MNGT 4800 Exam 1 questions and answers
2025 -2026
Strategic Management - CORRECT 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 - CORRECT 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) - CORRECT ANSWER--
Shareholders/Owners
- Board of Directors
- CEO
- Top Management Team
- Employees
Hierarchy of Goals (Highest to Lowest) - CORRECT ANSWER-- Vision
- Mission Statement
- Strategic Objectives
Organizational Vision - CORRECT 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: - CORRECT ANSWER-- Massively inspiring
- Future-oriented
- Long term
- Informs strategy
Vision Statement - CORRECT ANSWER-Overachieving Direction
Mission Statement - CORRECT 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
Strategic Objectives and Strategies - CORRECT ANSWER-Action plans designed to
move an organization toward achievement of its vision
Disney's Vision Statement - CORRECT ANSWER-To be the happiest place on earth
McDonald's Vision statement - CORRECT ANSWER-To give each customer, every
time, an experience that sets new standards in value, service, friendliness, and quality
Google's Vision Statement - CORRECT ANSWER-To organize the world's information
and make it universally accessible and useful
Problems with Visions Statements - CORRECT 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 - CORRECT 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 - CORRECT ANSWER-At Microsoft, our mission and
values are to help people and businesses throughout the world realize their full potential
Amazon's Mission Statement - CORRECT ANSWER-Amazon's mission is to build a
place where people can come to find and discover anything they might want to buy
online
Strategic Objectives - CORRECT ANSWER-- Operationalize the mission statement
- Provide guidance on how the organization can fulfill or move towards "higher" goals
- Tend to be specific
- Cover a defined time frame
To effective, strategic objectives should be: - CORRECT ANSWER-SMART
SMART - CORRECT ANSWER-- Specific
- Measurable
- Appropriate
- Realistic
- Timely
Strategy - CORRECT ANSWER-A strategy is an action plan designed to move an
organization toward achievement of its vision
2025 -2026
Strategic Management - CORRECT 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 - CORRECT 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) - CORRECT ANSWER--
Shareholders/Owners
- Board of Directors
- CEO
- Top Management Team
- Employees
Hierarchy of Goals (Highest to Lowest) - CORRECT ANSWER-- Vision
- Mission Statement
- Strategic Objectives
Organizational Vision - CORRECT 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: - CORRECT ANSWER-- Massively inspiring
- Future-oriented
- Long term
- Informs strategy
Vision Statement - CORRECT ANSWER-Overachieving Direction
Mission Statement - CORRECT 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
Strategic Objectives and Strategies - CORRECT ANSWER-Action plans designed to
move an organization toward achievement of its vision
Disney's Vision Statement - CORRECT ANSWER-To be the happiest place on earth
McDonald's Vision statement - CORRECT ANSWER-To give each customer, every
time, an experience that sets new standards in value, service, friendliness, and quality
Google's Vision Statement - CORRECT ANSWER-To organize the world's information
and make it universally accessible and useful
Problems with Visions Statements - CORRECT 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 - CORRECT 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 - CORRECT ANSWER-At Microsoft, our mission and
values are to help people and businesses throughout the world realize their full potential
Amazon's Mission Statement - CORRECT ANSWER-Amazon's mission is to build a
place where people can come to find and discover anything they might want to buy
online
Strategic Objectives - CORRECT ANSWER-- Operationalize the mission statement
- Provide guidance on how the organization can fulfill or move towards "higher" goals
- Tend to be specific
- Cover a defined time frame
To effective, strategic objectives should be: - CORRECT ANSWER-SMART
SMART - CORRECT ANSWER-- Specific
- Measurable
- Appropriate
- Realistic
- Timely
Strategy - CORRECT ANSWER-A strategy is an action plan designed to move an
organization toward achievement of its vision
