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Management 590 Exam 1 questions with verified answers
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Management 590 Exam 1 questions with verified answers
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Management 590 Exam 1Strategic Management - correct answer ✔✔the art and science of formulating, implementing, and
evaluating cross-functional decisions that enable an organization to achieve its objectives
Strategic plan - correct answer ✔✔a company's game plan
good alternatives - correct answer ✔✔
Strategic Planning - correct answer ✔✔more used in the business world, referring only to strategy
formulation
long-range planning - correct answer ✔✔tries to optimize for tomorrow trends of today
Strategic Management Process - correct answer ✔✔consists of three stages: strategy formulation,
strategy implementation, and strategy evaluation.
strategy formulation - correct answer ✔✔developing a vision and a mission, identifying an organization's
external opportunities and threats, determining internal strengths and weaknesses, establishing long
term objectives, generating alternative strategies, and choosing particular strategies to pursue.
strategy implementation - correct answer ✔✔often called the action stage of strategic management.
Means mobilizing employees and managers to put formulated strategies into action.
Strategy Evaluation - correct answer ✔✔the final stage in strategic management.
1.Reviewing external and internal factors that are the bases for current strategies
2. measuring performance
3.taking corrective actions
, competitive advantage - correct answer ✔✔an activity a firm does especially well compared to activities
done by rival firms, or any resource a firm possesses that rival firms desire
Strategists - correct answer ✔✔the individuals who are most responsible for the success or failure of an
organization
vision statement - correct answer ✔✔answers what you want to become. Often considered the first step
in strategic planning. Often sentences
Mission Statement - correct answer ✔✔enduring statements of purpose that distinguish one business
from other similar firms. Identifies the scope of a firm's operations in product and market terms
External opportunities and external threats - correct answer ✔✔refer to economic, social, cultural,
demographic, environmental, political, legal, governmental, technological, and competitive trends and
events that could significantly benefit or harm an organization in the future
Internal strengths and internal weaknesses - correct answer ✔✔an organization's controllable activities
that are performed especially well or poorly
long term objectives - correct answer ✔✔More than one year
Strategies - correct answer ✔✔the means by which long term objectives will be achieved. May include
diversification, geographic expansion, product development ect.
Annual objectives - correct answer ✔✔short-term milestones that organizations must achieve to reach
long-term objectives
Policies - correct answer ✔✔means by which annual objectives will be achieved. Policies include,
guidelines, rules and procedures established to support efforts to achieve stated objectives.
strategic management model - correct answer ✔✔A framework or illustration of the strategic-
management process; a clear and practical approach for formulating, implementing, and evaluating
strategies.
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