MGMT 4900 UCONN EXAM 1 QUESTIONS AND
ANSWERS 100% CORRECT
Question behind Strategic Management - ANSWER "Why do some firms outperform other
firms?"
Strategic Management - ANSWER how actions and events involving top executives, firms, and
industries influence a firm's success or failure
2 components of strategic management - ANSWER science and art
strategic plan - ANSWER A carefully crafted set of steps that a firm intends to follow to be
successful.
business model - ANSWER a plan that details how a company creates, delivers, and generates
revenues
economies of scale - ANSWER factors that cause a producer's average cost per unit to fall as
output rises
Strategic Ploy - ANSWER a specific move designed to outwit or trick competitors
,example of a strategic ploy - ANSWER The advertisement which named Caffeine as evil and
addictive
Strategy as pattern - ANSWER the extent to which a firm's actions over time are consistent
Strategy as position - ANSWER a firm's place in the industry relative to its competitors
Strategy as perspective - ANSWER how executives interpret the competitive landscape around
them
Intended Strategy - ANSWER the strategy a firm hopes to execute
Emergent Strategy - ANSWER an unplanned strategy in response to unexpected opportunities
or challenges
Realized Strategy - ANSWER the strategy that actually takes place
non-realized strategy - ANSWER the parts of the intended strategy that are abandoned
Deliberate Strategy - ANSWER a plan of action that an organization chooses and implements
to support specific goals over time
, famous american franchises - ANSWER A&W Rootbeer, McDonalds
Franchising - ANSWER A contractual agreement between a franchisor and a franchisee that
allows the franchisee to operate a business using a name and format developed and
supported by the franchisor for a franchise fee and a royalty fee
franchise fee - ANSWER the initial amount of money needed to purchase a franchise
royalty fee - ANSWER Regular, ongoing payment to a franchisor based on a percentage of the
sales a franchisee earns.
countries whose citizens cope well with uncertainty tend to - ANSWER benefit from planning
more than small firms in countries whose citizens try to avoid uncertainty
importance of vision and mission statements - ANSWER can inspire employees to work hard
to improve their organization's performance (intrinsically motivated)
vision statement - ANSWER Describes what an organization wants to become in the future
Mission Statement - ANSWER captures the key elements of the organizations past and
present and explains to stakeholders why they should support the organization by making
clear the important role or purpose the organization holds within society
ANSWERS 100% CORRECT
Question behind Strategic Management - ANSWER "Why do some firms outperform other
firms?"
Strategic Management - ANSWER how actions and events involving top executives, firms, and
industries influence a firm's success or failure
2 components of strategic management - ANSWER science and art
strategic plan - ANSWER A carefully crafted set of steps that a firm intends to follow to be
successful.
business model - ANSWER a plan that details how a company creates, delivers, and generates
revenues
economies of scale - ANSWER factors that cause a producer's average cost per unit to fall as
output rises
Strategic Ploy - ANSWER a specific move designed to outwit or trick competitors
,example of a strategic ploy - ANSWER The advertisement which named Caffeine as evil and
addictive
Strategy as pattern - ANSWER the extent to which a firm's actions over time are consistent
Strategy as position - ANSWER a firm's place in the industry relative to its competitors
Strategy as perspective - ANSWER how executives interpret the competitive landscape around
them
Intended Strategy - ANSWER the strategy a firm hopes to execute
Emergent Strategy - ANSWER an unplanned strategy in response to unexpected opportunities
or challenges
Realized Strategy - ANSWER the strategy that actually takes place
non-realized strategy - ANSWER the parts of the intended strategy that are abandoned
Deliberate Strategy - ANSWER a plan of action that an organization chooses and implements
to support specific goals over time
, famous american franchises - ANSWER A&W Rootbeer, McDonalds
Franchising - ANSWER A contractual agreement between a franchisor and a franchisee that
allows the franchisee to operate a business using a name and format developed and
supported by the franchisor for a franchise fee and a royalty fee
franchise fee - ANSWER the initial amount of money needed to purchase a franchise
royalty fee - ANSWER Regular, ongoing payment to a franchisor based on a percentage of the
sales a franchisee earns.
countries whose citizens cope well with uncertainty tend to - ANSWER benefit from planning
more than small firms in countries whose citizens try to avoid uncertainty
importance of vision and mission statements - ANSWER can inspire employees to work hard
to improve their organization's performance (intrinsically motivated)
vision statement - ANSWER Describes what an organization wants to become in the future
Mission Statement - ANSWER captures the key elements of the organizations past and
present and explains to stakeholders why they should support the organization by making
clear the important role or purpose the organization holds within society
