MGT 8803 – STRATEGY LATEST
EXAM
Developing a marketing strategy based on product, price, place, and
promotional considerations is an example of a ____________ plan.
Corporate
Functional
Stability
Strategic Business Unit
Operational
Qualitative
Contingency - ANSWERS-Functional
A ________ is the end results of decisions and tradeoffs made by
management in formulating strategy. - ANSWERS-Business Model
The ______ provides a statement of how the organization intends to
achieve its vision and the organizations' responsibilities towards its key
stakeholders. - ANSWERS-Mission statement
T or F: VRIO supports a careful analysis of firm activities that allows
managers to obtain a more detailed and fine-grained understanding of
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PAGE
1
, MGT 8803 – STRATEGY LATEST
EXAM
how the firm's economic value creation breaks down into a distinct set of
activities. - ANSWERS-FALSE
Value Chain Analysis breaks down the firm into activities to understand
how each contributes to economic value creation.
VRIO evaluates a resource or capability to determine whether it is a
source of sustained competitive advantage (Valuable, Rare, Inimitable,
Organized to capture value). It does not decompose activities.
T or F: An activity that a company has outsourced can still be considered
as VRIO since the company still owns all the rights to the activity and its
outputs - ANSWERS-FALSE
A resource must be VRIO if it can help drive a sustainable competitive
advantage. One condition of VRIO is costly to imitate (the "I"). In the
video lesson we discussed why resources can be costly to imitate. Which
ONE of the following is NOT a reason discussed.
Historical condition
Causal ambiguity
Social complexity
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2
, MGT 8803 – STRATEGY LATEST
EXAM
cultural dependancy - ANSWERS-cultural dependancy
Business Model - ANSWERS-How the firm is configured to create
profitable revenue streams - end result of strategic decisions
Residual Uncertainty - ANSWERS-Remaining uncertainty after the best
possible analysis has been completed
Strategic Plans - ANSWERS-- Broadly impacts the firm
- Determines new markets to enter or existing markets to leave. concerns
the overall scope of the firm
- Identifies initiative to create and sustain competitive advantage
- Driven by management's vision, mission, and values
- Covers extended planning horizons
Organizational Structures - ANSWERS-Hierarchal (Tall) --> stable
environment
Flat (Networked) --> dynamic environment
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3
, MGT 8803 – STRATEGY LATEST
EXAM
Organizational Structure Variations - ANSWERS-Functional vs
Divisional (Many business units)
Functional Plans - ANSWERS-- Aligned to business unit level planning
- Are highly interrelated across the SBU
- Have shorter planning horizons than corporate of SBU plans but
typically extend beyond the upcoming fiscal year
- drive budget development and staffing plans
- Examples: marketing plans, production plans, capacity plans
Tactical / Operational Plans - ANSWERS-- Narrow, specific impact the
firm
- Allocation of specific resources to specific tasks or operations
- short planning horizons (time frames)
- Examples: financial budgets, production schedules, staffing schedules,
project work plans, and many more
SMART - ANSWERS-Specific
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PAGE
4
EXAM
Developing a marketing strategy based on product, price, place, and
promotional considerations is an example of a ____________ plan.
Corporate
Functional
Stability
Strategic Business Unit
Operational
Qualitative
Contingency - ANSWERS-Functional
A ________ is the end results of decisions and tradeoffs made by
management in formulating strategy. - ANSWERS-Business Model
The ______ provides a statement of how the organization intends to
achieve its vision and the organizations' responsibilities towards its key
stakeholders. - ANSWERS-Mission statement
T or F: VRIO supports a careful analysis of firm activities that allows
managers to obtain a more detailed and fine-grained understanding of
END OF
PAGE
1
, MGT 8803 – STRATEGY LATEST
EXAM
how the firm's economic value creation breaks down into a distinct set of
activities. - ANSWERS-FALSE
Value Chain Analysis breaks down the firm into activities to understand
how each contributes to economic value creation.
VRIO evaluates a resource or capability to determine whether it is a
source of sustained competitive advantage (Valuable, Rare, Inimitable,
Organized to capture value). It does not decompose activities.
T or F: An activity that a company has outsourced can still be considered
as VRIO since the company still owns all the rights to the activity and its
outputs - ANSWERS-FALSE
A resource must be VRIO if it can help drive a sustainable competitive
advantage. One condition of VRIO is costly to imitate (the "I"). In the
video lesson we discussed why resources can be costly to imitate. Which
ONE of the following is NOT a reason discussed.
Historical condition
Causal ambiguity
Social complexity
END OF
PAGE
2
, MGT 8803 – STRATEGY LATEST
EXAM
cultural dependancy - ANSWERS-cultural dependancy
Business Model - ANSWERS-How the firm is configured to create
profitable revenue streams - end result of strategic decisions
Residual Uncertainty - ANSWERS-Remaining uncertainty after the best
possible analysis has been completed
Strategic Plans - ANSWERS-- Broadly impacts the firm
- Determines new markets to enter or existing markets to leave. concerns
the overall scope of the firm
- Identifies initiative to create and sustain competitive advantage
- Driven by management's vision, mission, and values
- Covers extended planning horizons
Organizational Structures - ANSWERS-Hierarchal (Tall) --> stable
environment
Flat (Networked) --> dynamic environment
END OF
PAGE
3
, MGT 8803 – STRATEGY LATEST
EXAM
Organizational Structure Variations - ANSWERS-Functional vs
Divisional (Many business units)
Functional Plans - ANSWERS-- Aligned to business unit level planning
- Are highly interrelated across the SBU
- Have shorter planning horizons than corporate of SBU plans but
typically extend beyond the upcoming fiscal year
- drive budget development and staffing plans
- Examples: marketing plans, production plans, capacity plans
Tactical / Operational Plans - ANSWERS-- Narrow, specific impact the
firm
- Allocation of specific resources to specific tasks or operations
- short planning horizons (time frames)
- Examples: financial budgets, production schedules, staffing schedules,
project work plans, and many more
SMART - ANSWERS-Specific
END OF
PAGE
4
