J375 Midterm UPDATED ACTUAL Exam
Questions and CORRECT Answers
strategy - CORRECT ANSWER - -a set of goal directed actions a firm takes to gain and
sustain superior performance relative to competitors
diagnose - CORRECT ANSWER - -identifying and describing a challenge or opportunity
a business
-assess and connect external issues with internal issues to understand the root cause
external 3Ds - CORRECT ANSWER - -macro trends
-market conditions
-technology changes
-industry dynamics
internal 3Ds - CORRECT ANSWER - -competencies
-resources
-internal processes
-firm specific weaknesses
-outcome: distill the core issue into a statement or question
parts of diagnostic process - CORRECT ANSWER - -recognize potential challenges and
opportunities
-analyze the external environment
-analyze the internal context
-identify root causes and key insights
decide - CORRECT ANSWER - -making a decision about what will be done to deal with
and overcome the central challenge or capture the key opportunity
,-many think of it as the head of strategy
parts to decision process - CORRECT ANSWER - -generate solution alternatives
-perform an initial screen
-validate your hypotheses
-confirm your choice
deliver - CORRECT ANSWER - -aka execution
-devising and implementing a coherent set of actions to deliver on key decisions
-the most elegant of strategic recommendations, left unimplemented provides little value to the
organization
-focuses on providing tangible, positive, net outcomes that help realize the business case
associated with your strategic recommendation
parts of a delivery process - CORRECT ANSWER - -design the recommended solution
-gain buy-in for your recommendation
-plan the implementation
-monitor the execution
AFIRM framework - CORRECT ANSWER - -analysis
-formulation
-implementation
-review
-modify
corporate levels of strategy - CORRECT ANSWER - -an overall direction towards
management of various management of various units
-growth, stability, retrenchment, diversification, integration
, business levels of strategy - CORRECT ANSWER - -business unit or product level
-emphasis on improvement of competitive position
functional levels of strategy - CORRECT ANSWER - -marketing, research, etc.
product centered - CORRECT ANSWER - -defines a business in terms of a good or
service provided
-less flexible
-is not needs based
-can lead to a myopic view
-what happens when the demand changes?
customer centered - CORRECT ANSWER - -defines a business in terms of providing
solutions to meet customer needs
positive impact - CORRECT ANSWER - -employees tend to feel part of something bigger
than themselves
-help employees find meaning in their work
-allow internal stakeholder to help define the vision
-motivate employees to aim for a target
-improved internal and external alignment leads to competitive advantage
mission statement - CORRECT ANSWER - -describe what an organization does
-the products and service it provides
-the markets in which it competes
-strategic commitments (plans)
vision statements - CORRECT ANSWER - -what an organization wants to accomplish
Questions and CORRECT Answers
strategy - CORRECT ANSWER - -a set of goal directed actions a firm takes to gain and
sustain superior performance relative to competitors
diagnose - CORRECT ANSWER - -identifying and describing a challenge or opportunity
a business
-assess and connect external issues with internal issues to understand the root cause
external 3Ds - CORRECT ANSWER - -macro trends
-market conditions
-technology changes
-industry dynamics
internal 3Ds - CORRECT ANSWER - -competencies
-resources
-internal processes
-firm specific weaknesses
-outcome: distill the core issue into a statement or question
parts of diagnostic process - CORRECT ANSWER - -recognize potential challenges and
opportunities
-analyze the external environment
-analyze the internal context
-identify root causes and key insights
decide - CORRECT ANSWER - -making a decision about what will be done to deal with
and overcome the central challenge or capture the key opportunity
,-many think of it as the head of strategy
parts to decision process - CORRECT ANSWER - -generate solution alternatives
-perform an initial screen
-validate your hypotheses
-confirm your choice
deliver - CORRECT ANSWER - -aka execution
-devising and implementing a coherent set of actions to deliver on key decisions
-the most elegant of strategic recommendations, left unimplemented provides little value to the
organization
-focuses on providing tangible, positive, net outcomes that help realize the business case
associated with your strategic recommendation
parts of a delivery process - CORRECT ANSWER - -design the recommended solution
-gain buy-in for your recommendation
-plan the implementation
-monitor the execution
AFIRM framework - CORRECT ANSWER - -analysis
-formulation
-implementation
-review
-modify
corporate levels of strategy - CORRECT ANSWER - -an overall direction towards
management of various management of various units
-growth, stability, retrenchment, diversification, integration
, business levels of strategy - CORRECT ANSWER - -business unit or product level
-emphasis on improvement of competitive position
functional levels of strategy - CORRECT ANSWER - -marketing, research, etc.
product centered - CORRECT ANSWER - -defines a business in terms of a good or
service provided
-less flexible
-is not needs based
-can lead to a myopic view
-what happens when the demand changes?
customer centered - CORRECT ANSWER - -defines a business in terms of providing
solutions to meet customer needs
positive impact - CORRECT ANSWER - -employees tend to feel part of something bigger
than themselves
-help employees find meaning in their work
-allow internal stakeholder to help define the vision
-motivate employees to aim for a target
-improved internal and external alignment leads to competitive advantage
mission statement - CORRECT ANSWER - -describe what an organization does
-the products and service it provides
-the markets in which it competes
-strategic commitments (plans)
vision statements - CORRECT ANSWER - -what an organization wants to accomplish
