MGMT 490 EXAM 1 VERIFIED STUDY GUIDE
Strategic Management - Answers - The analysis, decisions, and actions an organization
undertakes in order to create and sustain competitive advantages
Strategy - Answers - The ideas, decidions, and actions that enable a firm to succeed
Competitive Advantage - Answers - A firm's resources and capabilities that enable it to
overcome the competitive forces in its industry
Operational Effectiveness - Answers - Performing similar activities better than rivlas
Stakeholders - Answers - Individuals, groups, and organizations who have a stake in
the success of the organization, including owners, employees, customers, suppliers,
and the community at large.
Effectiveness - Answers - Tailoring actions to the needs of an organizations rather than
wasting effort, or "doing the right thing"
Efficiency - Answers - Performing actions at a low cost relative to a benchmark, or
"doing things right"
Strategic Management Process - Answers - Strategy analysis, strategy formulation, and
strategy implementation
Intended Strategy - Answers - Strategy in which organizational decisions are
determined only by analysis
Realized Strategy - Answers - Strategy in which organizational decisions are
determined by both analysis and unforeseen environmental developments,
unanticipated resource constraints, and/pr changes in managerial preferences
Strategic Analysis - Answers - Study of firms' external and internal environments, and
their fit with organizational vision and goals
Strategic Formulation - Answers - Decisions made by firms regarding investments,
commitments, and other aspects of operations that create and sustain competitive
advantage
Strategy Implementation - Answers - Actions made by firms that carry out the
formulated strategy, including strategic controls, organizational design, and leadership
, Corporate Governance - Answers - The relationship among various participants in
determining the direction and performance of corporations. The primary participants are
1. the shareholders, 2. the management, and 3. the board of directors
Stakeholder Management - Answers - A firm's strategy for recognizing and responding
to the interests of all its salient stakeholders
Hierarchy of Goals - Answers - Organizational goals ranging from, at the top, those that
are less specific yet able to evoke powerful and compelling mental images, to, at the
bottom, those that are more specific and measurable
Vision - Answers - Organizational goal(s) that evoke(s) powerful and compelling mental
images
Mission Statement - Answers - A set of organizational goals that include both the
purpose of the organizations, its scope of operations, and the basis of its competitive
advantage.
Strategic Objectives - Answers - A set of organizational goals that are used to
operationalize the mission statement and that are specific and cover a will defined time
frame
Environmental Scanning - Answers - Surveillance of a firm's external environment to
predict environmental changes and detect changes already under way
Environmental Monitoring - Answers - A firm's analysis of the external environment that
tracks the evolution of environmental trends, sequences of events, or streams of
activities
Competitive Intelligence - Answers - A firm's activities of collecting and interpreting data
on competitors, defining and understanding the industry, and identifying competitors'
strengths and weaknesses
Environmental Forecasting - Answers - The development of plausible protections about
the direction, scope, speed, and intensity of environmental change
Scenario Analysis - Answers - An in-depth approach to environmental forecasting that
involves experts' detailed assessments of societal trends, economics, politics,
technology, or other dimensions of the external environment
SWOT Analysis - Answers - Framework for analyzing a company's internal and external
environment and that stands for strengths, weaknesses, opportunities, and threats
General Environment - Answers - Factors external to an industry and usually beyond a
firm's control, that affect a firm's strategy
Strategic Management - Answers - The analysis, decisions, and actions an organization
undertakes in order to create and sustain competitive advantages
Strategy - Answers - The ideas, decidions, and actions that enable a firm to succeed
Competitive Advantage - Answers - A firm's resources and capabilities that enable it to
overcome the competitive forces in its industry
Operational Effectiveness - Answers - Performing similar activities better than rivlas
Stakeholders - Answers - Individuals, groups, and organizations who have a stake in
the success of the organization, including owners, employees, customers, suppliers,
and the community at large.
Effectiveness - Answers - Tailoring actions to the needs of an organizations rather than
wasting effort, or "doing the right thing"
Efficiency - Answers - Performing actions at a low cost relative to a benchmark, or
"doing things right"
Strategic Management Process - Answers - Strategy analysis, strategy formulation, and
strategy implementation
Intended Strategy - Answers - Strategy in which organizational decisions are
determined only by analysis
Realized Strategy - Answers - Strategy in which organizational decisions are
determined by both analysis and unforeseen environmental developments,
unanticipated resource constraints, and/pr changes in managerial preferences
Strategic Analysis - Answers - Study of firms' external and internal environments, and
their fit with organizational vision and goals
Strategic Formulation - Answers - Decisions made by firms regarding investments,
commitments, and other aspects of operations that create and sustain competitive
advantage
Strategy Implementation - Answers - Actions made by firms that carry out the
formulated strategy, including strategic controls, organizational design, and leadership
, Corporate Governance - Answers - The relationship among various participants in
determining the direction and performance of corporations. The primary participants are
1. the shareholders, 2. the management, and 3. the board of directors
Stakeholder Management - Answers - A firm's strategy for recognizing and responding
to the interests of all its salient stakeholders
Hierarchy of Goals - Answers - Organizational goals ranging from, at the top, those that
are less specific yet able to evoke powerful and compelling mental images, to, at the
bottom, those that are more specific and measurable
Vision - Answers - Organizational goal(s) that evoke(s) powerful and compelling mental
images
Mission Statement - Answers - A set of organizational goals that include both the
purpose of the organizations, its scope of operations, and the basis of its competitive
advantage.
Strategic Objectives - Answers - A set of organizational goals that are used to
operationalize the mission statement and that are specific and cover a will defined time
frame
Environmental Scanning - Answers - Surveillance of a firm's external environment to
predict environmental changes and detect changes already under way
Environmental Monitoring - Answers - A firm's analysis of the external environment that
tracks the evolution of environmental trends, sequences of events, or streams of
activities
Competitive Intelligence - Answers - A firm's activities of collecting and interpreting data
on competitors, defining and understanding the industry, and identifying competitors'
strengths and weaknesses
Environmental Forecasting - Answers - The development of plausible protections about
the direction, scope, speed, and intensity of environmental change
Scenario Analysis - Answers - An in-depth approach to environmental forecasting that
involves experts' detailed assessments of societal trends, economics, politics,
technology, or other dimensions of the external environment
SWOT Analysis - Answers - Framework for analyzing a company's internal and external
environment and that stands for strengths, weaknesses, opportunities, and threats
General Environment - Answers - Factors external to an industry and usually beyond a
firm's control, that affect a firm's strategy
