BUS 4476, Final Exam 1 Questions
and All Correct Answers 2025-2026
Updated.
What is included in the strategic management process? - Answer It consist of five interrelated
and integrated stages: 1. Developing a strategic vision 2. Setting objectives 3. Crafting a strategy
to achieve the objectives 4. Implementing and executing the chosen strategy efficiently and
effectively 5. Evaluating performance and initiating corrective adjustments in vision.
1. Developing a strategic vision - Answer What the firm wants to become or where the the
firm is going.
2. Setting objectives - Answer Need to spell out how much of what kind of performance by
when. A balanced scorecard approach for measuring company performance entails setting both
financial and strategic objectives.
3. Crafting a strategy to achieve the objectives - Answer In most companies, crafting strategy is
a collaborative team effort that includes managers in various positions and a various
organizational levels. Crafting strategy is rarely something only high-level executives do.
Under number 3. Crafting a strategy there is a company's strategy-making Hierarchy that
include.... - Answer Corporate strategy, Business strategy, Functional strategy, and Operating
strategies.
Corporate strategy - Answer The overall company wide game plan for managing a set of
business that is orchestrated by the CEO and other senior executives.
Business strategy - Answer How to strengthen market position and gain competitive
advantage. Actions to build competitive capabilities. Also orchestrated by the CEO and senior
executives often with the advice and input from the heads of functional areas within the
business and other key people.
Functional Area Strategies - Answer Add relevant detail to the how of overall business
strategy. Provide a game plan for managing a particular activity in ways that support the overall
business strategy. Orchestrated by the heads of major functional activities within a business,
often in collaboration with key people.
and All Correct Answers 2025-2026
Updated.
What is included in the strategic management process? - Answer It consist of five interrelated
and integrated stages: 1. Developing a strategic vision 2. Setting objectives 3. Crafting a strategy
to achieve the objectives 4. Implementing and executing the chosen strategy efficiently and
effectively 5. Evaluating performance and initiating corrective adjustments in vision.
1. Developing a strategic vision - Answer What the firm wants to become or where the the
firm is going.
2. Setting objectives - Answer Need to spell out how much of what kind of performance by
when. A balanced scorecard approach for measuring company performance entails setting both
financial and strategic objectives.
3. Crafting a strategy to achieve the objectives - Answer In most companies, crafting strategy is
a collaborative team effort that includes managers in various positions and a various
organizational levels. Crafting strategy is rarely something only high-level executives do.
Under number 3. Crafting a strategy there is a company's strategy-making Hierarchy that
include.... - Answer Corporate strategy, Business strategy, Functional strategy, and Operating
strategies.
Corporate strategy - Answer The overall company wide game plan for managing a set of
business that is orchestrated by the CEO and other senior executives.
Business strategy - Answer How to strengthen market position and gain competitive
advantage. Actions to build competitive capabilities. Also orchestrated by the CEO and senior
executives often with the advice and input from the heads of functional areas within the
business and other key people.
Functional Area Strategies - Answer Add relevant detail to the how of overall business
strategy. Provide a game plan for managing a particular activity in ways that support the overall
business strategy. Orchestrated by the heads of major functional activities within a business,
often in collaboration with key people.
