MGT 400 Exam #1 Questions With Complete Solutions
- analysis stage
- formulation stage
- implementation stage Correct Answers What are the three
stages of scenario planning?
- communicate and ink the strategic vision to responsible parties
within the organization.
- Translate the vision into measurable operational goals..
- Design and plan business processes
- Implement feedback and organizational learning in order to
modify and adapt strategic goals when indicated. Correct
Answers What are the advantages of the balanced scorecard?
- Court system
- Legislation
- Hiring laws, ADA, SBOX Correct Answers What do legal
factors consist of?
- Define mission, vision, & goal
- SWOT
- Formulate strategy
- Implement strategy
- Monitor performance & modify if necessary Correct Answers
What are some things that strategic planning involves?
- Global World
- PESTEL Forces
- Industry
,- Strategic Group Correct Answers What are the layers of
external environment from outside in?
- government pressures
- subsidies & incentives
- differences in countries, states,& regions. Correct Answers
What do political factors consist of?
- Growth Rates
- Interest Rates
- Levels of employment
- Price Stability (inflation and deflation)
- Currency exchange rates Correct Answers What are the five
macroeconomic factors that can affect firm strategy?
- Perfect competition
- monopolistic competition
- oligopoly
- monopoly Correct Answers What are the four different
industry types?
- Political Factors
- Economic Factors
- Sociocultural Factors
- Technological Factors
- Ecological Factors
- Legal Factors Correct Answers What does PESTEL stand for?
- Research & Development
- Innovation
, - Diffusion Correct Answers What do technological factors
consist of?
- resource heterogeneity
- resource immobility Correct Answers What are the two
assumptions that are critical in the resource-based model?
- Threat of entry
- Power of suppliers
- Power of buyers
- Threat of substitutes
- Rivalry among existing competitors Correct Answers What
are the five key competitive forces that managers need to
consider when analyzing the industry environment and
formulating strategy?
- Valuable
- Rare
- Costly to imitate
- Organized to capture Correct Answers What does VRIO stand
for?
- what is our vision?
- what is our mission?
- what are our values? Correct Answers What three things
should managers ask themselves to begin the strategic
management process?
1. Better expectations of future values
2. Path dependence
3. Causal ambiguity
- analysis stage
- formulation stage
- implementation stage Correct Answers What are the three
stages of scenario planning?
- communicate and ink the strategic vision to responsible parties
within the organization.
- Translate the vision into measurable operational goals..
- Design and plan business processes
- Implement feedback and organizational learning in order to
modify and adapt strategic goals when indicated. Correct
Answers What are the advantages of the balanced scorecard?
- Court system
- Legislation
- Hiring laws, ADA, SBOX Correct Answers What do legal
factors consist of?
- Define mission, vision, & goal
- SWOT
- Formulate strategy
- Implement strategy
- Monitor performance & modify if necessary Correct Answers
What are some things that strategic planning involves?
- Global World
- PESTEL Forces
- Industry
,- Strategic Group Correct Answers What are the layers of
external environment from outside in?
- government pressures
- subsidies & incentives
- differences in countries, states,& regions. Correct Answers
What do political factors consist of?
- Growth Rates
- Interest Rates
- Levels of employment
- Price Stability (inflation and deflation)
- Currency exchange rates Correct Answers What are the five
macroeconomic factors that can affect firm strategy?
- Perfect competition
- monopolistic competition
- oligopoly
- monopoly Correct Answers What are the four different
industry types?
- Political Factors
- Economic Factors
- Sociocultural Factors
- Technological Factors
- Ecological Factors
- Legal Factors Correct Answers What does PESTEL stand for?
- Research & Development
- Innovation
, - Diffusion Correct Answers What do technological factors
consist of?
- resource heterogeneity
- resource immobility Correct Answers What are the two
assumptions that are critical in the resource-based model?
- Threat of entry
- Power of suppliers
- Power of buyers
- Threat of substitutes
- Rivalry among existing competitors Correct Answers What
are the five key competitive forces that managers need to
consider when analyzing the industry environment and
formulating strategy?
- Valuable
- Rare
- Costly to imitate
- Organized to capture Correct Answers What does VRIO stand
for?
- what is our vision?
- what is our mission?
- what are our values? Correct Answers What three things
should managers ask themselves to begin the strategic
management process?
1. Better expectations of future values
2. Path dependence
3. Causal ambiguity
