MNGT 4800 Exam 1, Strategic Management (MNGT- ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
4800) Exam 1 ZORN questions with accurate detailed ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
solutions
structure of public corporations - correct answer✔✔1. shareholders/owners||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
2. board of directors
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3. CEO
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4. top management team
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5. employees
||//\\||
top management team - correct answer✔✔consists of VPs and above (COO, CFO, etc.)
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
who holds the final responsibility for formulating and implementing strategic management? -
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
correct answer✔✔top management ||//\\|| ||//\\||
hierarchy of goals - correct answer✔✔1. VISION (general, long time horizon; flows into
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
mission statement) ||//\\||
2. MISSION STATEMENT (shows core intent, DNA; more specific than vision, not as long a
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
time horizon as vision) ||//\\|| ||//\\|| ||//\\||
3. STRATEGIC OBJECTIVES (specific, short time horizon, achievable)
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
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: ||//\\|| ||//\\||
,1) massively inspiring
||//\\|| ||//\\||
2) future-oriented
||//\\||
3) long term
||//\\|| ||//\\||
4) informs strategy
||//\\|| ||//\\||
overarching strategy - correct answer✔✔vision of the firm ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
vision statement: overarching direction ||//\\|| ||//\\|| ||//\\||
mission statement: defines the firm's core intent and the business or businesses in which it
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
intends to compete ||//\\|| ||//\\||
strategic objectives and strategies: action plans designed to move an organization toward
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
achievement of its vision ||//\\|| ||//\\|| ||//\\||
mission statement - correct answer✔✔the purpose of the company
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
the business of businesses in which it intends to compete
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
more specific than vision statements||//\\|| ||//\\|| ||//\\|| ||//\\||
shorter time horizon ||//\\|| ||//\\||
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 be effective, strategic objectives should be:
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Specific
,Measurable
Appropriate
Realistic
Timely
what is a strategy? - correct answer✔✔an action plan designed to move an organization
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
toward achievement of its vision ||//\\|| ||//\\|| ||//\\|| ||//\\||
the action taken to achieve goals
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
I/O Model - correct answer✔✔looks outside the firm; industries or segments of industries
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
have strong influence on firm performance
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
RBV model - correct answer✔✔looks inside the firm; views organizations as collections of
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
unique resources and capabilities ||//\\|| ||//\\|| ||//\\||
external analysis: the external environment - correct answer✔✔a set of conditions outside
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
the firm that affect the firm's performance
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
opportunities and threats ||//\\|| ||//\\||
internal analysis: the internal environment - correct answer✔✔the set of conditions (such as
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
strengths, resources, capabilities, and so forth) inside the firm affecting the choice and use of
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
strategies
||//\\||
strengths and weaknesses ||//\\|| ||//\\||
strengths are resources and capabilities that allow the firm to complete important tasks
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
, resources are the tangible and intangible assets held by the firm ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
capabilities - correct answer✔✔result when the firm integrates several different resources to||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
complete a task or a series of related tasks ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
competitive advantage - correct answer✔✔when the firm's core competencies or distinctive ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
competencies allow it to create value for customers exceeding the value competitors create ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
for them ||//\\||
stakeholder groups - correct answer✔✔1. OWNERS: shareholders, individuals, institutions ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
2. EXTERNAL STAKEHOLDERS: customers, suppliers, local communities, government agencies,
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
general society ||//\\||
3. INTERNAL STAKEHOLDERS: employees, managers
||//\\|| ||//\\|| ||//\\|| ||//\\||
strategic leaders - correct answer✔✔individuals who practice strategic leadership - making
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
sure that decisions are made that will ensure their firm's success
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
who formulates and implements firm strategy? - correct answer✔✔the CEO and top
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
management team, the board of directors ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
both are responsible for setting the organizational culture
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
what do strategic leaders do? - correct answer✔✔1. establish vision and mission
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
2. develop a management team and succession plan
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
3. manage resource portfolio
||//\\|| ||//\\|| ||//\\||
4. build an entrepreneurial culture
||//\\|| ||//\\|| ||//\\|| ||//\\||
5. promote integrity and ethical behavior
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
4800) Exam 1 ZORN questions with accurate detailed ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
solutions
structure of public corporations - correct answer✔✔1. shareholders/owners||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
2. board of directors
||//\\|| ||//\\|| ||//\\||
3. CEO
||//\\||
4. top management team
||//\\|| ||//\\|| ||//\\||
5. employees
||//\\||
top management team - correct answer✔✔consists of VPs and above (COO, CFO, etc.)
