MGT 401 (Midterm) Exam Questions With
Correct Answers
strategic management - CORRECT ANSWER✔✔-the process through which
| | | | | | | |
organizations:
analyze and learn from their internal and external environments
| | | | | | | |
establish strategic direction
| |
create strategies that are intended to help achieve established goals
| | | | | | | | |
execute those strategies, all in an effort to satisfy key organizational
| | | | | | | | | | |
constituencies (i.e., stakeholders) | |
external environmental analysis - CORRECT ANSWER✔✔-involves evaluation of
| | | | | | | |
the broad and task environments to determine trends, threats, and opportunities
| | | | | | | | | | |
and to provide a foundation for strategic direction
| | | | | | |
internal environmental analysis - CORRECT ANSWER✔✔-includes an evaluation of
| | | | | | | |
|internal stakeholders and the organization's resources and capabilities to
| | | | | | | | |
determine:
(1) strengths and opportunities for competitive advantage
| | | | | |
(2) weaknesses and organizational vulnerabilities that should be corrected
| | | | | | | |
,internal stakeholders - CORRECT ANSWER✔✔-include managers, employees and
| | | | | | | |
the owners and their representatives (e.g., board of directors).
| | | | | | | |
SWOT - CORRECT ANSWER✔✔-analysis is a useful technique for organizing an
| | | | | | | | | | |
assessment of internal and external environmental sources of influence
| | | | | | | |
strengths - CORRECT ANSWER✔✔-firm resources and capabilities that can lead to
| | | | | | | | | |
a competitive advantage
| | |
weaknesses - CORRECT ANSWER✔✔-resources and capabilities that the firm does
| | | | | | | | |
not possess but that are necessary, resulting in a competitive disadvantage
| | | | | | | | | | |
opportunities - CORRECT ANSWER✔✔-conditions in the broad and task
| | | | | | | | |
environments that allow a firm to take advantage of organizational strengths,
| | | | | | | | | | |
overcome organizational weaknesses, and/or neutralize environmental threats
| | | | | |
threats - CORRECT ANSWER✔✔-conditions in the broad and task environments
| | | | | | | | | |
that may stand in the way of organizational competitiveness or the achievement
| | | | | | | | | | | |
of stakeholder satisfaction
| |
strategic leaders - CORRECT ANSWER✔✔-have a large impact on the strategies
| | | | | | | | | | |
and performance of their firms
| | | |
one of the most important responsibilities is to establish strategic direction
| | | | | | | | | |
, strategic direction - CORRECT ANSWER✔✔-involves setting long-term goals and
| | | | | | | | |
objectives
defines the purposes for which an organization exists and operates
| | | | | | | | |
may be contained, in part, in a firm's mission and vision statements
| | | | | | | | | | |
business ethics - CORRECT ANSWER✔✔-pertain to the moral obligations of
| | | | | | | | | |
businesses to individuals, groups (such as stakeholders) and society as a whole
| | | | | | | | | | |
values - CORRECT ANSWER✔✔-define what matters when making decisions and
| | | | | | | | | |
what is rewarded and reinforced
| | | |
strategic formulation - CORRECT ANSWER✔✔-divided into three types: corporate,
| | | | | | | |
business, and functional
| | |
strategy - CORRECT ANSWER✔✔-an organizational plan of action intended to
| | | | | | | | | |
accomplish goals |
business strategy formulation - CORRECT ANSWER✔✔-involves domain direction
| | | | | | | |
and navigation or how businesses compete in a given area
| | | | | | | | |
usually decided by the division heads and business unit managers
| | | | | | | | |
Correct Answers
strategic management - CORRECT ANSWER✔✔-the process through which
| | | | | | | |
organizations:
analyze and learn from their internal and external environments
| | | | | | | |
establish strategic direction
| |
create strategies that are intended to help achieve established goals
| | | | | | | | |
execute those strategies, all in an effort to satisfy key organizational
| | | | | | | | | | |
constituencies (i.e., stakeholders) | |
external environmental analysis - CORRECT ANSWER✔✔-involves evaluation of
| | | | | | | |
the broad and task environments to determine trends, threats, and opportunities
| | | | | | | | | | |
and to provide a foundation for strategic direction
| | | | | | |
internal environmental analysis - CORRECT ANSWER✔✔-includes an evaluation of
| | | | | | | |
|internal stakeholders and the organization's resources and capabilities to
| | | | | | | | |
determine:
(1) strengths and opportunities for competitive advantage
| | | | | |
(2) weaknesses and organizational vulnerabilities that should be corrected
| | | | | | | |
,internal stakeholders - CORRECT ANSWER✔✔-include managers, employees and
| | | | | | | |
the owners and their representatives (e.g., board of directors).
| | | | | | | |
SWOT - CORRECT ANSWER✔✔-analysis is a useful technique for organizing an
| | | | | | | | | | |
assessment of internal and external environmental sources of influence
| | | | | | | |
strengths - CORRECT ANSWER✔✔-firm resources and capabilities that can lead to
| | | | | | | | | |
a competitive advantage
| | |
weaknesses - CORRECT ANSWER✔✔-resources and capabilities that the firm does
| | | | | | | | |
not possess but that are necessary, resulting in a competitive disadvantage
| | | | | | | | | | |
opportunities - CORRECT ANSWER✔✔-conditions in the broad and task
| | | | | | | | |
environments that allow a firm to take advantage of organizational strengths,
| | | | | | | | | | |
overcome organizational weaknesses, and/or neutralize environmental threats
| | | | | |
threats - CORRECT ANSWER✔✔-conditions in the broad and task environments
| | | | | | | | | |
that may stand in the way of organizational competitiveness or the achievement
| | | | | | | | | | | |
of stakeholder satisfaction
| |
strategic leaders - CORRECT ANSWER✔✔-have a large impact on the strategies
| | | | | | | | | | |
and performance of their firms
| | | |
one of the most important responsibilities is to establish strategic direction
| | | | | | | | | |
, strategic direction - CORRECT ANSWER✔✔-involves setting long-term goals and
| | | | | | | | |
objectives
defines the purposes for which an organization exists and operates
| | | | | | | | |
may be contained, in part, in a firm's mission and vision statements
| | | | | | | | | | |
business ethics - CORRECT ANSWER✔✔-pertain to the moral obligations of
| | | | | | | | | |
businesses to individuals, groups (such as stakeholders) and society as a whole
| | | | | | | | | | |
values - CORRECT ANSWER✔✔-define what matters when making decisions and
| | | | | | | | | |
what is rewarded and reinforced
| | | |
strategic formulation - CORRECT ANSWER✔✔-divided into three types: corporate,
| | | | | | | |
business, and functional
| | |
strategy - CORRECT ANSWER✔✔-an organizational plan of action intended to
| | | | | | | | | |
accomplish goals |
business strategy formulation - CORRECT ANSWER✔✔-involves domain direction
| | | | | | | |
and navigation or how businesses compete in a given area
| | | | | | | | |
usually decided by the division heads and business unit managers
| | | | | | | | |
