MNGT 4800 Exam Questions with Correct Answers 100% Pass
What Is Competitive Advantage? - Answers Superior performance relative to competitors
Examples: Google, Pfizer's Lipitor
What Is Strategy? - Answers Goal-directed actions to gain and sustain competitive advantage
- look for win win situations
- Requires trade-offs for strategic positioning
- JCPenney vs. Neiman Marcus
What Is Strategy? Definition - Answers Strategy is the quest to gain and sustain competitive advantage.
Strategy is the managers'______ about how to gain and sustain competitive advantage. - Answers
theories
Strategy is about being ______ from your rivals. - Answers different
Strategy is about _____ ____ while containing cost. - Answers Creating Value
Strategy is about deciding what to do, and what ___ to do. - Answers not
Strategy combines a ___ __ _____ to stake out a unique position - Answers set of activities
Strategy requires ____ ______ that are often not easily reversible. - Answers Long-term Commitments
What Strategy Is NOT.... - Answers 1. Raking in every penny the firm can get
Profit is a consequence of good strategy, it is NOT the main goal!
CORPORATE STRATEGY - Answers where to compete? should GE move into the Health care industry
BUSINESS STRATEGY - Answers How to compete? Should GE jet engines have better fuel efficiency than
a Rolls Royce
FUNCTIONAL STRATEGY - Answers How to Implement?
Should GE human resources recruit more science graduates
Visionary organizations _____ with an ____ in mind. - Answers Begin, end
what to ultimately accomplish? - Answers Vision
what is the firm about? - Answers Mission
how to accomplish goals? - Answers Values
, What is forming strategic intent? - Answers Staking out a desired leadership position in the long term
that far exceeds a company's current situation
SMART - Answers Specific
Measurable
Achievable
Relevant
Time-specific
CUSTOMER-ORIENTED MISSIONS - Answers Define the firm in terms of solutions for customers
PRODUCT-ORIENTED MISSIONS - Answers Define the firm in terms of products or services
What is the link between a firm's mission statement and competitive advantage? - Answers
Values - Answers Ethical standards and norms that govern behavior.
What do we value in accomplishing our goals
The Strategic Management Process - Answers Strategic Planning
Scenario Planning
Strategy as Planned Emergence
strategic planning - Answers Top down rational planning
Define mission vision and goals all the way down to implementing them
AFI Framework - Answers Analysis, formulation and implementation
Scenario planning - Answers Envision different "what-if" plans
Generates a dominant plan
Must implement the most probable option
Strategy as Planned Emergence - Strategic Initiative - Answers Activities of the firm for exploring or
developing new products/ markets/ processes/ ventures
Strategic Initiatives can come from anywhere (top or bottom)
Realized Strategy - Answers Final Strategy which is the result of Top down Intended Strategy + Bottom
up Emergent Strategy
What Is Competitive Advantage? - Answers Superior performance relative to competitors
Examples: Google, Pfizer's Lipitor
What Is Strategy? - Answers Goal-directed actions to gain and sustain competitive advantage
- look for win win situations
- Requires trade-offs for strategic positioning
- JCPenney vs. Neiman Marcus
What Is Strategy? Definition - Answers Strategy is the quest to gain and sustain competitive advantage.
Strategy is the managers'______ about how to gain and sustain competitive advantage. - Answers
theories
Strategy is about being ______ from your rivals. - Answers different
Strategy is about _____ ____ while containing cost. - Answers Creating Value
Strategy is about deciding what to do, and what ___ to do. - Answers not
Strategy combines a ___ __ _____ to stake out a unique position - Answers set of activities
Strategy requires ____ ______ that are often not easily reversible. - Answers Long-term Commitments
What Strategy Is NOT.... - Answers 1. Raking in every penny the firm can get
Profit is a consequence of good strategy, it is NOT the main goal!
CORPORATE STRATEGY - Answers where to compete? should GE move into the Health care industry
BUSINESS STRATEGY - Answers How to compete? Should GE jet engines have better fuel efficiency than
a Rolls Royce
FUNCTIONAL STRATEGY - Answers How to Implement?
Should GE human resources recruit more science graduates
Visionary organizations _____ with an ____ in mind. - Answers Begin, end
what to ultimately accomplish? - Answers Vision
what is the firm about? - Answers Mission
how to accomplish goals? - Answers Values
, What is forming strategic intent? - Answers Staking out a desired leadership position in the long term
that far exceeds a company's current situation
SMART - Answers Specific
Measurable
Achievable
Relevant
Time-specific
CUSTOMER-ORIENTED MISSIONS - Answers Define the firm in terms of solutions for customers
PRODUCT-ORIENTED MISSIONS - Answers Define the firm in terms of products or services
What is the link between a firm's mission statement and competitive advantage? - Answers
Values - Answers Ethical standards and norms that govern behavior.
What do we value in accomplishing our goals
The Strategic Management Process - Answers Strategic Planning
Scenario Planning
Strategy as Planned Emergence
strategic planning - Answers Top down rational planning
Define mission vision and goals all the way down to implementing them
AFI Framework - Answers Analysis, formulation and implementation
Scenario planning - Answers Envision different "what-if" plans
Generates a dominant plan
Must implement the most probable option
Strategy as Planned Emergence - Strategic Initiative - Answers Activities of the firm for exploring or
developing new products/ markets/ processes/ ventures
Strategic Initiatives can come from anywhere (top or bottom)
Realized Strategy - Answers Final Strategy which is the result of Top down Intended Strategy + Bottom
up Emergent Strategy
