MGT 409 Exam 1-MSU UPDATED
QUESTIONS AND CORRECT ANSWERS
Strategic Management - CORRECT ANSWER A.) Analysis
B.) Decisions-Formulation
c.) Actions-Implementation
Key attributes of strategic management - CORRECT ANSWER -Directs organization toward
overall goals and objectives
-Includes multiple stakeholders in decision making
-Needs to incorporate short-term and long-term perspectives
-Recognizes trade-offs between efficiency and effectiveness
Analysis - CORRECT ANSWER -Strategic Goals(vision, mission, strategic objectives)
-Internal and external environment
Decisions-Formulation - CORRECT ANSWER -What industries should we compete in?
-How should we compete in those industries?
Actions-Implementation - CORRECT ANSWER -Allocate necessary resources
-Design the organization to bring intended strategies to reality
Five Elements of Strategy - CORRECT ANSWER 1.) Arenas
2.) Differentiators
3.) Vehicles
4.) Staging
5.) Economic Logic
Areans - CORRECT ANSWER Where will we be active? (and with how much emphasis?)
-Which product categories
, -Which market segments?
-Which geographic areas?
-Which core technologies?
-Which value-creation stages?
Differentiators - CORRECT ANSWER How will we win?
-image?
-customization?
-Price?
-Styling?
-Product reliability?
Vehicles - CORRECT ANSWER How will we get there?
-Internal Development?
-Joint Ventures?
-Licensing/Franchising?
-Acquisitions?
Staging - CORRECT ANSWER What will be our speed and sequence or moves?
-Speed of expansion
-Sequence of initiatives?
Economic Logic - CORRECT ANSWER How will we obtain our returns?
-Lowest costs through scale advantages?
-Lowest costs through scope and replication advantages
-Premium prices due to unmatchable service
Intended strategies - CORRECT ANSWER -Organizational decisions are determined only by
analysis
-Intended strategy rarely survives in its original form
QUESTIONS AND CORRECT ANSWERS
Strategic Management - CORRECT ANSWER A.) Analysis
B.) Decisions-Formulation
c.) Actions-Implementation
Key attributes of strategic management - CORRECT ANSWER -Directs organization toward
overall goals and objectives
-Includes multiple stakeholders in decision making
-Needs to incorporate short-term and long-term perspectives
-Recognizes trade-offs between efficiency and effectiveness
Analysis - CORRECT ANSWER -Strategic Goals(vision, mission, strategic objectives)
-Internal and external environment
Decisions-Formulation - CORRECT ANSWER -What industries should we compete in?
-How should we compete in those industries?
Actions-Implementation - CORRECT ANSWER -Allocate necessary resources
-Design the organization to bring intended strategies to reality
Five Elements of Strategy - CORRECT ANSWER 1.) Arenas
2.) Differentiators
3.) Vehicles
4.) Staging
5.) Economic Logic
Areans - CORRECT ANSWER Where will we be active? (and with how much emphasis?)
-Which product categories
, -Which market segments?
-Which geographic areas?
-Which core technologies?
-Which value-creation stages?
Differentiators - CORRECT ANSWER How will we win?
-image?
-customization?
-Price?
-Styling?
-Product reliability?
Vehicles - CORRECT ANSWER How will we get there?
-Internal Development?
-Joint Ventures?
-Licensing/Franchising?
-Acquisitions?
Staging - CORRECT ANSWER What will be our speed and sequence or moves?
-Speed of expansion
-Sequence of initiatives?
Economic Logic - CORRECT ANSWER How will we obtain our returns?
-Lowest costs through scale advantages?
-Lowest costs through scope and replication advantages
-Premium prices due to unmatchable service
Intended strategies - CORRECT ANSWER -Organizational decisions are determined only by
analysis
-Intended strategy rarely survives in its original form
