MGMT 5560 Final Exam questions &
answers already passed
strategy - correct answer ✔✔consists of the competitive moves and business approaches
management has developed to attract and please customers, compete successfully, capitalize
on opportunities to grow the business, respond to changing market conditions, conduct
operations, and achieve performance objectives
sustainable competitive advantage - correct answer ✔✔when an attractively large number of
buyers develop a durable preference for its products or services over the offerings of
competitors, despite the efforts of competitors to overcome or erode its advantage.
deliberate strategy elements - correct answer ✔✔planned new initiatives plus ongoing
strategies continued from prior periods
emergent strategy elements - correct answer ✔✔unplanned reactive responses to changing
circumstances by management
realized business strategy - correct answer ✔✔composed of deliberate strategy elements and
emergent strategy elements
business model - correct answer ✔✔sets forth how a firm's strategy and operating approaches
will create value for customers, while at the same time generate ample revenues to cover costs
and realize a profit. It's two elements are (1) customer value proposition and (2) profit formula
strategic vision - correct answer ✔✔describes "where we are going"- the course and direction
mgmt has charted and the company's future product-customer-market-technology focus.
(forward-looking)
, mission statement - correct answer ✔✔conveys a company's purpose in language specific
enough to give the company its own identity. ("who we are and what we do")
financial objectives - correct answer ✔✔relate to the financial performance targets mgmt has
set for the organization to achieve; lagging indicators (e.g. revenue growth)
strategic objectives - correct answer ✔✔relate to target outcomes that indicate a company is
strengthening its market standing, competitiveness, and future business prospects; leading
indicators (e.g. winning an X% market share or develop x new products)
values - correct answer ✔✔beliefs, traits, and behavioral norms that company personnel are
expected to display in conducting the company's business
corporate strategy - correct answer ✔✔establishes an overall game plan for managing a set of
businesses in a diversified, multi-business firm.
business strategy - correct answer ✔✔primarily concerned with strengthening the firm's market
position and building competitive advantage in a single business company or a single business
unit of a diversified multi-business corporation.
functional-area strategy - correct answer ✔✔concern the actions related to particular functions
or processes within a business
operating strategy - correct answer ✔✔concern the relatively narrow strategic initiatives and
approaches for managing key operating units (plants, distribution centers, geographic units)
objectives - correct answer ✔✔an organization's performance targets; the results mgmt wants
to achieve
answers already passed
strategy - correct answer ✔✔consists of the competitive moves and business approaches
management has developed to attract and please customers, compete successfully, capitalize
on opportunities to grow the business, respond to changing market conditions, conduct
operations, and achieve performance objectives
sustainable competitive advantage - correct answer ✔✔when an attractively large number of
buyers develop a durable preference for its products or services over the offerings of
competitors, despite the efforts of competitors to overcome or erode its advantage.
deliberate strategy elements - correct answer ✔✔planned new initiatives plus ongoing
strategies continued from prior periods
emergent strategy elements - correct answer ✔✔unplanned reactive responses to changing
circumstances by management
realized business strategy - correct answer ✔✔composed of deliberate strategy elements and
emergent strategy elements
business model - correct answer ✔✔sets forth how a firm's strategy and operating approaches
will create value for customers, while at the same time generate ample revenues to cover costs
and realize a profit. It's two elements are (1) customer value proposition and (2) profit formula
strategic vision - correct answer ✔✔describes "where we are going"- the course and direction
mgmt has charted and the company's future product-customer-market-technology focus.
(forward-looking)
, mission statement - correct answer ✔✔conveys a company's purpose in language specific
enough to give the company its own identity. ("who we are and what we do")
financial objectives - correct answer ✔✔relate to the financial performance targets mgmt has
set for the organization to achieve; lagging indicators (e.g. revenue growth)
strategic objectives - correct answer ✔✔relate to target outcomes that indicate a company is
strengthening its market standing, competitiveness, and future business prospects; leading
indicators (e.g. winning an X% market share or develop x new products)
values - correct answer ✔✔beliefs, traits, and behavioral norms that company personnel are
expected to display in conducting the company's business
corporate strategy - correct answer ✔✔establishes an overall game plan for managing a set of
businesses in a diversified, multi-business firm.
business strategy - correct answer ✔✔primarily concerned with strengthening the firm's market
position and building competitive advantage in a single business company or a single business
unit of a diversified multi-business corporation.
functional-area strategy - correct answer ✔✔concern the actions related to particular functions
or processes within a business
operating strategy - correct answer ✔✔concern the relatively narrow strategic initiatives and
approaches for managing key operating units (plants, distribution centers, geographic units)
objectives - correct answer ✔✔an organization's performance targets; the results mgmt wants
to achieve
