MHR 300 Exam 2026 Questions and
Answers
strategic positioning - Correct answer-attempts to achieve sustainable competitive
advantage by preserving what is distinctive about a company
three positions of strategies - Correct answer-1) few needs, many customers
2) broad needs, few customers
3) broad needs, many customers
five steps of strategic management process - Correct answer-1) establish the
mission and vision
2) assess the current reality
3) formulate the grand strategy
4) implement the strategy
5) maintain strategic control
vision - Correct answer-long-term goal describing what it wants to become
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,current reality assessment - Correct answer-to look at where the organization
stands and see what is working and what could be different so as to maximize
efficiency in achieving the organization's mission
grand strategy - Correct answer-explains how the mission is to be accomplished
strategy formulation - Correct answer-choosing among different strategies and
altering them to best fit needs
strategy implementation - Correct answer-putting strategy plans into effect
strategic control - Correct answer-monitoring the execution of a strategy and
making adjustments if needed
mission statement - Correct answer-customers; products and services; basic
technology; commitment to economic objective; believes, values, aspirations;
public responsibilities
vision statement - Correct answer-set standards of excellence; clarify
purpose/direction; articulated and easily understood
competitive intelligence - Correct answer-gaining information about one's
competitor's activities so they can anticipate their moves and react appropriately
(public prints, advertising, investor information, informal sources)
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, environmental scanning - Correct answer-careful monitoring of an organization's
internal and external environments to detect early signs of opportunities and threats
that may influence the firm's plans
SWOT analysis - Correct answer-search for the strengths, weaknesses,
opportunities, and threats
strengths - Correct answer-skills that give the organization competencies and
advantages
weaknesses - Correct answer-drawbacks that hinder an organization from
executing
opportunities - Correct answer-environmental factors that organization could
exploit for competitive advantage
threats - Correct answer-environmental factors that hinder the organization
trend analysis - Correct answer-hypothetical extension of a past series of events in
the future
contingency planning - Correct answer-creation of alternative hypothetical but
equally likely future outcomes
benchmarking - Correct answer-process by which a company compares its
performance with that of high-performance organizations
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
Answers
strategic positioning - Correct answer-attempts to achieve sustainable competitive
advantage by preserving what is distinctive about a company
three positions of strategies - Correct answer-1) few needs, many customers
2) broad needs, few customers
3) broad needs, many customers
five steps of strategic management process - Correct answer-1) establish the
mission and vision
2) assess the current reality
3) formulate the grand strategy
4) implement the strategy
5) maintain strategic control
vision - Correct answer-long-term goal describing what it wants to become
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,current reality assessment - Correct answer-to look at where the organization
stands and see what is working and what could be different so as to maximize
efficiency in achieving the organization's mission
grand strategy - Correct answer-explains how the mission is to be accomplished
strategy formulation - Correct answer-choosing among different strategies and
altering them to best fit needs
strategy implementation - Correct answer-putting strategy plans into effect
strategic control - Correct answer-monitoring the execution of a strategy and
making adjustments if needed
mission statement - Correct answer-customers; products and services; basic
technology; commitment to economic objective; believes, values, aspirations;
public responsibilities
vision statement - Correct answer-set standards of excellence; clarify
purpose/direction; articulated and easily understood
competitive intelligence - Correct answer-gaining information about one's
competitor's activities so they can anticipate their moves and react appropriately
(public prints, advertising, investor information, informal sources)
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
, environmental scanning - Correct answer-careful monitoring of an organization's
internal and external environments to detect early signs of opportunities and threats
that may influence the firm's plans
SWOT analysis - Correct answer-search for the strengths, weaknesses,
opportunities, and threats
strengths - Correct answer-skills that give the organization competencies and
advantages
weaknesses - Correct answer-drawbacks that hinder an organization from
executing
opportunities - Correct answer-environmental factors that organization could
exploit for competitive advantage
threats - Correct answer-environmental factors that hinder the organization
trend analysis - Correct answer-hypothetical extension of a past series of events in
the future
contingency planning - Correct answer-creation of alternative hypothetical but
equally likely future outcomes
benchmarking - Correct answer-process by which a company compares its
performance with that of high-performance organizations
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
