MGT 2010 CLEMSON EXAM 2 QUESTIONS
WITH CORRECT ANSWERS 2025
strategic positioning - CORRECT ANSWER -attempts to achieve sustainable competitive
advantage by preserving what is distinctive about a company
3 key principles underlie strategic positioning - CORRECT ANSWER -1. strategy is the creation of
a unique and value position
-few needs many customers
-broad needs few customers
-broad needs many customers
2. strategy requires trade-offs in competing
3. strategy involves creating a "fit" among activities
5 steps of the strategic-management process - CORRECT ANSWER -1. establish the mission and
the vision
2. assess the current reality
3. formulate the grand strategy
4. implement the strategy
5. maintain strategic control
1. establish the mission and vision - CORRECT ANSWER -mission statement and vision
2. Assess the current reality - CORRECT ANSWER -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 organizations mission
3. formulate the grand strategy - CORRECT ANSWER -grand strategy.. explains how the
organizations mission is to be accomplished
,strategy formulation - CORRECT ANSWER -process of choosing among different strategies and
altering them to best fit the organizations needs
4. implement the strategy - CORRECT ANSWER -putting the plans into effect
5. maintain strategic control: feedback loop - CORRECT ANSWER -strategic control.... consists of
monitoring the execution of strategy and making adjustments
competitive intelligence - CORRECT ANSWER -gaining info about ones competitors activities so
that you can anticipate their moves and react appropriately
public sources - CORRECT ANSWER -public prints and advertising, investor info, informal sources
environmental scanning - CORRECT ANSWER -careful monitoring of an organizations internal
and external enviros to detect early signs of opportunities and threats that may influence the
firms plans.
SWOT analysis - CORRECT ANSWER -aka situational analysis- search for Strengths, Weaknesses,
Opportunities, and Threats
strengths - CORRECT ANSWER -skills and capabilities that give organization special competencies
and competitive advantages in executing strategies in pursuit of its vision
weaknesses - CORRECT ANSWER -draw backs that hinder and organization in executing
strategies in pursuit of its vision
opportunities - CORRECT ANSWER -factors that the organization may exploit for competitive
advantage
, threats - CORRECT ANSWER -environmental factors that hinder an organizations achieving a
competitive advantage
forecast - CORRECT ANSWER -vision or projection of the future.. 2 types trend analysis and
contingency planning
trend analysis - CORRECT ANSWER -hypothetical extension of a past series of events into the
future
contingency planning - CORRECT ANSWER -aka scenario analysis... creation of alternative
hypothetical but equally likely future conditions
bench marking - CORRECT ANSWER -process by which a company compares its performance
with that of high performing organizations
porters model for industry analysis - CORRECT ANSWER -business level strategies originate in
five primary competitive forces... 1. threats of new entrants 2. bargaining power of suppliers 3.
bargaining power of buyers 4. threats of substitute products or services 5. rivalry among
competitors
1. threats of new entrants - CORRECT ANSWER -new competitors can affect industry almost
overnight... taking away customers from existing organizations
2. bargaining power of suppliers - CORRECT ANSWER -some companies are readily able to
switch suppliers in order to get components or services, others are not.
3. bargaining power of buyers - CORRECT ANSWER -customers who buy alot of products or
services from an organization have more bargaining power than those who dont.
WITH CORRECT ANSWERS 2025
strategic positioning - CORRECT ANSWER -attempts to achieve sustainable competitive
advantage by preserving what is distinctive about a company
3 key principles underlie strategic positioning - CORRECT ANSWER -1. strategy is the creation of
a unique and value position
-few needs many customers
-broad needs few customers
-broad needs many customers
2. strategy requires trade-offs in competing
3. strategy involves creating a "fit" among activities
5 steps of the strategic-management process - CORRECT ANSWER -1. establish the mission and
the vision
2. assess the current reality
3. formulate the grand strategy
4. implement the strategy
5. maintain strategic control
1. establish the mission and vision - CORRECT ANSWER -mission statement and vision
2. Assess the current reality - CORRECT ANSWER -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 organizations mission
3. formulate the grand strategy - CORRECT ANSWER -grand strategy.. explains how the
organizations mission is to be accomplished
,strategy formulation - CORRECT ANSWER -process of choosing among different strategies and
altering them to best fit the organizations needs
4. implement the strategy - CORRECT ANSWER -putting the plans into effect
5. maintain strategic control: feedback loop - CORRECT ANSWER -strategic control.... consists of
monitoring the execution of strategy and making adjustments
competitive intelligence - CORRECT ANSWER -gaining info about ones competitors activities so
that you can anticipate their moves and react appropriately
public sources - CORRECT ANSWER -public prints and advertising, investor info, informal sources
environmental scanning - CORRECT ANSWER -careful monitoring of an organizations internal
and external enviros to detect early signs of opportunities and threats that may influence the
firms plans.
SWOT analysis - CORRECT ANSWER -aka situational analysis- search for Strengths, Weaknesses,
Opportunities, and Threats
strengths - CORRECT ANSWER -skills and capabilities that give organization special competencies
and competitive advantages in executing strategies in pursuit of its vision
weaknesses - CORRECT ANSWER -draw backs that hinder and organization in executing
strategies in pursuit of its vision
opportunities - CORRECT ANSWER -factors that the organization may exploit for competitive
advantage
, threats - CORRECT ANSWER -environmental factors that hinder an organizations achieving a
competitive advantage
forecast - CORRECT ANSWER -vision or projection of the future.. 2 types trend analysis and
contingency planning
trend analysis - CORRECT ANSWER -hypothetical extension of a past series of events into the
future
contingency planning - CORRECT ANSWER -aka scenario analysis... creation of alternative
hypothetical but equally likely future conditions
bench marking - CORRECT ANSWER -process by which a company compares its performance
with that of high performing organizations
porters model for industry analysis - CORRECT ANSWER -business level strategies originate in
five primary competitive forces... 1. threats of new entrants 2. bargaining power of suppliers 3.
bargaining power of buyers 4. threats of substitute products or services 5. rivalry among
competitors
1. threats of new entrants - CORRECT ANSWER -new competitors can affect industry almost
overnight... taking away customers from existing organizations
2. bargaining power of suppliers - CORRECT ANSWER -some companies are readily able to
switch suppliers in order to get components or services, others are not.
3. bargaining power of buyers - CORRECT ANSWER -customers who buy alot of products or
services from an organization have more bargaining power than those who dont.
