MBA 705 LSUS Mclaughlin exam 1
2023 questions and answers
Key Economic Considerations #1 ✔✔When the dollar declines in value, U.S.
exports become less expensive but U.S. imports become more expensive, at least
in the short run.
Key Economic Considerations #2 ✔✔A good economy is not good for all
industries. Pawn shops and discount stores often thrive during recessions.Block
holders ✔✔Large shareholders who monitor firm strategies to ensure effective
management.
business model ✔✔The economic mechanism by which a business hopes to sell
its goods or services and generate a profit.
CEO duality ✔✔A situation in which an individual holds both the CEO and chair of
the board title
competitive advantage ✔✔A state whereby a business unit's successful strategies
cannot
be easily duplicated by its competitors.
comparative advantage ✔✔The idea that certain products may be produced more
cheaply or at a higher quality in particular countries due to advantages in labor
costs or technology.
,Contingency Theory ✔✔A view that states the most profitable firms are likely to
be the ones that develop the best fit with their environment.
Corporate Governance ✔✔The board of directors, institutional investors, and
blockholders who monitor firm strategies to ensure managerial responsiveness.
distinctive competence ✔✔Unique resources, skills, and capabilities that enable a
firm to
distinguish itself from its competitors and create competitive advantage.
hedge fund ✔✔An investment fund open to only a small number of investors but
permitted by regulators to undertake riskier and more speculative investments
Industrial Organization (IO): ✔✔A view based in microeconomic theory that states
firm
profitability is most closely associated with industry structure.
Intended Strategy: ✔✔The original strategy top management plans and intends to
implement.
mission ✔✔The reason for an organization's existence. The mission statement is a
broadly defined but enduring statement of purpose that identifies the scope of an
, organization's operations and its offerings to affected groups (i.e., stakeholders, as
defined later in the book).
Realized Strategy ✔✔the strategy that actually takes place
Resource-Based Theory ✔✔The perspective that views performance primarily as a
function of a firm's ability to utilize its resources.
Sarbanes-Oxley Act of 2002 ✔✔created more detailed reporting
requirements for boards and executives in public U.S. companies and accounting
firms
Strategic Management ✔✔The continuous process of determining the mission
and goals of an organization within the context of its external environment and its
internal strengths and weaknesses, formulating and implementing strategies, and
exerting strategic control to ensure that the organization's strategies are
successful in attaining its goals.
strategy ✔✔a plan of action
sustained competitive advantage ✔✔A firm's ability to enjoy strategic benefits
over an extended period of time.
2023 questions and answers
Key Economic Considerations #1 ✔✔When the dollar declines in value, U.S.
exports become less expensive but U.S. imports become more expensive, at least
in the short run.
Key Economic Considerations #2 ✔✔A good economy is not good for all
industries. Pawn shops and discount stores often thrive during recessions.Block
holders ✔✔Large shareholders who monitor firm strategies to ensure effective
management.
business model ✔✔The economic mechanism by which a business hopes to sell
its goods or services and generate a profit.
CEO duality ✔✔A situation in which an individual holds both the CEO and chair of
the board title
competitive advantage ✔✔A state whereby a business unit's successful strategies
cannot
be easily duplicated by its competitors.
comparative advantage ✔✔The idea that certain products may be produced more
cheaply or at a higher quality in particular countries due to advantages in labor
costs or technology.
,Contingency Theory ✔✔A view that states the most profitable firms are likely to
be the ones that develop the best fit with their environment.
Corporate Governance ✔✔The board of directors, institutional investors, and
blockholders who monitor firm strategies to ensure managerial responsiveness.
distinctive competence ✔✔Unique resources, skills, and capabilities that enable a
firm to
distinguish itself from its competitors and create competitive advantage.
hedge fund ✔✔An investment fund open to only a small number of investors but
permitted by regulators to undertake riskier and more speculative investments
Industrial Organization (IO): ✔✔A view based in microeconomic theory that states
firm
profitability is most closely associated with industry structure.
Intended Strategy: ✔✔The original strategy top management plans and intends to
implement.
mission ✔✔The reason for an organization's existence. The mission statement is a
broadly defined but enduring statement of purpose that identifies the scope of an
, organization's operations and its offerings to affected groups (i.e., stakeholders, as
defined later in the book).
Realized Strategy ✔✔the strategy that actually takes place
Resource-Based Theory ✔✔The perspective that views performance primarily as a
function of a firm's ability to utilize its resources.
Sarbanes-Oxley Act of 2002 ✔✔created more detailed reporting
requirements for boards and executives in public U.S. companies and accounting
firms
Strategic Management ✔✔The continuous process of determining the mission
and goals of an organization within the context of its external environment and its
internal strengths and weaknesses, formulating and implementing strategies, and
exerting strategic control to ensure that the organization's strategies are
successful in attaining its goals.
strategy ✔✔a plan of action
sustained competitive advantage ✔✔A firm's ability to enjoy strategic benefits
over an extended period of time.
