MGMT 5560 Test 1 UGA Questions with 100%
Correct Answers
strategy
the set of goal-directed actions a firm takes to gain and sustain superior performance relative
to competitors
Strategic Management
the initiatives (strategies) taken by executives on behalf of owners involving utilization of
resources to enhance performance of firms in their external environment
Multinational Enterprise (MNE)
a (for profit) firm that deploys resources and capabilities in the procurement, production, and
distribution of goods and services in at least two countries
(sustainable) competitive advantage
when a firm is able to outperform its competitors or the industry average over a prolonged
period
stakeholders
the organizations, groups, and individuals that can affect or are affected by a firm's actions.
Effective stakeholder management can benefit firm performance
1. Analysis
diagnosing the competitive challenge. strategic leadership: managing the strategy process,
external analysis, internal analysis, competitive advantage
2. formulation
, formulating the processes to address the competitive advantage. Business strategy:
differentiation, cost leadership, innovation, entrepreneurship. corporate strategy: vertical
integration and diversification. Global strategy: competing around the world
3. Implementation
Executing actions that implement the formulated processes. Organizational design: structure,
culture, control. Corporate Governance and business ethics
Why is strategic management important?
stakeholder management increases firm performance
strategic leadership
executives' use of power and influence to direct the activities of others when pursuing
organizational goals
vision
a statement about what an organization ultimately wants to accomplish; it captures the
company's aspiration
mission
a description of what an organization actually does- the products and services it plans to
provide, and the markets in which it will compete. Describes how it will accomplish the
vision
values
a statement of principles to guide an organization as it works to achieve its vision and fulfill
its mission; often includes explicit ethical considerations.
An organization's _________ states the standards by which it will operate.
Correct Answers
strategy
the set of goal-directed actions a firm takes to gain and sustain superior performance relative
to competitors
Strategic Management
the initiatives (strategies) taken by executives on behalf of owners involving utilization of
resources to enhance performance of firms in their external environment
Multinational Enterprise (MNE)
a (for profit) firm that deploys resources and capabilities in the procurement, production, and
distribution of goods and services in at least two countries
(sustainable) competitive advantage
when a firm is able to outperform its competitors or the industry average over a prolonged
period
stakeholders
the organizations, groups, and individuals that can affect or are affected by a firm's actions.
Effective stakeholder management can benefit firm performance
1. Analysis
diagnosing the competitive challenge. strategic leadership: managing the strategy process,
external analysis, internal analysis, competitive advantage
2. formulation
, formulating the processes to address the competitive advantage. Business strategy:
differentiation, cost leadership, innovation, entrepreneurship. corporate strategy: vertical
integration and diversification. Global strategy: competing around the world
3. Implementation
Executing actions that implement the formulated processes. Organizational design: structure,
culture, control. Corporate Governance and business ethics
Why is strategic management important?
stakeholder management increases firm performance
strategic leadership
executives' use of power and influence to direct the activities of others when pursuing
organizational goals
vision
a statement about what an organization ultimately wants to accomplish; it captures the
company's aspiration
mission
a description of what an organization actually does- the products and services it plans to
provide, and the markets in which it will compete. Describes how it will accomplish the
vision
values
a statement of principles to guide an organization as it works to achieve its vision and fulfill
its mission; often includes explicit ethical considerations.
An organization's _________ states the standards by which it will operate.
