BMGT 4930 EXAM 1 2025
UPDATED QUESTIONS
competitive advantage - CORRECT ANSWER>>>>what sets an organization apart
from others and is the ultimate purpose of strategic management
strategy - CORRECT ANSWER>>>>an integrated and coordinated set of commitments
and actions to exploit core competencies and gain a competitive advantage
core competencies - CORRECT ANSWER>>>>have to be valuable to the market and
unique to you; base for competitive advantage
5 Ps of strategy - CORRECT ANSWER>>>>plan, ploy, pattern, position, perspective
plan - CORRECT ANSWER>>>>set of steps a company intends to follow in order to be
successful (business model)
ploy - CORRECT ANSWER>>>>specific move to outwit or trick competitors
pattern - CORRECT ANSWER>>>>consistency of action over time
position - CORRECT ANSWER>>>>place in the industry relative to competitors
perspective - CORRECT ANSWER>>>>refers to how executives interpret the
competitive landscape around them; art vs. science
intended strategy - CORRECT ANSWER>>>>strategy that an organization hopes to
execute
emergent strategy - CORRECT ANSWER>>>>unplanned strategy that arises in
response to unexpected opportunities and challenges
Industrial Organization Model - CORRECT ANSWER>>>>-focuses on the external
environment
-industry competitors are similar in every aspect
Resource-Based Model - CORRECT ANSWER>>>>-focuses on internal factors
-
creative destruction - CORRECT ANSWER>>>>industry mutation; out with the old, in
with the new
general environment - CORRECT ANSWER>>>>includes overall trends and events in
society; any and everybody affected
, industry environment - CORRECT ANSWER>>>>organizations that collectively
compete with one another by providing similar goods, services, or both
open system - CORRECT ANSWER>>>>resources and information coming in and out
of the organization
opportunities - CORRECT ANSWER>>>>events and trends that create chances to
improve an organization's performance level; outside the organization
threats - CORRECT ANSWER>>>>events and trends that may undermine an
organization's performance; outside the organization
PESTEL - CORRECT ANSWER>>>>used to analyze the general environment and
identify how these factors influence industries and the companies within them
political - CORRECT ANSWER>>>>role of government in shaping business
economic - CORRECT ANSWER>>>>conditions within which organizations operate
social - CORRECT ANSWER>>>>demographics (population, age, ethnic mix) and
cultural trends (activism)
technological - CORRECT ANSWER>>>>improvements in products/services provided
by science
environmental - CORRECT ANSWER>>>>physical conditions within which
organizations operate
legal - CORRECT ANSWER>>>>how courts influence business activity
scanning - CORRECT ANSWER>>>>identifying early signals of environmental changes
and trends
monitoring - CORRECT ANSWER>>>>detecting meaning through ongoing
observations of trends
forecasting - CORRECT ANSWER>>>>Developing projections of anticipated outcomes
assessing - CORRECT ANSWER>>>>determining importance/timing of changes/trends
for strategies
supply ecosystem - CORRECT ANSWER>>>>What system of supply relationships
emphasizes omnidirectional interdependence and simultaneous production?
UPDATED QUESTIONS
competitive advantage - CORRECT ANSWER>>>>what sets an organization apart
from others and is the ultimate purpose of strategic management
strategy - CORRECT ANSWER>>>>an integrated and coordinated set of commitments
and actions to exploit core competencies and gain a competitive advantage
core competencies - CORRECT ANSWER>>>>have to be valuable to the market and
unique to you; base for competitive advantage
5 Ps of strategy - CORRECT ANSWER>>>>plan, ploy, pattern, position, perspective
plan - CORRECT ANSWER>>>>set of steps a company intends to follow in order to be
successful (business model)
ploy - CORRECT ANSWER>>>>specific move to outwit or trick competitors
pattern - CORRECT ANSWER>>>>consistency of action over time
position - CORRECT ANSWER>>>>place in the industry relative to competitors
perspective - CORRECT ANSWER>>>>refers to how executives interpret the
competitive landscape around them; art vs. science
intended strategy - CORRECT ANSWER>>>>strategy that an organization hopes to
execute
emergent strategy - CORRECT ANSWER>>>>unplanned strategy that arises in
response to unexpected opportunities and challenges
Industrial Organization Model - CORRECT ANSWER>>>>-focuses on the external
environment
-industry competitors are similar in every aspect
Resource-Based Model - CORRECT ANSWER>>>>-focuses on internal factors
-
creative destruction - CORRECT ANSWER>>>>industry mutation; out with the old, in
with the new
general environment - CORRECT ANSWER>>>>includes overall trends and events in
society; any and everybody affected
, industry environment - CORRECT ANSWER>>>>organizations that collectively
compete with one another by providing similar goods, services, or both
open system - CORRECT ANSWER>>>>resources and information coming in and out
of the organization
opportunities - CORRECT ANSWER>>>>events and trends that create chances to
improve an organization's performance level; outside the organization
threats - CORRECT ANSWER>>>>events and trends that may undermine an
organization's performance; outside the organization
PESTEL - CORRECT ANSWER>>>>used to analyze the general environment and
identify how these factors influence industries and the companies within them
political - CORRECT ANSWER>>>>role of government in shaping business
economic - CORRECT ANSWER>>>>conditions within which organizations operate
social - CORRECT ANSWER>>>>demographics (population, age, ethnic mix) and
cultural trends (activism)
technological - CORRECT ANSWER>>>>improvements in products/services provided
by science
environmental - CORRECT ANSWER>>>>physical conditions within which
organizations operate
legal - CORRECT ANSWER>>>>how courts influence business activity
scanning - CORRECT ANSWER>>>>identifying early signals of environmental changes
and trends
monitoring - CORRECT ANSWER>>>>detecting meaning through ongoing
observations of trends
forecasting - CORRECT ANSWER>>>>Developing projections of anticipated outcomes
assessing - CORRECT ANSWER>>>>determining importance/timing of changes/trends
for strategies
supply ecosystem - CORRECT ANSWER>>>>What system of supply relationships
emphasizes omnidirectional interdependence and simultaneous production?
