Exam (elaborations)
Test 1 MIE 480 Detailed Questions and Expert Answers
- Course
- MIE480
- Institution
- North Carolina State University
Test 1 MIE 480 Detailed Questions and Expert Answers
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Test 1 MIE 480 Detailed Questions and ExpertAnswers
Strategy - ANS set of related actions that managers take to increase their
company's performance
Strategic leadership - ANS Creating competitive advantage through effective
management of the strategy-making process.
Strategy formulation - ANS Selecting strategies based on analysis of an
organization's external and internal environment.
Strategy implementation - ANS Putting strategies into action.
Superior Performance - ANS Profitability - The return a company makes on the
capital invested in the enterprise.
Return on invested capital (ROIC)-Net profit over the capital invested in a firm.
Result of how efficiently the capital is used to satisfy customer needs.
Profit growth - ANS The increase in net profit over time, achieved by:
,-selling products in rapidly growing markets.
-gaining market share from rivals.
-selling more to existing customers.
-expanding overseas or diversifying into new businesses.
To boost profitability and profit growth, managers must:
-use strategies to give their company a competitive advantage over rivals.
-deliver high profitability and sustainable profit growth
Competitive Advantage - ANS Occurs when a company's profitability is greater
than the average profitability of firms in its industry.
Sustained competitive advantage - A company's strategies that enable it to
maintain above-average profitability for a number of years.
Business Model - ANS Conception of how strategies should work together as a
whole to enable the company to achieve competitive advantage.
Deals with how a company:
, -selects, acquires, and keeps its customers.
-defines and differentiates its product offerings.
-creates value for its customers.
-produces goods or services and delivers to the market.
-lowers costs and organizes its resources and activities.
-achieves and sustains high profitability and growth.
Strategic Management - ANS General Managers: Bear responsibility for a
company's overall performance or for one of its major self-contained subunits or
divisions.
Functional Managers: Responsible for supervising a particular function, task,
activity, or operation.
Multidivisional Company - Competes in several different businesses and has a
separate self-contained division to manage each.
Steps in Formal Strategic Planning Process - ANS 1) Select the corporate mission
and goals.
2) Analyze the organization's external competitive environment and internal
operating environment.
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