1/7/26, 12:25 PM MGT 8803 - Business Strategy EXAM Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\2026 Flashca…
MGT 8803 - Business Strategy EXAM Questions
with 100% Correct Answers | Verified | Updated
(Actual Exam) 2025\2026
Save
Terms in this set (110)
Role of Planning in Firm Planning (primary) -> organizing & staffing ->
leading -> controlling
External Context for Planning regulators | partners & shareholders | competitors |
suppliers | tech, econ, labor, society | communities
| customers
Internal Context for Planning mgt's vision | mission/values | culture | people &
workforce diversity | technology | physical assets |
intellectual property
Planning is important because it... 1. provides direction & basis for coordination
2. minimize waste & redundancy
3. reduces uncertainty
4. establishes goals
5. involves & engages all levels of firm
Residual Uncertainty the unknowable; uncertainty that
remains...important in assessing risk
https://quizlet.com/1127923181/mgt-8803-business-strategy-exam-questions-with-100-correct-answers-verified-updated-actual-exam-20252026-flash… 1/19
,1/7/26, 12:25 PM MGT 8803 - Business Strategy EXAM Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\2026 Flashca…
Hierarchical (Tall) Organizational many layers of middle mgt | senior mgrs make most
Structure operational decisions | information flows from top-
down | stable environment
Flat (Networked) Organizational front-line employees empowered to make
Structure decisions | information flows top-down AND
bottom-up | few levels of middle mgt |
decentralized decision making | dynamic
environment
Strategic Plans 1. broadly impacts firm
2. new markets to enter or existing to leave
3. concerns overall scope of firm
4. identifies initiative to create & sustain competitive
advantage
5. driven by mgt's vision, mission, values
Functional Plans 1. implementing strategic plans
2. interrelated
3. aligned to business unit level planning
4. shorter term
5. drive budget development & staffing plans
Tactical/Operations Plans 1. narrow, specific to firm
2. allocation of specific resources to specific tasks
or operations
SMART Specific, Measurable, Attainable, Realistic, Timely
Main objective of business strategy achieve superior performance in marketplace
Strategy goal-directed actions a firm takes to gain & sustain
superior performance relative to competitors.
https://quizlet.com/1127923181/mgt-8803-business-strategy-exam-questions-with-100-correct-answers-verified-updated-actual-exam-20252026-flash… 2/19
, 1/7/26, 12:25 PM MGT 8803 - Business Strategy EXAM Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\2026 Flashca…
Competitive advantage superior performance relative to other competitors
in same industry OR industry average | temporary
*people prefer your brand over another's so they
are willing to pay more (ie, Apple)
Elements of Good Business Strategy 1. diagnosis of competitive challenge
2. guiding policy to address competitive challenge
3. set of coherent actions to implement
Cost Leadership lowest-cost producer in industry | pricing at or
below industry avg while leveraging a low "cost"
advantage
Differentiation economic value created is greater than
competitors | uniqueness in an industry with broad
market | making products unique to allow charging
premium price
How Tesla does Differentiation battery technology, autonomous driving, high
performance, supercharger network, wow factor
Focus strategy establish either a cost leadership OR differentiation
competitive advantage but focused in a narrow
market segment (ex: Rolex, Louis Vuitton)
Vision mgt's description of business model, technology,
workforce, strategic positioning, and goals | for
inspiring employees & stakeholders
Mission how firm will achieve vision | product OR customer
market focus
https://quizlet.com/1127923181/mgt-8803-business-strategy-exam-questions-with-100-correct-answers-verified-updated-actual-exam-20252026-flash… 3/19
MGT 8803 - Business Strategy EXAM Questions
with 100% Correct Answers | Verified | Updated
(Actual Exam) 2025\2026
Save
Terms in this set (110)
Role of Planning in Firm Planning (primary) -> organizing & staffing ->
leading -> controlling
External Context for Planning regulators | partners & shareholders | competitors |
suppliers | tech, econ, labor, society | communities
| customers
Internal Context for Planning mgt's vision | mission/values | culture | people &
workforce diversity | technology | physical assets |
intellectual property
Planning is important because it... 1. provides direction & basis for coordination
2. minimize waste & redundancy
3. reduces uncertainty
4. establishes goals
5. involves & engages all levels of firm
Residual Uncertainty the unknowable; uncertainty that
remains...important in assessing risk
https://quizlet.com/1127923181/mgt-8803-business-strategy-exam-questions-with-100-correct-answers-verified-updated-actual-exam-20252026-flash… 1/19
,1/7/26, 12:25 PM MGT 8803 - Business Strategy EXAM Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\2026 Flashca…
Hierarchical (Tall) Organizational many layers of middle mgt | senior mgrs make most
Structure operational decisions | information flows from top-
down | stable environment
Flat (Networked) Organizational front-line employees empowered to make
Structure decisions | information flows top-down AND
bottom-up | few levels of middle mgt |
decentralized decision making | dynamic
environment
Strategic Plans 1. broadly impacts firm
2. new markets to enter or existing to leave
3. concerns overall scope of firm
4. identifies initiative to create & sustain competitive
advantage
5. driven by mgt's vision, mission, values
Functional Plans 1. implementing strategic plans
2. interrelated
3. aligned to business unit level planning
4. shorter term
5. drive budget development & staffing plans
Tactical/Operations Plans 1. narrow, specific to firm
2. allocation of specific resources to specific tasks
or operations
SMART Specific, Measurable, Attainable, Realistic, Timely
Main objective of business strategy achieve superior performance in marketplace
Strategy goal-directed actions a firm takes to gain & sustain
superior performance relative to competitors.
https://quizlet.com/1127923181/mgt-8803-business-strategy-exam-questions-with-100-correct-answers-verified-updated-actual-exam-20252026-flash… 2/19
, 1/7/26, 12:25 PM MGT 8803 - Business Strategy EXAM Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\2026 Flashca…
Competitive advantage superior performance relative to other competitors
in same industry OR industry average | temporary
*people prefer your brand over another's so they
are willing to pay more (ie, Apple)
Elements of Good Business Strategy 1. diagnosis of competitive challenge
2. guiding policy to address competitive challenge
3. set of coherent actions to implement
Cost Leadership lowest-cost producer in industry | pricing at or
below industry avg while leveraging a low "cost"
advantage
Differentiation economic value created is greater than
competitors | uniqueness in an industry with broad
market | making products unique to allow charging
premium price
How Tesla does Differentiation battery technology, autonomous driving, high
performance, supercharger network, wow factor
Focus strategy establish either a cost leadership OR differentiation
competitive advantage but focused in a narrow
market segment (ex: Rolex, Louis Vuitton)
Vision mgt's description of business model, technology,
workforce, strategic positioning, and goals | for
inspiring employees & stakeholders
Mission how firm will achieve vision | product OR customer
market focus
https://quizlet.com/1127923181/mgt-8803-business-strategy-exam-questions-with-100-correct-answers-verified-updated-actual-exam-20252026-flash… 3/19
