MGT 499 EXAM 1 2025 QUESTIONS AND
ANSWERS
Strategy - ANS set of related actions that managers take to increase their company's
performance
strategic leadership - ANS the task of most effectively managing a company's strategy
making process
strategy development - ANS task of determining and selecting strategies
strategy implementation - ANS task of putting strategies into action to improve a company's
efficiency and effectiveness
competitive advantage - ANS when a company's profitability is greater than average of other
companies in the same industry competing for the same customers - this can be replicated
(short term)
sustainable competitive advantage - ANS when company's strategies enable it to maintain
above average profitability for a number of years - hard to replicate
business model - ANS managements idea of how strategy will allow the company to a gain
competitive advantage and achieve superior profitability
core competencies - ANS competitive advantage that lasts forever and can be applied across
several business areas
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, mission statement - ANS provides a framework within which strategies are formulated
mission - ANS the reason for existence today - what an organization does
customer groups - ANS the WHO in who is being satisfied as part of the mission
customer needs - ANS the WHAT in what is being satisfied as part of the mission
strategic activities - ANS the HOW in how customer needs are being satisfied as part of the
mission
vision - ANS a statement of some desired future state
values - ANS a statement of key values that an organization is committed to
goals - ANS the measurable desired future state that an organization attempts to realize
(crucial issues that are measurable and challenging but realistic)
vision, mission, values, goals - ANS develop a strategy that is consistent with the
organizations ___________, _____________, and ______________ and major ______________
and objectives
customer - ANS A company's mission is best approached from a ________________ oriented
business definition
external analysis - ANS identifies the strategic opportunities and threats in the organization's
operating environment that will affect how it pursues its mission
2 COPYRIGHT © 2025 SIRJOEL ALL RIGHTS RESERVED
ANSWERS
Strategy - ANS set of related actions that managers take to increase their company's
performance
strategic leadership - ANS the task of most effectively managing a company's strategy
making process
strategy development - ANS task of determining and selecting strategies
strategy implementation - ANS task of putting strategies into action to improve a company's
efficiency and effectiveness
competitive advantage - ANS when a company's profitability is greater than average of other
companies in the same industry competing for the same customers - this can be replicated
(short term)
sustainable competitive advantage - ANS when company's strategies enable it to maintain
above average profitability for a number of years - hard to replicate
business model - ANS managements idea of how strategy will allow the company to a gain
competitive advantage and achieve superior profitability
core competencies - ANS competitive advantage that lasts forever and can be applied across
several business areas
1 COPYRIGHT © 2025 SIRJOEL ALL RIGHTS RESERVED
, mission statement - ANS provides a framework within which strategies are formulated
mission - ANS the reason for existence today - what an organization does
customer groups - ANS the WHO in who is being satisfied as part of the mission
customer needs - ANS the WHAT in what is being satisfied as part of the mission
strategic activities - ANS the HOW in how customer needs are being satisfied as part of the
mission
vision - ANS a statement of some desired future state
values - ANS a statement of key values that an organization is committed to
goals - ANS the measurable desired future state that an organization attempts to realize
(crucial issues that are measurable and challenging but realistic)
vision, mission, values, goals - ANS develop a strategy that is consistent with the
organizations ___________, _____________, and ______________ and major ______________
and objectives
customer - ANS A company's mission is best approached from a ________________ oriented
business definition
external analysis - ANS identifies the strategic opportunities and threats in the organization's
operating environment that will affect how it pursues its mission
2 COPYRIGHT © 2025 SIRJOEL ALL RIGHTS RESERVED
