MGT 499 EXAM 1 UKY COMPREHENSIVE EXAM
QUESTIONS WITH DETAILED VERIFIED AND 100%
ACCURATE ANSWERS BRAND NEW EXAM ALREADY
GRADED (A+ PASS)
Vision Ans✓✓✓ what an organization wants to achieve ultimately
(aspiration)
Strategy is... Ans✓✓✓ Strategy is about performance.
Strategy is not tactics.
Strategy is the intended plan for the organization
Strategy involves leadership.
Values Ans✓✓✓ A statement of key values that an organization is
committed to
Major Goals Ans✓✓✓ The measurable desired future state that an
organization attempts to realize
Change is the...? Ans✓✓✓ Only constant
Strategic management Ans✓✓✓ Is an integrative management field that
combines analysis, formulation, and implementation in the quest for
competitive advantage
,Competitive advantage Ans✓✓✓ Superior performance relative to other
competitors in the same industry or the industry average
Sustainable Competitive Advantage Ans✓✓✓ Outperforming over a
prolonged period
Competitive disadvantage Ans✓✓✓ when a firm underperforms its
rivals or the industry average
A good vision Ans✓✓✓ A good vision should be inspiring and forward
looking
In the for-profit sector companies measure their vision by Ans✓✓✓
measuring success primarily by financial performance
Some companies are not financially motive when it comes to vision
why?
EX: Kind Bar Ans✓✓✓ Product Oriented Vision
Customer oriented vision
Product-oriented vision Ans✓✓✓ Product-oriented vision defines a
business in terms of goods or services.
Customer oriented vision Ans✓✓✓ Customer-oriented vision defines a
business in terms of a utility for customers
, Dunkin Donuts and Starbucks Coffee shortening their names? Ans✓✓✓
They want to be more than just Donuts or Coffee
Importance of customer-oriented vision Ans✓✓✓ In a rapidly changing
environment, it is important to maintain strategic flexibility by creating
an inspiring, customer-centric vision that meets changing customer
needs
Vision and Mission Ans✓✓✓ Vision and mission are conceptually
different in strategic management process, but in real world, they are
often used interchangeably.
(Mission is what an organization actually does)
Key characteristics of well-constructed goals: Ans✓✓✓ •Precise and
measurable
•Address crucial issues
•Challenging but realistic
•Specify a time period
(values)
Key philosophies on which business has been built
Provide guidelines for: Ans✓✓✓ -How managers and employees should
conduct themselves
-How they should do business
QUESTIONS WITH DETAILED VERIFIED AND 100%
ACCURATE ANSWERS BRAND NEW EXAM ALREADY
GRADED (A+ PASS)
Vision Ans✓✓✓ what an organization wants to achieve ultimately
(aspiration)
Strategy is... Ans✓✓✓ Strategy is about performance.
Strategy is not tactics.
Strategy is the intended plan for the organization
Strategy involves leadership.
Values Ans✓✓✓ A statement of key values that an organization is
committed to
Major Goals Ans✓✓✓ The measurable desired future state that an
organization attempts to realize
Change is the...? Ans✓✓✓ Only constant
Strategic management Ans✓✓✓ Is an integrative management field that
combines analysis, formulation, and implementation in the quest for
competitive advantage
,Competitive advantage Ans✓✓✓ Superior performance relative to other
competitors in the same industry or the industry average
Sustainable Competitive Advantage Ans✓✓✓ Outperforming over a
prolonged period
Competitive disadvantage Ans✓✓✓ when a firm underperforms its
rivals or the industry average
A good vision Ans✓✓✓ A good vision should be inspiring and forward
looking
In the for-profit sector companies measure their vision by Ans✓✓✓
measuring success primarily by financial performance
Some companies are not financially motive when it comes to vision
why?
EX: Kind Bar Ans✓✓✓ Product Oriented Vision
Customer oriented vision
Product-oriented vision Ans✓✓✓ Product-oriented vision defines a
business in terms of goods or services.
Customer oriented vision Ans✓✓✓ Customer-oriented vision defines a
business in terms of a utility for customers
, Dunkin Donuts and Starbucks Coffee shortening their names? Ans✓✓✓
They want to be more than just Donuts or Coffee
Importance of customer-oriented vision Ans✓✓✓ In a rapidly changing
environment, it is important to maintain strategic flexibility by creating
an inspiring, customer-centric vision that meets changing customer
needs
Vision and Mission Ans✓✓✓ Vision and mission are conceptually
different in strategic management process, but in real world, they are
often used interchangeably.
(Mission is what an organization actually does)
Key characteristics of well-constructed goals: Ans✓✓✓ •Precise and
measurable
•Address crucial issues
•Challenging but realistic
•Specify a time period
(values)
Key philosophies on which business has been built
Provide guidelines for: Ans✓✓✓ -How managers and employees should
conduct themselves
-How they should do business
