MBA 705 LSUS Mclaughlin exam 1 2025 Questions
and Answers
comparative advantage - ANSWER -The idea that certain products may be
produced more cheaply or at a higher quality in particular countries due to
advantages in labor costs or technology.
Contingency Theory - ANSWER -A view that states the most profitable firms are
likely to be the ones that develop the best fit with their environment.
Corporate Governance - ANSWER -The board of directors, institutional
investors, and blockholders who monitor firm strategies to ensure managerial
responsiveness.
distinctive competence - ANSWER -Unique resources, skills, and capabilities that
enable a firm to
distinguish itself from its competitors and create competitive advantage.
hedge fund - ANSWER -An investment fund open to only a small number of
investors but permitted by regulators to undertake riskier and more speculative
investments
Industrial Organization (IO): - ANSWER -A view based in microeconomic theory
that states firm
profitability is most closely associated with industry structure.
Intended Strategy: - ANSWER -The original strategy top management plans and
intends to implement.
mission - ANSWER -The reason for an organization's existence. The mission
statement is a broadly defined but enduring statement of purpose that identifies the
scope of an organization's operations and its offerings to affected groups (i.e.,
stakeholders, as defined later in the book).
, Realized Strategy - ANSWER -the strategy that actually takes place
Resource-Based Theory - ANSWER -The perspective that views performance
primarily as a function of a firm's ability to utilize its resources.
Sarbanes-Oxley Act of 2002 - ANSWER -created more detailed reporting
requirements for boards and executives in public U.S. companies and accounting
firms
Strategic Management - ANSWER -The continuous process of determining the
mission and goals of an organization within the context of its external environment
and its internal strengths and weaknesses, formulating and implementing strategies,
and exerting strategic control to ensure that the organization's strategies are
successful in attaining its goals.
strategy - ANSWER -a plan of action
sustained competitive advantage - ANSWER -A firm's ability to enjoy strategic
benefits over an extended period of time.
top management team - ANSWER -A team of top-level executives—headed by
the CEO—all of
whom play instrumental roles in the strategic management process.
T/F A strategy seeks to develop and sustain competitive advantage - ANSWER -
true
T/F Strategic management refers to formulating successful strategies for an
organization. - ANSWER -false
T/F Each step in the strategic management process is independent so that changes
in one
step will not substantially affect other steps. - ANSWER -false
and Answers
comparative advantage - ANSWER -The idea that certain products may be
produced more cheaply or at a higher quality in particular countries due to
advantages in labor costs or technology.
Contingency Theory - ANSWER -A view that states the most profitable firms are
likely to be the ones that develop the best fit with their environment.
Corporate Governance - ANSWER -The board of directors, institutional
investors, and blockholders who monitor firm strategies to ensure managerial
responsiveness.
distinctive competence - ANSWER -Unique resources, skills, and capabilities that
enable a firm to
distinguish itself from its competitors and create competitive advantage.
hedge fund - ANSWER -An investment fund open to only a small number of
investors but permitted by regulators to undertake riskier and more speculative
investments
Industrial Organization (IO): - ANSWER -A view based in microeconomic theory
that states firm
profitability is most closely associated with industry structure.
Intended Strategy: - ANSWER -The original strategy top management plans and
intends to implement.
mission - ANSWER -The reason for an organization's existence. The mission
statement is a broadly defined but enduring statement of purpose that identifies the
scope of an organization's operations and its offerings to affected groups (i.e.,
stakeholders, as defined later in the book).
, Realized Strategy - ANSWER -the strategy that actually takes place
Resource-Based Theory - ANSWER -The perspective that views performance
primarily as a function of a firm's ability to utilize its resources.
Sarbanes-Oxley Act of 2002 - ANSWER -created more detailed reporting
requirements for boards and executives in public U.S. companies and accounting
firms
Strategic Management - ANSWER -The continuous process of determining the
mission and goals of an organization within the context of its external environment
and its internal strengths and weaknesses, formulating and implementing strategies,
and exerting strategic control to ensure that the organization's strategies are
successful in attaining its goals.
strategy - ANSWER -a plan of action
sustained competitive advantage - ANSWER -A firm's ability to enjoy strategic
benefits over an extended period of time.
top management team - ANSWER -A team of top-level executives—headed by
the CEO—all of
whom play instrumental roles in the strategic management process.
T/F A strategy seeks to develop and sustain competitive advantage - ANSWER -
true
T/F Strategic management refers to formulating successful strategies for an
organization. - ANSWER -false
T/F Each step in the strategic management process is independent so that changes
in one
step will not substantially affect other steps. - ANSWER -false
