SMGT 2256- CHAPTER 2 EXAM
QUESTIONS AND ANSWERS GRADED A+
2026
The strategy-making, strategy-executing process - ANS 1. Developing a strategic vision, a
mission statement, and a set of core values.
2. Setting objectives for measuring the firm's performance and tracking its progress.
3. Crafting a strategy to move the firm along its strategic course and to achieve its objectives.
4. Executing the chosen strategy efficiently and effectively.
5. Monitoring developments, evaluating performance, and initiating corrective adjustments.
Strategic Vision - ANS describes management's aspirations for the company's future and the
course and direction charted to achieve them.
strategic plan - ANS maps out where a company is headed, establishes strategic and financial
targets, and outlines the competitive moves and approaches to be used in achieving the desired
business results
Strategic Inflection Point - ANS is the point at which the extent of industry change requires
management to consider changing the company's strategic vision.
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
, external considerations in factors shaping decisions in the strategy-making, strategy execution
process - ANS does sticking with the company''s present attractive opportunities of growth
and profitability?
what kind of competitive forces are industry members facing, and are they acting to enhance or
weaken the company's prospects for growth and profitability?
what factors are driving industry change, and what impact on the company's prospects will they
have?
how are industry rivals positioned, and what strategic moves are they likely to make next?
what are the key factors of future competitive success, and does the industry offer good
prospects for attractive profits for companies processing those capabilities
internal considerations in factors shaping decision in the strategy making, strategy execution
process - ANS does the company have an appealing customer value proposition?
what are the company's competitively important resources and capabilities, and are they potent
enough to produce a sustainable competitive advantage?
does the company have sufficient business and competitive strength to seize market
opportunities and nullify external threats?
are the company's costs competitive with those of key rivals?
is the company competitively stronger or weaker than key rivals?
Mission Statement - ANS describes the scope and purpose of its present business (who we
are, what we do, and why we are here)
a company's values - ANS are the beliefs, traits, and behavioral norms that company
personnel are expected to display in conducting the company's business and pursuing its
strategic vision and mission.
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
QUESTIONS AND ANSWERS GRADED A+
2026
The strategy-making, strategy-executing process - ANS 1. Developing a strategic vision, a
mission statement, and a set of core values.
2. Setting objectives for measuring the firm's performance and tracking its progress.
3. Crafting a strategy to move the firm along its strategic course and to achieve its objectives.
4. Executing the chosen strategy efficiently and effectively.
5. Monitoring developments, evaluating performance, and initiating corrective adjustments.
Strategic Vision - ANS describes management's aspirations for the company's future and the
course and direction charted to achieve them.
strategic plan - ANS maps out where a company is headed, establishes strategic and financial
targets, and outlines the competitive moves and approaches to be used in achieving the desired
business results
Strategic Inflection Point - ANS is the point at which the extent of industry change requires
management to consider changing the company's strategic vision.
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
, external considerations in factors shaping decisions in the strategy-making, strategy execution
process - ANS does sticking with the company''s present attractive opportunities of growth
and profitability?
what kind of competitive forces are industry members facing, and are they acting to enhance or
weaken the company's prospects for growth and profitability?
what factors are driving industry change, and what impact on the company's prospects will they
have?
how are industry rivals positioned, and what strategic moves are they likely to make next?
what are the key factors of future competitive success, and does the industry offer good
prospects for attractive profits for companies processing those capabilities
internal considerations in factors shaping decision in the strategy making, strategy execution
process - ANS does the company have an appealing customer value proposition?
what are the company's competitively important resources and capabilities, and are they potent
enough to produce a sustainable competitive advantage?
does the company have sufficient business and competitive strength to seize market
opportunities and nullify external threats?
are the company's costs competitive with those of key rivals?
is the company competitively stronger or weaker than key rivals?
Mission Statement - ANS describes the scope and purpose of its present business (who we
are, what we do, and why we are here)
a company's values - ANS are the beliefs, traits, and behavioral norms that company
personnel are expected to display in conducting the company's business and pursuing its
strategic vision and mission.
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
