MGT 4893 Mid-Term Study Guide
Questions and Answers 2026 Updated.
What is strategic management - Answer combines analysis, decisions, and actions an
organization undertakes to create and sustain competitive advantages
Strategic management process 4 attributes - Answer Concern with overall objectives
Involvement of multiple stakeholders
Incorporation of short and long term perspectives
Recognition of trade-offs
Strategic management process - Answer 1. Strategy analysis
2. Strategy Formulation
3. Strategy Implementation
Strategy analysis - Answer study of firms' external and internal environments, and their fit
with organizational vision and goals
Strategy formulation - Answer The development of a set of corporate, business, and functional
strategies that allow an organization to accomplish its mission and achieve its goals
Strategy implementation - Answer the process of putting strategies into action
corporate governance - Answer involves the relationship between shareholders, management,
and the board of directors and ensures alignment between the goals of all of these
stakeholder management - Answer Balancing interests of various organizational stakeholders.
Social responsibility - Answer striving to improve societal welfare through ethical practices
Triple bottom line - Answer assessment of a firm's financial, social, and environmental
performance
strategic vision - Answer the long-term direction and strategic intent of a company
mission statement - Answer Defines the organization's purpose and primary objectives.
, strategic objectives - Answer Specific goals operationalizing the mission statement.
Objectives of external environment - Answer help managers anticipate and respond to
external events to maintain competitive advantage
Processes of external environment - Answer involves environmental scanning, monitoring,
competitive intelligence, and forecasting
Scenario planning of external environment - Answer imagining possible futures to prepare for
volatile changes
Components of external environment - Answer general environment, competitive
environment
General environment segments - Answer 1. demographic
2. economic
3. political/legal
4. sociocultural
5. technological
6. global
7. sustainable physical
Competitive environment factors - Answer 1. porter's five forces model
2. strategic groups
Porter's Five Forces Model - Answer Bargaining power of customers, threat of substitutions,
bargaining power of suppliers, threat of new entrants, rivalry
Strategic Groups - Answer clusters of firms that share similar strategies
SWOT analysis - Answer strengths, weaknesses, opportunities, threats
Competitive intelligence - Answer Gathering information about competitors that allows
managers to anticipate competitors' actions
Questions and Answers 2026 Updated.
What is strategic management - Answer combines analysis, decisions, and actions an
organization undertakes to create and sustain competitive advantages
Strategic management process 4 attributes - Answer Concern with overall objectives
Involvement of multiple stakeholders
Incorporation of short and long term perspectives
Recognition of trade-offs
Strategic management process - Answer 1. Strategy analysis
2. Strategy Formulation
3. Strategy Implementation
Strategy analysis - Answer study of firms' external and internal environments, and their fit
with organizational vision and goals
Strategy formulation - Answer The development of a set of corporate, business, and functional
strategies that allow an organization to accomplish its mission and achieve its goals
Strategy implementation - Answer the process of putting strategies into action
corporate governance - Answer involves the relationship between shareholders, management,
and the board of directors and ensures alignment between the goals of all of these
stakeholder management - Answer Balancing interests of various organizational stakeholders.
Social responsibility - Answer striving to improve societal welfare through ethical practices
Triple bottom line - Answer assessment of a firm's financial, social, and environmental
performance
strategic vision - Answer the long-term direction and strategic intent of a company
mission statement - Answer Defines the organization's purpose and primary objectives.
, strategic objectives - Answer Specific goals operationalizing the mission statement.
Objectives of external environment - Answer help managers anticipate and respond to
external events to maintain competitive advantage
Processes of external environment - Answer involves environmental scanning, monitoring,
competitive intelligence, and forecasting
Scenario planning of external environment - Answer imagining possible futures to prepare for
volatile changes
Components of external environment - Answer general environment, competitive
environment
General environment segments - Answer 1. demographic
2. economic
3. political/legal
4. sociocultural
5. technological
6. global
7. sustainable physical
Competitive environment factors - Answer 1. porter's five forces model
2. strategic groups
Porter's Five Forces Model - Answer Bargaining power of customers, threat of substitutions,
bargaining power of suppliers, threat of new entrants, rivalry
Strategic Groups - Answer clusters of firms that share similar strategies
SWOT analysis - Answer strengths, weaknesses, opportunities, threats
Competitive intelligence - Answer Gathering information about competitors that allows
managers to anticipate competitors' actions
