Latest MBA 705 - Exam 1 with 100% Correct Answers

Latest MBA 705 - Exam 1 with 100% Correct Answers Mission *Ans* is a broadly defined but enduring statement of purpose that identifies the scope of an organization's operations and its offerings to the various stakeholders Strategy *Ans* refers to top management's plans to develop and sustain competitive advantage so that the organization's mission is fulfilled. Competitive advantage *Ans* is a state whereby a firm's successful strategies cannot be easily duplicated by its competitors. Maintaining a sustained competitive advantage over time can be challenging. sustained competitive advantage *Ans* A company's strategies enable it to maintain above-average profitability for a number of years Strategic Management *Ans* is of the environment in which the organization operates prior to formulating a strategy, as well as the plan for implementation and control of the strategy. The Strategic Management Process *Ans* 1. External Analysis 2. Internal Analysis 3. Strategy Formulation 4. Strategy Implementation 5. Strategic Control External Analysis *Ans* Analyze the opportunities and threats, or constraints, that exist in the organization's external environment, including industry and forces in the external environment Internal Anaylsis *Ans* Analyze the organization's strengths and weaknesses in its internal environment. Consider the context of managerial ethics and corporate social responsibility strategy formulation *Ans* Formulate strategies that build and sustain competitive advantage by matching the organization's strengths and weaknesses with the environment's opportunities and threats. Strategic Implementation (Execution) *Ans* Implement the strategies that have been developed. Strategic Control *Ans* Measure success and make corrections when the strategies are not producing the desired outcomes. Business model *Ans* explains how the organization seeks to earn a profit by selling its goods. Progressive firms often devise innovative business models that extract revenue - and ultimately profits - from sources not identified by competitor