MNGT 4800 QUESTIONS WITH VERIFIED
ANSWERS [ GRADED A+]
Strategic Management - ✔✔The ongoing process companies use to
form a *vision*, *analyze* their external environment and their
internal organization, and select one or more *strategies* to use to
create value for customers and other stakeholders, especially
shareholders.
Vision - ✔✔Contains at least two components-a mission that describes
the firm's DNA and the "picture" of the firm as it hopes to exist in a
future time period. DNA includes the core information and
characteristics necessary for the firm to function. It is intended to
©morren2024/2025.Year published 2024.
,inspire the firm's employees and its other stakeholders to realize or
"picture" the future aspirations of what the firm can become and to
help establish a framework for ethical behavior. Usually targeted fro a
longer time, generally 10 to 20 years. An effective strategic leader not
only can develop a vision of the future, but also can inspire
stakeholders to commit to achieving it.
Strategy - ✔✔An action plan designed to move an organization toward
achievement of its vision.
Mission - ✔✔Defines the firm's core intent and the business or
businesses in which it intends to compete. It flows from the vision
statement, which is focused on the markets the firm serves and the
products it provides.
©morren2024/2025.Year published 2024.
,External Environment - ✔✔A set of conditions outside the firm that
affect the firm's performance. Changes in population trends and
income levels, competition between firms, and economic changes are
examples. The three parts are the general environment, the industry
environment and the competitor environment information that will
help them select a strategy.
Internal Organization - ✔✔The set of conditions (such as strengths,
resources, capabilities, and so forth) inside the firm that affect the
choice and use of strategies.
Strengths - ✔✔Resources and capabilities that allow the firm to
complete important task. Generally suggest possibilities.
©morren2024/2025.Year published 2024.
, Weaknesses - ✔✔Resource and capability deficiencies that make it
difficult for the firm to complete important tasks. Generally suggest
constraints.
Resources - ✔✔The tangible and intangible assets held by the firm. The
basis of a firm's competitive advantage. To implement a strategy,
managers integrate or combine different resources so the firm will be
able to complete different work-related tasks. Firms deal with two
kinds of resources--tangible and intangible.
Capabilities - ✔✔Result when the firm integrates several different
resources in a way that allows it to effectively and efficiently complete
a task or series of related tasks.Part of organizational functions such as
marketing, manufacturing, finance, and so forth. Most are based on the
knowledge held by the firm's employees (it's human capital). Each of
©morren2024/2025.Year published 2024.
ANSWERS [ GRADED A+]
Strategic Management - ✔✔The ongoing process companies use to
form a *vision*, *analyze* their external environment and their
internal organization, and select one or more *strategies* to use to
create value for customers and other stakeholders, especially
shareholders.
Vision - ✔✔Contains at least two components-a mission that describes
the firm's DNA and the "picture" of the firm as it hopes to exist in a
future time period. DNA includes the core information and
characteristics necessary for the firm to function. It is intended to
©morren2024/2025.Year published 2024.
,inspire the firm's employees and its other stakeholders to realize or
"picture" the future aspirations of what the firm can become and to
help establish a framework for ethical behavior. Usually targeted fro a
longer time, generally 10 to 20 years. An effective strategic leader not
only can develop a vision of the future, but also can inspire
stakeholders to commit to achieving it.
Strategy - ✔✔An action plan designed to move an organization toward
achievement of its vision.
Mission - ✔✔Defines the firm's core intent and the business or
businesses in which it intends to compete. It flows from the vision
statement, which is focused on the markets the firm serves and the
products it provides.
©morren2024/2025.Year published 2024.
,External Environment - ✔✔A set of conditions outside the firm that
affect the firm's performance. Changes in population trends and
income levels, competition between firms, and economic changes are
examples. The three parts are the general environment, the industry
environment and the competitor environment information that will
help them select a strategy.
Internal Organization - ✔✔The set of conditions (such as strengths,
resources, capabilities, and so forth) inside the firm that affect the
choice and use of strategies.
Strengths - ✔✔Resources and capabilities that allow the firm to
complete important task. Generally suggest possibilities.
©morren2024/2025.Year published 2024.
, Weaknesses - ✔✔Resource and capability deficiencies that make it
difficult for the firm to complete important tasks. Generally suggest
constraints.
Resources - ✔✔The tangible and intangible assets held by the firm. The
basis of a firm's competitive advantage. To implement a strategy,
managers integrate or combine different resources so the firm will be
able to complete different work-related tasks. Firms deal with two
kinds of resources--tangible and intangible.
Capabilities - ✔✔Result when the firm integrates several different
resources in a way that allows it to effectively and efficiently complete
a task or series of related tasks.Part of organizational functions such as
marketing, manufacturing, finance, and so forth. Most are based on the
knowledge held by the firm's employees (it's human capital). Each of
©morren2024/2025.Year published 2024.
