MAN 4720 Final Exam GUARANTEED PASS !!
Strategic Management - (ANSWER)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 - (ANSWER)contains at least two components - a mission that describes the firm's DNA
and the "picture" of the firm, as it hopes to exist in a future time period
Strategy - (ANSWER)an action plan designed to move an organization toward achievement of its
vision
Mission - (ANSWER)Defines the firm's core intent and the business or businesses in which intends
to compete
External Environment - (ANSWER)a set of conditions outside the firm that affect the firms
performance
Internal Organization - (ANSWER)the set of conditions (such as strengths, resources, capabilities,
and so forth) inside the firm that affect the choice and use of strategies
Strengths - (ANSWER)resources and capabilties that allow the firm to complete important tasks
resources - (ANSWER)the tangible and intangible assets held by the firm
capabilities - (ANSWER)result when the firm integrates several different resources in a way that
allows it to effectively and efficiently complete a task or a series of related tasks
core competencies - (ANSWER)capabilities the firm emphasizes and performs especially well
while pursuing its vision
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, distinctive competencies - (ANSWER)core competencies that differ from those held by
competitors
competitive advantage - (ANSWER)exists when a firm's core competencies or its distinctive
competencies allow it to create value for customers exceeding the value competitors create for
them
strategy implementation - (ANSWER)the set of actions a firm takes to use a strategy after it has
been selected
Opportunities - (ANSWER)conditions in the firms external environment that may help the firm
reach its vision
threats - (ANSWER)conditions in the firms external environment that may prevent the firm from
reaching its vision
stakeholders - (ANSWER)individuals and groups who have an interest in a firms performance and
the ability to influence its actions
strategic leaders - (ANSWER)the individuals practicing strategic leadership
organizational culture - (ANSWER)the set of values and beliefs that are shared throughout the
firm
strategic leadership - (ANSWER)developing the vision for the firm, designing strategic actions to
achieve this vision, and empowering others to carry out those strategic actions
top management team - (ANSWER)the group of managers charged with the responsibility of
developing and implementing the firms strategies
human capital - (ANSWER)includes the knowledge and skills of those working for the firm
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Strategic Management - (ANSWER)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 - (ANSWER)contains at least two components - a mission that describes the firm's DNA
and the "picture" of the firm, as it hopes to exist in a future time period
Strategy - (ANSWER)an action plan designed to move an organization toward achievement of its
vision
Mission - (ANSWER)Defines the firm's core intent and the business or businesses in which intends
to compete
External Environment - (ANSWER)a set of conditions outside the firm that affect the firms
performance
Internal Organization - (ANSWER)the set of conditions (such as strengths, resources, capabilities,
and so forth) inside the firm that affect the choice and use of strategies
Strengths - (ANSWER)resources and capabilties that allow the firm to complete important tasks
resources - (ANSWER)the tangible and intangible assets held by the firm
capabilities - (ANSWER)result when the firm integrates several different resources in a way that
allows it to effectively and efficiently complete a task or a series of related tasks
core competencies - (ANSWER)capabilities the firm emphasizes and performs especially well
while pursuing its vision
Page 1 of 14
, distinctive competencies - (ANSWER)core competencies that differ from those held by
competitors
competitive advantage - (ANSWER)exists when a firm's core competencies or its distinctive
competencies allow it to create value for customers exceeding the value competitors create for
them
strategy implementation - (ANSWER)the set of actions a firm takes to use a strategy after it has
been selected
Opportunities - (ANSWER)conditions in the firms external environment that may help the firm
reach its vision
threats - (ANSWER)conditions in the firms external environment that may prevent the firm from
reaching its vision
stakeholders - (ANSWER)individuals and groups who have an interest in a firms performance and
the ability to influence its actions
strategic leaders - (ANSWER)the individuals practicing strategic leadership
organizational culture - (ANSWER)the set of values and beliefs that are shared throughout the
firm
strategic leadership - (ANSWER)developing the vision for the firm, designing strategic actions to
achieve this vision, and empowering others to carry out those strategic actions
top management team - (ANSWER)the group of managers charged with the responsibility of
developing and implementing the firms strategies
human capital - (ANSWER)includes the knowledge and skills of those working for the firm
Page 2 of 14
