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MNGT 4800 Exam 1 Exam Questions & Answers |
100% Verified solution|Questions with Correct
Answers 2025 latest update!!
Strategic Management - (ANSWER)An ongoing process companies use to form a
vision, analyze their external environment and their internal organization, and
select one or more strategies to use to create values for customers and other
stakeholders, especially shareholders.
Key Characteristics of Strategic Management - (ANSWER)- Performance oriented
- Ongoing in nature
- Dynamic rather than static
- Oriented to the present and the future
- Concerned with conditions both outside and inside the firm
- Concerned with performing well and satisfying stakeholders
Structure of Public Corporations (Highest to Lowest) - (ANSWER)-
Shareholders/Owners
- Board of Directors
- CEO
- Top management Team
- Employees
Hierarchy of Goals (Highest to Lowest) - (ANSWER)- Vision
- Mission Statement
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- Strategic Objectives
Organizational Vision - (ANSWER)The vision contains at least two components—a
mission that describes the firm's DNA and the "picture" of the firm as it hopes to
exist in a future time period
Organizational Vision is: - (ANSWER)- Massively inspiring
- Future-oriented
- Long term
- Informs strategy
Vision Statement - (ANSWER)Overachieving Direction
Mission Statement - (ANSWER)Defines the firm's core intent and the business or
businesses in which it intends to compete
- Core intent
- The business or businesses in which it intends to compete
- Stemming from vision, focus on markets and products
more specific than vision statements
- Shorter time horizon
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Strategic Objectives and Strategies - (ANSWER)Action plans designed to move an
organization toward achievement of its vision
Disney's Vision Statement - (ANSWER)To be the happiest place on earth
McDonald's Vision statement - (ANSWER)To give each customer, every time, an
experience that sets new standards in value, service, friendliness, and quality
Google's Vision Statement - (ANSWER)To organize the world's information and
make it universally accessible and useful
Problems with Visions Statements - (ANSWER)- Walk doesn't match the talk
- Irrelevance- not anchored in reality
- Not the holy grail- not a magic cure-all
- Too focused- leads to missed opportunities
- Past performance predicts future performance
Starbucks Mission Statement - (ANSWER)Establish Starbucks as the premier
purveyor of the finest coffee in the world while maintaining our uncompromising
principles as we grow
Microsoft Mission Statement - (ANSWER)At Microsoft, our mission and values are
to help people and businesses throughout the world realize their full potential
MNGT 4800 Exam 1 Exam Questions & Answers |
100% Verified solution|Questions with Correct
Answers 2025 latest update!!
Strategic Management - (ANSWER)An ongoing process companies use to form a
vision, analyze their external environment and their internal organization, and
select one or more strategies to use to create values for customers and other
stakeholders, especially shareholders.
Key Characteristics of Strategic Management - (ANSWER)- Performance oriented
- Ongoing in nature
- Dynamic rather than static
- Oriented to the present and the future
- Concerned with conditions both outside and inside the firm
- Concerned with performing well and satisfying stakeholders
Structure of Public Corporations (Highest to Lowest) - (ANSWER)-
Shareholders/Owners
- Board of Directors
- CEO
- Top management Team
- Employees
Hierarchy of Goals (Highest to Lowest) - (ANSWER)- Vision
- Mission Statement
,2|Page
- Strategic Objectives
Organizational Vision - (ANSWER)The vision contains at least two components—a
mission that describes the firm's DNA and the "picture" of the firm as it hopes to
exist in a future time period
Organizational Vision is: - (ANSWER)- Massively inspiring
- Future-oriented
- Long term
- Informs strategy
Vision Statement - (ANSWER)Overachieving Direction
Mission Statement - (ANSWER)Defines the firm's core intent and the business or
businesses in which it intends to compete
- Core intent
- The business or businesses in which it intends to compete
- Stemming from vision, focus on markets and products
more specific than vision statements
- Shorter time horizon
, 3|Page
Strategic Objectives and Strategies - (ANSWER)Action plans designed to move an
organization toward achievement of its vision
Disney's Vision Statement - (ANSWER)To be the happiest place on earth
McDonald's Vision statement - (ANSWER)To give each customer, every time, an
experience that sets new standards in value, service, friendliness, and quality
Google's Vision Statement - (ANSWER)To organize the world's information and
make it universally accessible and useful
Problems with Visions Statements - (ANSWER)- Walk doesn't match the talk
- Irrelevance- not anchored in reality
- Not the holy grail- not a magic cure-all
- Too focused- leads to missed opportunities
- Past performance predicts future performance
Starbucks Mission Statement - (ANSWER)Establish Starbucks as the premier
purveyor of the finest coffee in the world while maintaining our uncompromising
principles as we grow
Microsoft Mission Statement - (ANSWER)At Microsoft, our mission and values are
to help people and businesses throughout the world realize their full potential
