MBA 705 - Exam 1 NEWEST 2025-2026 COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND
NEW VERSION!!
sustained competitive advantage - CORRECT ANSWER- A company's strategies enable it
to maintain above-average profitability for a number of years
Strategic Management - CORRECT ANSWER- 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 - CORRECT ANSWER- 1. External Analysis
2. Internal Analysis
3. Strategy Formulation
4. Strategy Implementation
5. Strategic Control
External Analysis - CORRECT ANSWER- 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 - CORRECT ANSWER- Analyze the organization's strengths and
weaknesses in its internal environment. Consider the context of managerial ethics
and corporate social responsibility
strategy formulation - CORRECT ANSWER- 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) - CORRECT ANSWER- Implement the strategies
that have been developed.
Mission - CORRECT ANSWER- 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 - CORRECT ANSWER- refers to top management's plans to develop and sustain
competitive advantage so that the organization's mission is fulfilled.
Competitive advantage - CORRECT ANSWER- 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.
Strategic Control - CORRECT ANSWER- Measure success and make corrections when the
strategies are not producing the desired outcomes.
,Business model - CORRECT ANSWER- 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 competitors.
Five Characteristics of a Successful Strategy - CORRECT ANSWER- 1. Understand the
competitive environment.
2. Understand how resources translate into strengths and weaknesses.
3. The strategy is consistent with the mission and goals of the organization.
4. Plans for putting the strategy into action are designed before it is implemented.
5. Possible future changes (i.e., strategic control) are evaluated before the
strategy is adopted.
Intended Strategy - CORRECT ANSWER- what management originally plans.
may be realized just as it was planned, in a modified form, or even in an entirely
different form.
Realized Strategy - CORRECT ANSWER- what management actually implements.
Hence, the original strategy may be realized with desirable or undesirable results,
or it may be modified as changes in the firm or the environment become known.
, Gap between Intended and Realized - CORRECT ANSWER- The gap between the
intended and realized strategies usually results from unforeseen environmental or
organizational events, better information that was not available when the
strategy was formulated, or an improvement in top management's ability to
assess its environment. Although it is important for managers to formulate
responsible strategies based on a realistic and thorough assessment of the firm
and its environment, things invariably change along the way. Hence, it is common
for such a gap to exist, creating the need for constant strategic action if a firm is
to stay on course. Instead of resisting modest strategic changes when new
information is discovered, managers should search for new information and be
willing to make such changes when necessary. This activity is part of strategic
control —the final step in the strategic management process.
Strategy as an Art - CORRECT ANSWER- The lack of environmental predictability and the
fast pace of change render elaborate strategy planning as suspect at best.
Strategic managers should emphasize creativity and innovation.
Strategies should be developed like a potter molds clay.
Strategy as a Science - CORRECT ANSWER- The scientific approach is the most widely
recognized view of strategy.
Strategic managers are encouraged to systematically assess the firm's external
environment and evaluate the pros and cons of myriad alternatives before
formulating strategy.
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND
NEW VERSION!!
sustained competitive advantage - CORRECT ANSWER- A company's strategies enable it
to maintain above-average profitability for a number of years
Strategic Management - CORRECT ANSWER- 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 - CORRECT ANSWER- 1. External Analysis
2. Internal Analysis
3. Strategy Formulation
4. Strategy Implementation
5. Strategic Control
External Analysis - CORRECT ANSWER- 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 - CORRECT ANSWER- Analyze the organization's strengths and
weaknesses in its internal environment. Consider the context of managerial ethics
and corporate social responsibility
strategy formulation - CORRECT ANSWER- 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) - CORRECT ANSWER- Implement the strategies
that have been developed.
Mission - CORRECT ANSWER- 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 - CORRECT ANSWER- refers to top management's plans to develop and sustain
competitive advantage so that the organization's mission is fulfilled.
Competitive advantage - CORRECT ANSWER- 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.
Strategic Control - CORRECT ANSWER- Measure success and make corrections when the
strategies are not producing the desired outcomes.
,Business model - CORRECT ANSWER- 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 competitors.
Five Characteristics of a Successful Strategy - CORRECT ANSWER- 1. Understand the
competitive environment.
2. Understand how resources translate into strengths and weaknesses.
3. The strategy is consistent with the mission and goals of the organization.
4. Plans for putting the strategy into action are designed before it is implemented.
5. Possible future changes (i.e., strategic control) are evaluated before the
strategy is adopted.
Intended Strategy - CORRECT ANSWER- what management originally plans.
may be realized just as it was planned, in a modified form, or even in an entirely
different form.
Realized Strategy - CORRECT ANSWER- what management actually implements.
Hence, the original strategy may be realized with desirable or undesirable results,
or it may be modified as changes in the firm or the environment become known.
, Gap between Intended and Realized - CORRECT ANSWER- The gap between the
intended and realized strategies usually results from unforeseen environmental or
organizational events, better information that was not available when the
strategy was formulated, or an improvement in top management's ability to
assess its environment. Although it is important for managers to formulate
responsible strategies based on a realistic and thorough assessment of the firm
and its environment, things invariably change along the way. Hence, it is common
for such a gap to exist, creating the need for constant strategic action if a firm is
to stay on course. Instead of resisting modest strategic changes when new
information is discovered, managers should search for new information and be
willing to make such changes when necessary. This activity is part of strategic
control —the final step in the strategic management process.
Strategy as an Art - CORRECT ANSWER- The lack of environmental predictability and the
fast pace of change render elaborate strategy planning as suspect at best.
Strategic managers should emphasize creativity and innovation.
Strategies should be developed like a potter molds clay.
Strategy as a Science - CORRECT ANSWER- The scientific approach is the most widely
recognized view of strategy.
Strategic managers are encouraged to systematically assess the firm's external
environment and evaluate the pros and cons of myriad alternatives before
formulating strategy.
