MGT 497 TEST QUESTIONS AND
ANSWERS
Capabilities - ANSWER result when the firm integrates several different
resources in a way that allows its to effectively and efficiently complete a task
or a series of related tasks
Competitive Advantage - ANSWER exists when a firm's core competencies or
its distinctive competencies allow it to create value or customers exceeding the
value competitors create for them
Core Competencies - ANSWER Capabilities the firm emphasizes and performs
especially well while pursuing its vision
Distinctive Competencies - ANSWER Core Competencies that differ from
those held by competitors
External Environment - ANSWER A set of conditions outside the firm that
affect the firm's performance
Internal Organization - ANSWER the set of conditions (such as strengths,
resources, capabilities, and so forth) inside the firm that affect the choice and
use of strategies
Mission - ANSWER defines the firm's core intent and the business or
businesses in which it intends to compete
Opportunities - ANSWER Conditions in the firm's external environment that
may help the firm reach its visions
Organizational culture - ANSWER the set of values and beliefs that are shared
throughout the firm
Resources - ANSWER the tangible and intangible assets held by the firm
, Stakeholders - ANSWER Individuals and groups who have an interest in a
firm's performance and the ability to influence its actions
Strategic Leaders - ANSWER the individuals practicing strategic leadership
Strategic Management - ANSWER The ongoing process companies use to
form a vision, analyze their external environment and their internal
organization, and select one or more strategies to use to create value for
customers and other stakeholders, especially shareholders
Strategy - ANSWER an action plan designed to move an organization toward
achievement of its vision
Strategy Implementation - ANSWER The set of actions firms take to use a
strategy after it has been selected
Strengths - ANSWER Resources and capabilities that allow the firm to
complete important tasks
Threats - ANSWER Conditions in the firm's external environment that may
prevent the firm from reaching its vision
Vision - ANSWER Contains at least 2 components a mission that describes the
firm's DNA and the "picture" of the firm as it hopes to exist in a future time
period
- ANSWER Examines conditions in the firm's external environment to assess
how they influence the firm, determines an attractive industry or segment of an
industry, choose the strategy called for by the influences of the firm's external
environment, and then using the firm's resources to implement the chosen
strategy. Deals with opportunities and threats
Resource-Based View - ANSWER determines the firm's strength and
weaknesses, determines what the firm's resources allow if to do better than
competitors, choose the strategy to suggested by the firm's competitive
advantages and an industry in which to use those advantages, and then by using
ANSWERS
Capabilities - ANSWER result when the firm integrates several different
resources in a way that allows its to effectively and efficiently complete a task
or a series of related tasks
Competitive Advantage - ANSWER exists when a firm's core competencies or
its distinctive competencies allow it to create value or customers exceeding the
value competitors create for them
Core Competencies - ANSWER Capabilities the firm emphasizes and performs
especially well while pursuing its vision
Distinctive Competencies - ANSWER Core Competencies that differ from
those held by competitors
External Environment - ANSWER A set of conditions outside the firm that
affect the firm's performance
Internal Organization - ANSWER the set of conditions (such as strengths,
resources, capabilities, and so forth) inside the firm that affect the choice and
use of strategies
Mission - ANSWER defines the firm's core intent and the business or
businesses in which it intends to compete
Opportunities - ANSWER Conditions in the firm's external environment that
may help the firm reach its visions
Organizational culture - ANSWER the set of values and beliefs that are shared
throughout the firm
Resources - ANSWER the tangible and intangible assets held by the firm
, Stakeholders - ANSWER Individuals and groups who have an interest in a
firm's performance and the ability to influence its actions
Strategic Leaders - ANSWER the individuals practicing strategic leadership
Strategic Management - ANSWER The ongoing process companies use to
form a vision, analyze their external environment and their internal
organization, and select one or more strategies to use to create value for
customers and other stakeholders, especially shareholders
Strategy - ANSWER an action plan designed to move an organization toward
achievement of its vision
Strategy Implementation - ANSWER The set of actions firms take to use a
strategy after it has been selected
Strengths - ANSWER Resources and capabilities that allow the firm to
complete important tasks
Threats - ANSWER Conditions in the firm's external environment that may
prevent the firm from reaching its vision
Vision - ANSWER Contains at least 2 components a mission that describes the
firm's DNA and the "picture" of the firm as it hopes to exist in a future time
period
- ANSWER Examines conditions in the firm's external environment to assess
how they influence the firm, determines an attractive industry or segment of an
industry, choose the strategy called for by the influences of the firm's external
environment, and then using the firm's resources to implement the chosen
strategy. Deals with opportunities and threats
Resource-Based View - ANSWER determines the firm's strength and
weaknesses, determines what the firm's resources allow if to do better than
competitors, choose the strategy to suggested by the firm's competitive
advantages and an industry in which to use those advantages, and then by using
