MGT 4394: Midterm Exam (Chapters 1-
6; Methanex) Questions and All
Correct Answers.
strategic management - Answer an ongoing process used by firms to set an organizational
vision, analyze the external, competitive, and internal environments, and develop strategies for
success; the formulation and implementation of the major goals and initiatives taken by a
company's top management on behalf of owners based on consideration of resources and an
assessment of the internal and external environments in which the organization competes
key question answered by strategic management - Answer why do some firms outperform
other firms?
strategy - Answer a broad goal that an organization needs to be achieve to be successful in
the marketplace; a higher-level, broad goal, without a lot of specifics and long-term in nature
3 principles underlying strategy - Answer creating a unique and valuable position, making
trade-offs by choosing what not to do, creating fit by aligning company activities with one
another to support the chosen strategy
2 major processes of strategic management - Answer formulation of strategy,
implementation of strategy
5 types of strategy - Answer intended, emergent,
deliberate, realized, and unrealized
intended strategy - Answer the strategy an organization hopes to execute; described in detail
in strategic plan
emergent strategy - Answer an unplanned strategy that arises in response to unexpected
opportunities and challenges
realized strategy - Answer the strategy that an organization actually follows; a product of
intended strategy, deliberate strategy, and emergent strategy
deliberate strategy - Answer the parts of the intended strategy that the firm continues to
pursue over time
, unrealized strategy - Answer a strategy that was developed but not accomplished; the
abandoned parts of the intended strategy
SWOT analysis - Answer strengths, weaknesses, opportunities, threats; incorporates idea of
scanning elements both internal and external to the firm
strategic issue - Answer the primary matter facing the organization, typically long-term in
nature; requires significant commitment of attention and resources; difficult or impossible to
avoid; likely the result of multiple causes
3 questions to answer for strategic management - Answer where are we?; where are we
going?; how are we going to get there?
organizational performance indicators - Answer quantitative measures that indicate how an
organization performs in comparison to historical trends and/or competitors; answers "where
are we?"
examples of organizational performance indicators - Answer quality measures, productivity
measures, HR indicators, customer satisfaction/retention
vision - Answer what the organization hopes to become, its aspirational goal for the future;
the big goal it wants to accomplish; developed within the mission and aligned with core values
mission - Answer an organization's purpose, why it exists, beyond making a profit; captures
key elements of the past and present
core values - Answer the important guiding principles of an organization that every employee
should embrace; side rails for strategies
strategies - Answer a broad goal that an organization needs to achieve to be successful in the
marketplace; developed to work towards vision; answers "how are we going to get there?"
goals - Answer narrower targets that should provide clear and tangible guidance to
employees as they perform work on daily basis; created to achieve vision and mission
SMART goals - Answer goals that are specific, measurable, attainable, realistic, and time-
bound; the most effective goals
6; Methanex) Questions and All
Correct Answers.
strategic management - Answer an ongoing process used by firms to set an organizational
vision, analyze the external, competitive, and internal environments, and develop strategies for
success; the formulation and implementation of the major goals and initiatives taken by a
company's top management on behalf of owners based on consideration of resources and an
assessment of the internal and external environments in which the organization competes
key question answered by strategic management - Answer why do some firms outperform
other firms?
strategy - Answer a broad goal that an organization needs to be achieve to be successful in
the marketplace; a higher-level, broad goal, without a lot of specifics and long-term in nature
3 principles underlying strategy - Answer creating a unique and valuable position, making
trade-offs by choosing what not to do, creating fit by aligning company activities with one
another to support the chosen strategy
2 major processes of strategic management - Answer formulation of strategy,
implementation of strategy
5 types of strategy - Answer intended, emergent,
deliberate, realized, and unrealized
intended strategy - Answer the strategy an organization hopes to execute; described in detail
in strategic plan
emergent strategy - Answer an unplanned strategy that arises in response to unexpected
opportunities and challenges
realized strategy - Answer the strategy that an organization actually follows; a product of
intended strategy, deliberate strategy, and emergent strategy
deliberate strategy - Answer the parts of the intended strategy that the firm continues to
pursue over time
, unrealized strategy - Answer a strategy that was developed but not accomplished; the
abandoned parts of the intended strategy
SWOT analysis - Answer strengths, weaknesses, opportunities, threats; incorporates idea of
scanning elements both internal and external to the firm
strategic issue - Answer the primary matter facing the organization, typically long-term in
nature; requires significant commitment of attention and resources; difficult or impossible to
avoid; likely the result of multiple causes
3 questions to answer for strategic management - Answer where are we?; where are we
going?; how are we going to get there?
organizational performance indicators - Answer quantitative measures that indicate how an
organization performs in comparison to historical trends and/or competitors; answers "where
are we?"
examples of organizational performance indicators - Answer quality measures, productivity
measures, HR indicators, customer satisfaction/retention
vision - Answer what the organization hopes to become, its aspirational goal for the future;
the big goal it wants to accomplish; developed within the mission and aligned with core values
mission - Answer an organization's purpose, why it exists, beyond making a profit; captures
key elements of the past and present
core values - Answer the important guiding principles of an organization that every employee
should embrace; side rails for strategies
strategies - Answer a broad goal that an organization needs to achieve to be successful in the
marketplace; developed to work towards vision; answers "how are we going to get there?"
goals - Answer narrower targets that should provide clear and tangible guidance to
employees as they perform work on daily basis; created to achieve vision and mission
SMART goals - Answer goals that are specific, measurable, attainable, realistic, and time-
bound; the most effective goals
