER Walk doesn't match the talk
Irrelevance
Not the Holy Grail
Too much focus leads to missed opportunities
Ideal future irreconciled with the present
Mission Statements - ANSWER It encompasses both the purpose of the company
and the basis of competition and competitive advantage.
More specific and focused than vision.
Strategic Objectives - ANSWER Used to operationalize the mission statement.
Helps to provide guidance on how to fulfill mission & vision
- Are measurable, specific, appropriate, realistic & timely
- Can be short-term "action plans"
- Can be both financial and nonfinancial
- Should be challenging, yet help resolve conflicts
An objective must be: - ANSWER measurable, specific, appropriate, realistic,
timely
Forecasts - ANSWER Environmental Scanning, Environmental Monitoring,
Competitive Intelligence
Environmental Scanning - ANSWER involves surveillance of a firm's external
environment to predict environmental changes and detect changes already
under way.
Environment Monitoring - ANSWER tracks the evolution of environmental trends,
sequences of events, or streams of activities.
-trends that firms accidentally came across or were brought to their attention.
Competitive Intelligence - ANSWER Helps firms define and understand their
industry and identify rivals' strengths and weaknesses.
-collecting data on competitors
-helps company avoid surprises by anticipating a competitors move
General Environment - ANSWER composed of factors that can have dramatic
effects on firm strategy.
-Divided into 6 segments: demographic, sociocultural, political/legal,
technological, economic, and global.
Demographic - ANSWER Most understood and quantifiable elements of the
general environment. The root of many changes in society.
With Accurate Answers
Strategic Management - ANSWER consists of the analyses, decisions, and
actions an organization undertakes in order to create and sustain competitive
advantages
What are the three ongoing processes of strategic management? - ANSWER
Analysis, Decisions, and Actions
What is the essence of strategic management? - ANSWER The study of why
some firms outperform others.
What is strategy? - ANSWER The ideas, decisions, and actions that enable a firm
to succeed.
ambidexterity - ANSWER the ability to do multiple things at once.
Intended Strategy - ANSWER strategy in which organizational decisions are
determined only by analysis.
Rarely survives in its original form
Realized Strategy - ANSWER strategy in which organizational decisions are
determined by both analysis and unforeseen environmental developments,
unanticipated resource constraints, and/or changes in managerial preferences.
An intended strategy is the plan at the beginning. A realized strategy is how it
worked out at the end
Hierarchy of Goals - ANSWER organizational goals ranging from, at the top,
those that are less specific yet able to evoke powerful and compelling mental
images, to, at the bottom, those that are more specific and measurable.
Includes the mission, vision, and strategic objectives.
Organizational Vision - ANSWER organizational goal(s) that are massively
inspiring, overarching, and Long-term
, How vision statements could fail - ANSWER Walk doesn't match the talk
Irrelevance
Not the Holy Grail
Too much focus leads to missed opportunities
Ideal future irreconciled with the present
Mission Statements - ANSWER It encompasses both the purpose of the company
and the basis of competition and competitive advantage.
More specific and focused than vision.
Strategic Objectives - ANSWER Used to operationalize the mission statement.
Helps to provide guidance on how to fulfill mission & vision
- Are measurable, specific, appropriate, realistic & timely
- Can be short-term "action plans"
- Can be both financial and nonfinancial
- Should be challenging, yet help resolve conflicts
An objective must be: - ANSWER measurable, specific, appropriate, realistic,
timely
Forecasts - ANSWER Environmental Scanning, Environmental Monitoring,
Competitive Intelligence
Environmental Scanning - ANSWER involves surveillance of a firm's external
environment to predict environmental changes and detect changes already
under way.
Environment Monitoring - ANSWER tracks the evolution of environmental trends,
sequences of events, or streams of activities.
-trends that firms accidentally came across or were brought to their attention.
Competitive Intelligence - ANSWER Helps firms define and understand their
industry and identify rivals' strengths and weaknesses.
-collecting data on competitors
-helps company avoid surprises by anticipating a competitors move
General Environment - ANSWER composed of factors that can have dramatic
effects on firm strategy.
-Divided into 6 segments: demographic, sociocultural, political/legal,
technological, economic, and global.
Demographic - ANSWER Most understood and quantifiable elements of the
general environment. The root of many changes in society.
