MGMT 441 Exam 1 Strategy – Study Guide, Practice Questions & Exam
Preparation
Strategy - ANS ✔✔a firms theory about how to gain competitive advantages. Theories are based
on a set of assumptions and hypothesis about the way competition in an industry is likely to
evolve and how that evolutions can be exploited to earn a profit
-A firms plan to create and capture value
Strategic Management Process - ANS ✔✔1. Mission
2. Objectives
3. External & Internal Analysis
4. Strategic Choice
5. Strategic Implementation
Mission - ANS ✔✔defines the company's overall purpose and longterm vision
Objectives - ANS ✔✔specific, measurable, and time-bound goals that a company sets to achieve
its mission
External Analysis - ANS ✔✔Where to compete? invovles identifying attractive markets,
including specific industries, product segments, or geographic areas
-Must analyze macro-environment and industry environments
-Macro: PESTEL
-Industry: Five forces
Internal Analysis - ANS ✔✔What resources and capabilities to utilize to deliver value?
Preparation
Strategy - ANS ✔✔a firms theory about how to gain competitive advantages. Theories are based
on a set of assumptions and hypothesis about the way competition in an industry is likely to
evolve and how that evolutions can be exploited to earn a profit
-A firms plan to create and capture value
Strategic Management Process - ANS ✔✔1. Mission
2. Objectives
3. External & Internal Analysis
4. Strategic Choice
5. Strategic Implementation
Mission - ANS ✔✔defines the company's overall purpose and longterm vision
Objectives - ANS ✔✔specific, measurable, and time-bound goals that a company sets to achieve
its mission
External Analysis - ANS ✔✔Where to compete? invovles identifying attractive markets,
including specific industries, product segments, or geographic areas
-Must analyze macro-environment and industry environments
-Macro: PESTEL
-Industry: Five forces
Internal Analysis - ANS ✔✔What resources and capabilities to utilize to deliver value?
