MGT 301 EXAM 2 WANG UNLV (CH 6
AND CH 7) UPDATED ACTUAL Exam
Questions and CORRECT Answers
strategic positioning - CORRECT ANSWER - attempts to achieve sustainable competitive
advantage by preserving what is distinctive about a company
strategic positioning key principle #1 - CORRECT ANSWER - creation of a unique and
valuable position
few needs, many customers; broad needs, few customers; broad needs, many customers
strategic positioning key principle #2 - CORRECT ANSWER - requires trade offs in
competing
has to choose not only what strategy to follow but what strategy not to follow
strategic positioning key principle #3 - CORRECT ANSWER - involves creating a "fit"
among activities
"fit" has to do with the ways a company interacts with and reinforce one another
step one strategic management process - CORRECT ANSWER - establish
mission/vision/value statements
mission statement - CORRECT ANSWER - expresses organizations purpose or reason for
being
vision statement - CORRECT ANSWER - what the organization should become
, value statement - CORRECT ANSWER - what the organization stands for, core priorities,
values its employees embody, and what its product is contributing to society
step two strategic management process - CORRECT ANSWER - access current reality
Look at where the organization stands and see what is working and what could be different
step three strategic management process - CORRECT ANSWER - formulate corporate,
business, and functional strategies
Translate broad statements to corporate strategies
Explain how the organization's mission is to be accomplished
step four strategic management process - CORRECT ANSWER - strategic implementation
Execute the strategies
Only effective if can be translated into lower-level plans within the organization
step five of strategic management process - CORRECT ANSWER - maintain strategic
control
Monitoring the execution of strategy and making adjustments
SWOT analysis - CORRECT ANSWER - situation analysis in which a company assesses
it's strengths, weaknesses, and opportunities
SWOT analysis strengths and weaknesses are from ________ - CORRECT ANSWER -
internal environment
SWOT opportunities and threats are from __________ - CORRECT ANSWER - external
environment
AND CH 7) UPDATED ACTUAL Exam
Questions and CORRECT Answers
strategic positioning - CORRECT ANSWER - attempts to achieve sustainable competitive
advantage by preserving what is distinctive about a company
strategic positioning key principle #1 - CORRECT ANSWER - creation of a unique and
valuable position
few needs, many customers; broad needs, few customers; broad needs, many customers
strategic positioning key principle #2 - CORRECT ANSWER - requires trade offs in
competing
has to choose not only what strategy to follow but what strategy not to follow
strategic positioning key principle #3 - CORRECT ANSWER - involves creating a "fit"
among activities
"fit" has to do with the ways a company interacts with and reinforce one another
step one strategic management process - CORRECT ANSWER - establish
mission/vision/value statements
mission statement - CORRECT ANSWER - expresses organizations purpose or reason for
being
vision statement - CORRECT ANSWER - what the organization should become
, value statement - CORRECT ANSWER - what the organization stands for, core priorities,
values its employees embody, and what its product is contributing to society
step two strategic management process - CORRECT ANSWER - access current reality
Look at where the organization stands and see what is working and what could be different
step three strategic management process - CORRECT ANSWER - formulate corporate,
business, and functional strategies
Translate broad statements to corporate strategies
Explain how the organization's mission is to be accomplished
step four strategic management process - CORRECT ANSWER - strategic implementation
Execute the strategies
Only effective if can be translated into lower-level plans within the organization
step five of strategic management process - CORRECT ANSWER - maintain strategic
control
Monitoring the execution of strategy and making adjustments
SWOT analysis - CORRECT ANSWER - situation analysis in which a company assesses
it's strengths, weaknesses, and opportunities
SWOT analysis strengths and weaknesses are from ________ - CORRECT ANSWER -
internal environment
SWOT opportunities and threats are from __________ - CORRECT ANSWER - external
environment
