BMGT 481W Exam 1 UPDATED Exam
Questions and CORRECT Answers
vision - CORRECT ANSWER - what the firm wants to be - should be uplifting and evoke
positive emotions
strategy - CORRECT ANSWER - defines the firm's "how to" plan - it clearly specifies
performance objectives
strategy consists of... - CORRECT ANSWER - the competitive moves and business
approaches that TMTs intend to employ to achieve performance objectives
two forms of core competencies - CORRECT ANSWER - 1. strengthening the company's
base of skills, knowledge, and experience
2. coordinating and integrating the efforts of various work groups and departments
benchmarking - CORRECT ANSWER - a method of comparing how well your firm is
performing compared to a competitor - borrowing best practices from other companies
basic - CORRECT ANSWER - what they can do
core - CORRECT ANSWER - what they do extremely well
distinctive - CORRECT ANSWER - what they can do better and more profitably than
competitors
barriers to entry - CORRECT ANSWER - when a company changes strategy and attempts
to enter a new market - there are barriers to overcome
Questions and CORRECT Answers
vision - CORRECT ANSWER - what the firm wants to be - should be uplifting and evoke
positive emotions
strategy - CORRECT ANSWER - defines the firm's "how to" plan - it clearly specifies
performance objectives
strategy consists of... - CORRECT ANSWER - the competitive moves and business
approaches that TMTs intend to employ to achieve performance objectives
two forms of core competencies - CORRECT ANSWER - 1. strengthening the company's
base of skills, knowledge, and experience
2. coordinating and integrating the efforts of various work groups and departments
benchmarking - CORRECT ANSWER - a method of comparing how well your firm is
performing compared to a competitor - borrowing best practices from other companies
basic - CORRECT ANSWER - what they can do
core - CORRECT ANSWER - what they do extremely well
distinctive - CORRECT ANSWER - what they can do better and more profitably than
competitors
barriers to entry - CORRECT ANSWER - when a company changes strategy and attempts
to enter a new market - there are barriers to overcome
