BMGT 481W Exam 1 questions with
verified answers
Corporate Governance - correct answer ✔✔Processes, customs, policies, and procedures of a
firm, and the governing body responsible for its direction and control.
TMT - correct answer ✔✔Top Management Team. Makes decisions for company. Named
Executive Officers.
Governance Anchor Points - correct answer ✔✔Leadership, Processes, Customs, Policies, and
Procedures.
Vision and Mission Statements - correct answer ✔✔Communicate what a firm wants to be and
what it does. Articulates core values of organization, and its role as corporate citizen.
Resource Based Model - correct answer ✔✔Management competency and unique firm
resources will determine success (provide RAR to investors).
Industrial/Organizational Model - correct answer ✔✔The industry which firm competes in is
primary determinant of success. External environment imposes pressures and constraints that
determine strategies for RAR.
Strategic Competitiveness - correct answer ✔✔Firm has competitive advantage and provides
RAR.
Critical Thinking - correct answer ✔✔Discuss not argue. Understand viewpoints.
, Managerial Competencies - correct answer ✔✔Management must have appropriate
knowledge, proficiency, and capacity to think.
Strategic Management Activities - correct answer ✔✔SWOT. Analyze Environment. Set goals for
strategies, formulate strategies, implement strategies, and manage strategies.
SWOT Analysis - correct answer ✔✔Strengths, weaknesses, opportunities, and threats.
Internal Environments - correct answer ✔✔Conditions within the firm. Determine strengths and
weaknesses. Resources, leadership.
External Environment - correct answer ✔✔Conditions outside firm, determine opportunities
and threats. General, Competitive. Context in which business functions.
Scanning - correct answer ✔✔General Surveillance Technique. Keep eye on environment.
Monitoring - correct answer ✔✔Track changes. More directed than scanning.
Competitive Intelligence - correct answer ✔✔Collect info on competitors.
Strategic Intent - correct answer ✔✔Expression of formal and realistic goals and objectives.
General Environment - correct answer ✔✔Factors which affect the general environment.
Sociocultural - correct answer ✔✔Dominant Religions, leisure-time desire, consumerism,
attitudes
Demographic - correct answer ✔✔Population makeup, size
verified answers
Corporate Governance - correct answer ✔✔Processes, customs, policies, and procedures of a
firm, and the governing body responsible for its direction and control.
TMT - correct answer ✔✔Top Management Team. Makes decisions for company. Named
Executive Officers.
Governance Anchor Points - correct answer ✔✔Leadership, Processes, Customs, Policies, and
Procedures.
Vision and Mission Statements - correct answer ✔✔Communicate what a firm wants to be and
what it does. Articulates core values of organization, and its role as corporate citizen.
Resource Based Model - correct answer ✔✔Management competency and unique firm
resources will determine success (provide RAR to investors).
Industrial/Organizational Model - correct answer ✔✔The industry which firm competes in is
primary determinant of success. External environment imposes pressures and constraints that
determine strategies for RAR.
Strategic Competitiveness - correct answer ✔✔Firm has competitive advantage and provides
RAR.
Critical Thinking - correct answer ✔✔Discuss not argue. Understand viewpoints.
, Managerial Competencies - correct answer ✔✔Management must have appropriate
knowledge, proficiency, and capacity to think.
Strategic Management Activities - correct answer ✔✔SWOT. Analyze Environment. Set goals for
strategies, formulate strategies, implement strategies, and manage strategies.
SWOT Analysis - correct answer ✔✔Strengths, weaknesses, opportunities, and threats.
Internal Environments - correct answer ✔✔Conditions within the firm. Determine strengths and
weaknesses. Resources, leadership.
External Environment - correct answer ✔✔Conditions outside firm, determine opportunities
and threats. General, Competitive. Context in which business functions.
Scanning - correct answer ✔✔General Surveillance Technique. Keep eye on environment.
Monitoring - correct answer ✔✔Track changes. More directed than scanning.
Competitive Intelligence - correct answer ✔✔Collect info on competitors.
Strategic Intent - correct answer ✔✔Expression of formal and realistic goals and objectives.
General Environment - correct answer ✔✔Factors which affect the general environment.
Sociocultural - correct answer ✔✔Dominant Religions, leisure-time desire, consumerism,
attitudes
Demographic - correct answer ✔✔Population makeup, size
