FSU MAN 4720 EXAM 1 QUESTIONS
AND ANSWERS 100% CORRECT
Strategic Management - ANSWER-The ongoing process companies use to form a
vision, analyze their external environment and their internal environment, and select one
or more strategies to use to create value for customers and other stakeholders,
especially shareholders
Vision - ANSWER-is the IDEAL description of the organization. A picture of what the
firm wants to be and ultimately achieve.
Mission - ANSWER-specifies the business or businesses in which the firm competes
and the customers it intends to serve.
I/O Model (Industrial Organization Model) - ANSWER-Used to identify threats and
opportunities in the firms external environment that may help/hinder the firm reach its
vision
Resource-based view of the Firm - ANSWER-The internal environment is the set of
conditions (such as strengths, resources, capabilities, and so forth) inside the firm
affecting the choice and use of strategies.
Firms have direct control.
Core Competencies - ANSWER-are capabilities the firm emphasizes and performs
especially well while pursuing its vision.
Distinctive Competencies - ANSWER-are core competencies that differ from those held
by competitors.
Competitive Advantage - ANSWER-when the firm's core competencies allow it to create
value for customers by performing a key activity better than competitors or when a
distinctive competence allows it to perform an activity that creates value for customers
that competitors can't perform
SWOT Analysis - ANSWER-Strengths, Weaknesses, Opportunities, Threats.
Internal Analysis
Resource based view
External Analysis
Industrial Org Model
Strategic Leaders - ANSWER-Individuals who practice strategic leadership - making
sure that decisions are made that will ensure their firm's success.
, Organizational Culture - ANSWER-is the set of values and beliefs that are shared
throughout the firm. Values reflect what is important, while beliefs speak to how things
should be done.
Stakeholders - ANSWER-Individuals and groups who have an interest in a firm's
performance and an ability to influence its actions.
Primary Stakeholders - ANSWER-Firm relies on for continuous survival and prosperity.
Secondary Stakeholders - ANSWER-- Not engaged in direct transactions or essential to
firm survival, but are still impacted by and have the power to influence and affect the
firm.
Ethics - ANSWER-are concerned with the standards for deciding what is good or bad,
right or wrong as defined by most members of a particular society
Strategic Leadership - ANSWER-involves developing a vision for the firm, designing
strategic actions to achieve this vision, and empowering others to carry out those
strategic actions.
Demographic trends - ANSWER-changes in population size, age structure, geographic
distribution, ethnic mix, and income distribution.
Economic Trends (external environment) - ANSWER-concern the direction of the
economy in which a firm competes or may choose to compete.
Political/Legal Trends (external environment) - ANSWER-pertaining to laws and
regulations that guide interactions among firms and nations.
Sociocultural trends (external enviro) - ANSWER-deal with changes in a society's
attitudes and cultural values.
Technological Trends (external enviro) - ANSWER-concern changes related to creating
new knowledge and translating that knowledge into new products, processes, and
materials.
Strategic Leadership Styles - ANSWER-Transformational (generally the best...)
Transactional
Laissez-Faire
Board of Directors - ANSWER-Monitor (oversight), advice and council (advisory),
access to social network/resources (social capital), legitimacy/ prestige (reputation)
How long are strategic plans designed for? Vision? - ANSWER-Strategic Plans = 3-5
yrs
Vision= 10-20 yrs
AND ANSWERS 100% CORRECT
Strategic Management - ANSWER-The ongoing process companies use to form a
vision, analyze their external environment and their internal environment, and select one
or more strategies to use to create value for customers and other stakeholders,
especially shareholders
Vision - ANSWER-is the IDEAL description of the organization. A picture of what the
firm wants to be and ultimately achieve.
Mission - ANSWER-specifies the business or businesses in which the firm competes
and the customers it intends to serve.
I/O Model (Industrial Organization Model) - ANSWER-Used to identify threats and
opportunities in the firms external environment that may help/hinder the firm reach its
vision
Resource-based view of the Firm - ANSWER-The internal environment is the set of
conditions (such as strengths, resources, capabilities, and so forth) inside the firm
affecting the choice and use of strategies.
Firms have direct control.
Core Competencies - ANSWER-are capabilities the firm emphasizes and performs
especially well while pursuing its vision.
Distinctive Competencies - ANSWER-are core competencies that differ from those held
by competitors.
Competitive Advantage - ANSWER-when the firm's core competencies allow it to create
value for customers by performing a key activity better than competitors or when a
distinctive competence allows it to perform an activity that creates value for customers
that competitors can't perform
SWOT Analysis - ANSWER-Strengths, Weaknesses, Opportunities, Threats.
Internal Analysis
Resource based view
External Analysis
Industrial Org Model
Strategic Leaders - ANSWER-Individuals who practice strategic leadership - making
sure that decisions are made that will ensure their firm's success.
, Organizational Culture - ANSWER-is the set of values and beliefs that are shared
throughout the firm. Values reflect what is important, while beliefs speak to how things
should be done.
Stakeholders - ANSWER-Individuals and groups who have an interest in a firm's
performance and an ability to influence its actions.
Primary Stakeholders - ANSWER-Firm relies on for continuous survival and prosperity.
Secondary Stakeholders - ANSWER-- Not engaged in direct transactions or essential to
firm survival, but are still impacted by and have the power to influence and affect the
firm.
Ethics - ANSWER-are concerned with the standards for deciding what is good or bad,
right or wrong as defined by most members of a particular society
Strategic Leadership - ANSWER-involves developing a vision for the firm, designing
strategic actions to achieve this vision, and empowering others to carry out those
strategic actions.
Demographic trends - ANSWER-changes in population size, age structure, geographic
distribution, ethnic mix, and income distribution.
Economic Trends (external environment) - ANSWER-concern the direction of the
economy in which a firm competes or may choose to compete.
Political/Legal Trends (external environment) - ANSWER-pertaining to laws and
regulations that guide interactions among firms and nations.
Sociocultural trends (external enviro) - ANSWER-deal with changes in a society's
attitudes and cultural values.
Technological Trends (external enviro) - ANSWER-concern changes related to creating
new knowledge and translating that knowledge into new products, processes, and
materials.
Strategic Leadership Styles - ANSWER-Transformational (generally the best...)
Transactional
Laissez-Faire
Board of Directors - ANSWER-Monitor (oversight), advice and council (advisory),
access to social network/resources (social capital), legitimacy/ prestige (reputation)
How long are strategic plans designed for? Vision? - ANSWER-Strategic Plans = 3-5
yrs
Vision= 10-20 yrs
