UNLV MGT 301 - Exam 2 UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Strategy - CORRECT ANSWER - sets the long term goals and direction for an
organization
Strategic Management - CORRECT ANSWER - a process that involves managers from all
parts of the organization in the formulation and the implementation of strategies and strategic
goals
Strategic Positioning - CORRECT ANSWER - attempts to achieve sustainable competitive
advantage by persevering what is distinctive about a company
Corporate Level Strategy - CORRECT ANSWER - focuses on the organization as a whole
Business Level Strategy - CORRECT ANSWER - focuses on individual business units or
product/service lines
Functional Level Strategy - CORRECT ANSWER - plan of action by each functional area
of the organization to support higher level strategy
SWOT Analysis - CORRECT ANSWER - a situational analysis in which a company
assesses its strengths, weaknesses, opportunities, and threats
Organizational strengths - CORRECT ANSWER - the skills and capabilities that give the
organization special competencies and competitive advantages in executing strategies in pursuit
of its vision
Organizational weaknesses - CORRECT ANSWER - the drawbacks that hinder an
organization in executing strategies in pursuit of its vision
, Organizational opportunities - CORRECT ANSWER - environmental factors that the
organization may exploit for competitive advantage
Organizational threats - CORRECT ANSWER - environmental factors that hinder an
organization's achieving a competitive advantage
VRIO - CORRECT ANSWER - a framework for analyzing a resource or capability to
determine its competitive strategic potential by answering four questions about its value, rarity,
imitability, and organization
Growth Strategy - CORRECT ANSWER - a grand strategy that involves expansion-as in
sales revenues, market share, number of employees, or number employees, or number of
customers or clients served
Stability Strategy - CORRECT ANSWER - a grand strategy that involves little or no
significant change
Defensive Strategy - CORRECT ANSWER - a grand strategy that involves reduction in
the organization efforts
Diversification - CORRECT ANSWER - the strategy of moving into new lines of business
BCG matrix - CORRECT ANSWER - a management strategy used by companies to
evaluate their strategic business units on the basis of (1) their business growth rates and (2) their
share of the market
Porter's Five Forces (Model for Industry Analysis) - CORRECT ANSWER - (1) threats of
new entrants, (2) bargaining power of suppliers, (3) bargaining power of buyers, (4) threats of
substitute products or services, (5) rivalry among competitors
ACTUAL Exam Questions and CORRECT
Answers
Strategy - CORRECT ANSWER - sets the long term goals and direction for an
organization
Strategic Management - CORRECT ANSWER - a process that involves managers from all
parts of the organization in the formulation and the implementation of strategies and strategic
goals
Strategic Positioning - CORRECT ANSWER - attempts to achieve sustainable competitive
advantage by persevering what is distinctive about a company
Corporate Level Strategy - CORRECT ANSWER - focuses on the organization as a whole
Business Level Strategy - CORRECT ANSWER - focuses on individual business units or
product/service lines
Functional Level Strategy - CORRECT ANSWER - plan of action by each functional area
of the organization to support higher level strategy
SWOT Analysis - CORRECT ANSWER - a situational analysis in which a company
assesses its strengths, weaknesses, opportunities, and threats
Organizational strengths - CORRECT ANSWER - the skills and capabilities that give the
organization special competencies and competitive advantages in executing strategies in pursuit
of its vision
Organizational weaknesses - CORRECT ANSWER - the drawbacks that hinder an
organization in executing strategies in pursuit of its vision
, Organizational opportunities - CORRECT ANSWER - environmental factors that the
organization may exploit for competitive advantage
Organizational threats - CORRECT ANSWER - environmental factors that hinder an
organization's achieving a competitive advantage
VRIO - CORRECT ANSWER - a framework for analyzing a resource or capability to
determine its competitive strategic potential by answering four questions about its value, rarity,
imitability, and organization
Growth Strategy - CORRECT ANSWER - a grand strategy that involves expansion-as in
sales revenues, market share, number of employees, or number employees, or number of
customers or clients served
Stability Strategy - CORRECT ANSWER - a grand strategy that involves little or no
significant change
Defensive Strategy - CORRECT ANSWER - a grand strategy that involves reduction in
the organization efforts
Diversification - CORRECT ANSWER - the strategy of moving into new lines of business
BCG matrix - CORRECT ANSWER - a management strategy used by companies to
evaluate their strategic business units on the basis of (1) their business growth rates and (2) their
share of the market
Porter's Five Forces (Model for Industry Analysis) - CORRECT ANSWER - (1) threats of
new entrants, (2) bargaining power of suppliers, (3) bargaining power of buyers, (4) threats of
substitute products or services, (5) rivalry among competitors
