MAN4720 exam 1 FSU || Graded A+.
Strategic Management correct answers The ongoing process companies use to form a vision,
analyze their external environment and their internal organization, and select one or more
strategies to use to create value for customers and other stakeholders, especially shareholders.
Vision correct answers Contains at least two components - a mixion that describes the firm's
DNA and the BIG "picture" of the firm as it hopes to exist in a future time period.
Strategy correct answers An action plan designed to move an organization toward achievement
of its vision.
Mission correct answers Defines the firm's core intent and the business or businesses in which it
intends to compete. Specific.
External Environment correct answers A set of conditions outside the firm that affect the firm's
performance.
Three parts:
General, Industry, Competitor
Internal Organization correct answers The set of conditions(such as strengths, resources,
capabilities, and so forth) inside the firm that affect the choice and use of strategies.
Strengths correct answers Resources and capabilities that allow the firm to complete important
tasks.
Resources correct answers The tangible and intangible assets held by the firm
Capabilities correct answers Result when the firm integrates several different resources in a way
that allows it to effectively and efficiently complete a task or series of related tasks.
Core Competencies correct answers Capabilities the firm emphasizes and performs especially
well while pursuing its vision.
Distinctive competencies correct answers Core competencies that differ from those held by
competitors
Competitive Advantage correct answers when the firm's core competencies allow it to create
value for customers by performing a key activity better than competitors or when a distinctive
competence allows it to perform an activity that creates value for customers that competitors
can't perform
Strategy Implementation correct answers The set of actions firms take to use a strategy after it
has been selected.
, Opportunities correct answers Conditions in the firm's external environment that may help the
firm reach its vision.
Threats correct answers Conditions in the firm's external environment that may prevent the firm
from reaching its vision.
Stakeholders correct answers Invidivuals and groups who have an interest in a firm's
performance and the ability to influence its actions
I/O Model focuses on... correct answers The firm's external environment
The Resource-Based View describes... correct answers What firms do to analyze their internal
organization.
Strategic Leaders correct answers Individuals who practice strategic leadership - making sure
that decisions are made that will ensure their firm's success.
Organizational Culture correct answers The set of values and beliefs that are shared throughout
the firm. Values reflect what is important, while beliefs speak to how things should be done.
Strategic Leadership correct answers Developing a vision for the firm, designing strategic
actions to achieve this vision, and empowering others to carry out those strategic actions
Top Management Team correct answers The group of managers charged with the responsibility
of developing and implementing the firm's strategies.
Human Capital correct answers Includes the knowledge and skills of those working for the firm.
Social Capital correct answers Includes all internal and external relationships that help the firm
provide value to customers and ultimately to its other stakeholders.
Entrepreneurial Culture correct answers Encourages employees to identify and exploit new
opportunities
Related-party Transactions correct answers Paying a person who has a relationship with the firm
extra money for reasons other than his or her normal activities on the firm's behalf.
Financial Controls correct answers Focus on shorter-term financial outcomes.
Strategic Controls correct answers Focus on the content of strategic actions rather than on their
outcomes.
Balanced Scorecard correct answers Provides a framework for evaluating the simultaneous use
of financial and strategic controls
Balanced scorecard focuses on four areas" correct answers 1. Financial (profit, growth)
Strategic Management correct answers The ongoing process companies use to form a vision,
analyze their external environment and their internal organization, and select one or more
strategies to use to create value for customers and other stakeholders, especially shareholders.
Vision correct answers Contains at least two components - a mixion that describes the firm's
DNA and the BIG "picture" of the firm as it hopes to exist in a future time period.
Strategy correct answers An action plan designed to move an organization toward achievement
of its vision.
Mission correct answers Defines the firm's core intent and the business or businesses in which it
intends to compete. Specific.
External Environment correct answers A set of conditions outside the firm that affect the firm's
performance.
Three parts:
General, Industry, Competitor
Internal Organization correct answers The set of conditions(such as strengths, resources,
capabilities, and so forth) inside the firm that affect the choice and use of strategies.
Strengths correct answers Resources and capabilities that allow the firm to complete important
tasks.
Resources correct answers The tangible and intangible assets held by the firm
Capabilities correct answers Result when the firm integrates several different resources in a way
that allows it to effectively and efficiently complete a task or series of related tasks.
Core Competencies correct answers Capabilities the firm emphasizes and performs especially
well while pursuing its vision.
Distinctive competencies correct answers Core competencies that differ from those held by
competitors
Competitive Advantage correct answers when the firm's core competencies allow it to create
value for customers by performing a key activity better than competitors or when a distinctive
competence allows it to perform an activity that creates value for customers that competitors
can't perform
Strategy Implementation correct answers The set of actions firms take to use a strategy after it
has been selected.
, Opportunities correct answers Conditions in the firm's external environment that may help the
firm reach its vision.
Threats correct answers Conditions in the firm's external environment that may prevent the firm
from reaching its vision.
Stakeholders correct answers Invidivuals and groups who have an interest in a firm's
performance and the ability to influence its actions
I/O Model focuses on... correct answers The firm's external environment
The Resource-Based View describes... correct answers What firms do to analyze their internal
organization.
Strategic Leaders correct answers Individuals who practice strategic leadership - making sure
that decisions are made that will ensure their firm's success.
Organizational Culture correct answers The set of values and beliefs that are shared throughout
the firm. Values reflect what is important, while beliefs speak to how things should be done.
Strategic Leadership correct answers Developing a vision for the firm, designing strategic
actions to achieve this vision, and empowering others to carry out those strategic actions
Top Management Team correct answers The group of managers charged with the responsibility
of developing and implementing the firm's strategies.
Human Capital correct answers Includes the knowledge and skills of those working for the firm.
Social Capital correct answers Includes all internal and external relationships that help the firm
provide value to customers and ultimately to its other stakeholders.
Entrepreneurial Culture correct answers Encourages employees to identify and exploit new
opportunities
Related-party Transactions correct answers Paying a person who has a relationship with the firm
extra money for reasons other than his or her normal activities on the firm's behalf.
Financial Controls correct answers Focus on shorter-term financial outcomes.
Strategic Controls correct answers Focus on the content of strategic actions rather than on their
outcomes.
Balanced Scorecard correct answers Provides a framework for evaluating the simultaneous use
of financial and strategic controls
Balanced scorecard focuses on four areas" correct answers 1. Financial (profit, growth)
