MGMT 3013 Exam 2 Questions and
Answers 100% Pass
strategic positioning - ✔✔attempts to achieve sustainable competitive advantage by
preserving what is distinctive about a company
"performing different activities from rivals, or performing similar activities in different
ways"
-Little Caesars
-Hideaway
strategy - ✔✔large-scale action plan that sets the direction for an organization based on
the unknown future
strategic management - ✔✔process that involves managers from all parts of the
organization in the formulation and the implementation of strategies and strategic goals
strategic positioning - ✔✔What is an effective strategy?
strategy - ✔✔What is the creation of a unique and valuable position?
1. strategy is the creation of a unique and valuable position
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,2. strategy requires trade-offs in competing
3. strategy involves creating a "fit" among activities - ✔✔What are the principles of
strategic positioning?
Few Needs, Many Customers
ex. oil change shops
Broad Needs, Few Customers
ex. financial consultants
Broad Needs, Many Customers
ex. Walmart, sam's, costco - ✔✔What are the different positions an organization can be
in?
1. establish the mission and vision statement
2. assess the current reality
3. formulate the grand strategy
4. implement the strategy
5. maintain strategic control - ✔✔What is the strategic management process?
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,current reality assessment - ✔✔to look at where the organization stands and see what is
working and what could be different so as to maximize efficiency and effectiveness in
achieving the organization's mission
organizational assessment - ✔✔What is current reality assessment called?
grand strategy - ✔✔explains how the organization's mission is supposed to be
accomplished
Growth strategy - ✔✔involves expansion - as in sales revenues, market share, number
of employees, or number of customers
Stability - ✔✔involves little or no significant change
Defensive - ✔✔involves reduction in the organization's efforts
AKA - retrenchment
Common Grand Strategies - ✔✔1. growth strategy
2. stability
3. defensive
strategy formulation - ✔✔process of choosing among different strategies and altering
them to best fit the organization's needs
specifically, how are you going to fit your strategy to your organization?
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, strategy implementation - ✔✔putting strategic plans into effect
strategic control - ✔✔consists of monitoring the execution of strategy and making
adjustments, if necessary
maintaining strategic control - ✔✔1. engage people
2. keep it simple
3. stay focused
4. keep moving
competitive intelligence - ✔✔means gaining information about one's competitor's
activities so that you can anticipate their moves and react appropriately
-public prints and advertising, investor information, informal sources
environmental scanning - ✔✔careful monitoring of an organization's internal and
external environments to detect early signs of opportunities and threats that may
influence the firm's plans
S- strengths: Inside matters
W- weaknesses: inside matters
O- opportunities: outside matters
T-Threats: outside matters - ✔✔SWOT analysis
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Answers 100% Pass
strategic positioning - ✔✔attempts to achieve sustainable competitive advantage by
preserving what is distinctive about a company
"performing different activities from rivals, or performing similar activities in different
ways"
-Little Caesars
-Hideaway
strategy - ✔✔large-scale action plan that sets the direction for an organization based on
the unknown future
strategic management - ✔✔process that involves managers from all parts of the
organization in the formulation and the implementation of strategies and strategic goals
strategic positioning - ✔✔What is an effective strategy?
strategy - ✔✔What is the creation of a unique and valuable position?
1. strategy is the creation of a unique and valuable position
Brittie Donald, All Rights Reserved © 2025 1
,2. strategy requires trade-offs in competing
3. strategy involves creating a "fit" among activities - ✔✔What are the principles of
strategic positioning?
Few Needs, Many Customers
ex. oil change shops
Broad Needs, Few Customers
ex. financial consultants
Broad Needs, Many Customers
ex. Walmart, sam's, costco - ✔✔What are the different positions an organization can be
in?
1. establish the mission and vision statement
2. assess the current reality
3. formulate the grand strategy
4. implement the strategy
5. maintain strategic control - ✔✔What is the strategic management process?
Brittie Donald, All Rights Reserved © 2025 2
,current reality assessment - ✔✔to look at where the organization stands and see what is
working and what could be different so as to maximize efficiency and effectiveness in
achieving the organization's mission
organizational assessment - ✔✔What is current reality assessment called?
grand strategy - ✔✔explains how the organization's mission is supposed to be
accomplished
Growth strategy - ✔✔involves expansion - as in sales revenues, market share, number
of employees, or number of customers
Stability - ✔✔involves little or no significant change
Defensive - ✔✔involves reduction in the organization's efforts
AKA - retrenchment
Common Grand Strategies - ✔✔1. growth strategy
2. stability
3. defensive
strategy formulation - ✔✔process of choosing among different strategies and altering
them to best fit the organization's needs
specifically, how are you going to fit your strategy to your organization?
Brittie Donald, All Rights Reserved © 2025 3
, strategy implementation - ✔✔putting strategic plans into effect
strategic control - ✔✔consists of monitoring the execution of strategy and making
adjustments, if necessary
maintaining strategic control - ✔✔1. engage people
2. keep it simple
3. stay focused
4. keep moving
competitive intelligence - ✔✔means gaining information about one's competitor's
activities so that you can anticipate their moves and react appropriately
-public prints and advertising, investor information, informal sources
environmental scanning - ✔✔careful monitoring of an organization's internal and
external environments to detect early signs of opportunities and threats that may
influence the firm's plans
S- strengths: Inside matters
W- weaknesses: inside matters
O- opportunities: outside matters
T-Threats: outside matters - ✔✔SWOT analysis
Brittie Donald, All Rights Reserved © 2025 4
