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MGT 490 Exam Study Guide Solutions
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MGT 490 Exam Study Guide Solutions Strategy - ANSWER-An integrated and coordinated set of commitments and actions designed to exploit core competencies (what you're good at) and gain a competitive advantage (what you do better than everyone else) Strategic Management - ANSWER-Competitive strate...

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  • November 11, 2024
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  • 2024/2025
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MGT 490 Exam Study Guide Solutions


Strategy - ANSWER✔✔-An integrated and coordinated set of commitments and actions designed to

exploit core competencies (what you're good at) and gain a competitive advantage (what you do better

than everyone else)


Strategic Management - ANSWER✔✔-Competitive strategy is about being different. It means

deliberately choosing a different set of activities to deliver a unique mix of value


Strategic Management Steps - ANSWER✔✔-1) Analysis, 2) decisions (strategy), 3) actions

(implementation), 4) performance/alignment check


Vision Statement - ANSWER✔✔-The IDEAL description of the firm/business unit. A picture of what the

firm/business unit wants to be and ultimately achieve. Typically short and concise


Mission Statement - ANSWER✔✔-Specifies the business or businesses in which the firm/business unit

competes and the customers it intends to serve. Typically longer and more specific


Values - ANSWER✔✔-They specify what the business stands for. The core principles that define and

guide decisions


Example of a mission statement - ANSWER✔✔-Amazon is guided by four principles: customer obsession

rather than competitor focus, passion for invention, commitment to operational excellence, and long-

term thinking. Amazon strives to be Earth's most customer-centric company, Earth's best employer, and

Earth's safest place to work. (Amazon)




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Example of a vision statement - ANSWER✔✔-We are here for one purpose, to help build a better world,

where every person is free to move and pursue their dreams. (Ford)


SMART goals - ANSWER✔✔-Specific, Measurable, Attainable, Realistic, Time-bound


Analysis - ANSWER✔✔-Who do we want to be? What are we good at? What resources do we have?

What does the external environment demand today and in the future? (the "research")


Decisions - ANSWER✔✔-We should acquire (or divest) X resources. We should compete in X industry. We

should source our products from X supplier in X country. We should position our product as low cost. We

should reposition our product. (the "strategy")


Actions - ANSWER✔✔-The implementation of strategies. Performance check. And... the cycle continues.


External model - ANSWER✔✔-(aka I/O model) Our environment (e.g., industry conditions, economy) has

a greater effect on our performance than our internal resources and capabilities.




When formulating a strategy, focus on understanding the opportunities and threats across the external

environment, which includes the general, industry, and competitor environments


Internal model - ANSWER✔✔-(aka resource-based model) Our unique resources and capabilities have a

greater effect on our performance than external trends




When formulating a strategy, focus on understanding our strengths and weaknesses, which includes

understanding and developing our unique resources and capabilities


Two Views of Analysis - ANSWER✔✔-SWOT - Strengths, weaknesses, opportunities, threats


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