MAN 3025 exam 2 FGCU UPDATED
Actual Exam Questions and CORRECT
Answers
Strategic Positioning/ Sustainable Competitive Advantage - CORRECT ANSWER- ✔✔
Strategic Management - CORRECT ANSWER- ✔✔a process that involves managers from
all parts of the organization in the formulation and the implementation of strategies and
strategic goals
Strategic Analysis - CORRECT ANSWER- ✔✔the process of analyzing the organization, the
environment, and the organization's competitive position and current strategies
strategy formulation - CORRECT ANSWER- ✔✔the process of choosing among different
strategies and altering them to best fit the organization's needs
the five steps of the strategic-management process - CORRECT ANSWER- ✔✔
Mission Statement - CORRECT ANSWER- ✔✔a statement of the organization's purpose -
what it wants to accomplish in the larger environment
Vision Statement - CORRECT ANSWER- ✔✔expresses what the organization should
become, where it wants to go strategically
competitive intelligence - CORRECT ANSWER- ✔✔gaining information about one's
competitors' activities so that you can anticipate their moves and react appropriately
SWOT analysis - CORRECT ANSWER- ✔✔strengths, weaknesses, opportunities, threats
Forecasting - CORRECT ANSWER- ✔✔the attempts to determine the supply of and demand
for various types of human resources to predict areas within the organization where there will
be labor shortages or surpluses
, trend analysis - CORRECT ANSWER- ✔✔constructing and applying statistical models that
predict labor demand for the next year, given relatively objective statistics from the previous
year
Benchmarking - CORRECT ANSWER- ✔✔a process by which a company compares its
performance with that of high-performing organizations
Porter's Five Forces - CORRECT ANSWER- ✔✔threat of entry, threat of substitute, supplier
power, buyer power, and competitive rivalry
Three Common Grand Strategies - CORRECT ANSWER- ✔✔1. growth strategy
2. stability strategy
3. defensive strategy
Porter's Four Competitive Strategies - CORRECT ANSWER- ✔✔1. cost-leadership
2. differentiation
3. cost-focus
4. focused-differentiation
single-product strategy - CORRECT ANSWER- ✔✔a company makes and sells only one
product within its market
diversification strategy - CORRECT ANSWER- ✔✔a growth strategy whereby a firm
introduces a new product or service to a market segment that it does not currently serve
related and unrelated diversification - CORRECT ANSWER- ✔✔
BCG Matrix - CORRECT ANSWER- ✔✔a means of evaluating strategic business units on
the basis of (1) their business growth rates and (2) their share of the market
Actual Exam Questions and CORRECT
Answers
Strategic Positioning/ Sustainable Competitive Advantage - CORRECT ANSWER- ✔✔
Strategic Management - CORRECT ANSWER- ✔✔a process that involves managers from
all parts of the organization in the formulation and the implementation of strategies and
strategic goals
Strategic Analysis - CORRECT ANSWER- ✔✔the process of analyzing the organization, the
environment, and the organization's competitive position and current strategies
strategy formulation - CORRECT ANSWER- ✔✔the process of choosing among different
strategies and altering them to best fit the organization's needs
the five steps of the strategic-management process - CORRECT ANSWER- ✔✔
Mission Statement - CORRECT ANSWER- ✔✔a statement of the organization's purpose -
what it wants to accomplish in the larger environment
Vision Statement - CORRECT ANSWER- ✔✔expresses what the organization should
become, where it wants to go strategically
competitive intelligence - CORRECT ANSWER- ✔✔gaining information about one's
competitors' activities so that you can anticipate their moves and react appropriately
SWOT analysis - CORRECT ANSWER- ✔✔strengths, weaknesses, opportunities, threats
Forecasting - CORRECT ANSWER- ✔✔the attempts to determine the supply of and demand
for various types of human resources to predict areas within the organization where there will
be labor shortages or surpluses
, trend analysis - CORRECT ANSWER- ✔✔constructing and applying statistical models that
predict labor demand for the next year, given relatively objective statistics from the previous
year
Benchmarking - CORRECT ANSWER- ✔✔a process by which a company compares its
performance with that of high-performing organizations
Porter's Five Forces - CORRECT ANSWER- ✔✔threat of entry, threat of substitute, supplier
power, buyer power, and competitive rivalry
Three Common Grand Strategies - CORRECT ANSWER- ✔✔1. growth strategy
2. stability strategy
3. defensive strategy
Porter's Four Competitive Strategies - CORRECT ANSWER- ✔✔1. cost-leadership
2. differentiation
3. cost-focus
4. focused-differentiation
single-product strategy - CORRECT ANSWER- ✔✔a company makes and sells only one
product within its market
diversification strategy - CORRECT ANSWER- ✔✔a growth strategy whereby a firm
introduces a new product or service to a market segment that it does not currently serve
related and unrelated diversification - CORRECT ANSWER- ✔✔
BCG Matrix - CORRECT ANSWER- ✔✔a means of evaluating strategic business units on
the basis of (1) their business growth rates and (2) their share of the market