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
who holds the final responsibility for formulating and implementing strategic management? -
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
correct answer✔✔top management ||//\\|| ||//\\||
hierarchy of goals - correct answer✔✔1. VISION (general, long time horizon; flows into
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
mission statement) ||//\\||
2. MISSION STATEMENT (shows core intent, DNA; more specific than vision, not as long a
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
time horizon as vision) ||//\\|| ||//\\|| ||//\\||
3. STRATEGIC OBJECTIVES (specific, short time horizon, achievable)
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
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: ||//\\|| ||//\\||
,1) massively inspiring
||//\\|| ||//\\||
2) future-oriented
||//\\||
3) long term
||//\\|| ||//\\||
4) informs strategy
||//\\|| ||//\\||
overarching strategy - correct answer✔✔vision of the firm ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
vision statement: overarching direction ||//\\|| ||//\\|| ||//\\||
mission statement: defines the firm's core intent and the business or businesses in which it
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
intends to compete ||//\\|| ||//\\||
strategic objectives and strategies: action plans designed to move an organization toward
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
achievement of its vision ||//\\|| ||//\\|| ||//\\||
mission statement - correct answer✔✔the purpose of the company
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
the business of businesses in which it intends to compete
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
more specific than vision statements||//\\|| ||//\\|| ||//\\|| ||//\\||
shorter time horizon ||//\\|| ||//\\||
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 be effective, strategic objectives should be:
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
Specific
,Measurable
Appropriate
Realistic
Timely
what is a strategy? - correct answer✔✔an action plan designed to move an organization
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
toward achievement of its vision ||//\\|| ||//\\|| ||//\\|| ||//\\||
the action taken to achieve goals
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
I/O Model - correct answer✔✔looks outside the firm; industries or segments of industries
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
have strong influence on firm performance
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
RBV model - correct answer✔✔looks inside the firm; views organizations as collections of
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
unique resources and capabilities ||//\\|| ||//\\|| ||//\\||
external analysis: the external environment - correct answer✔✔a set of conditions outside
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
the firm that affect the firm's performance
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
opportunities and threats ||//\\|| ||//\\||
internal analysis: the internal environment - correct answer✔✔the set of conditions (such as
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
strengths, resources, capabilities, and so forth) inside the firm affecting the choice and use of
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
strategies
||//\\||
strengths and weaknesses ||//\\|| ||//\\||
strengths are resources and capabilities that allow the firm to complete important tasks
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
, resources are the tangible and intangible assets held by the firm ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
capabilities - correct answer✔✔result when the firm integrates several different resources to||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
complete a task or a series of related tasks ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
competitive advantage - correct answer✔✔when the firm's core competencies or distinctive ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
competencies allow it to create value for customers exceeding the value competitors create ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
for them ||//\\||
stakeholder groups - correct answer✔✔1. OWNERS: shareholders, individuals, institutions ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
2. EXTERNAL STAKEHOLDERS: customers, suppliers, local communities, government agencies,
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
general society ||//\\||
3. INTERNAL STAKEHOLDERS: employees, managers
||//\\|| ||//\\|| ||//\\|| ||//\\||
strategic leaders - correct answer✔✔individuals who practice strategic leadership - making
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
sure that decisions are made that will ensure their firm's success
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
who formulates and implements firm strategy? - correct answer✔✔the CEO and top
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
management team, the board of directors ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
both are responsible for setting the organizational culture
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
what do strategic leaders do? - correct answer✔✔1. establish vision and mission
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
2. develop a management team and succession plan
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
3. manage resource portfolio
||//\\|| ||//\\|| ||//\\||
4. build an entrepreneurial culture
||//\\|| ||//\\|| ||//\\|| ||//\\||
5. promote integrity and ethical behavior
||//\\|| ||//\\|| ||//\\|| ||//\\|| ||//\\||
