Practice Questions and Answers for Capstone Exam 1 Q&A 2024

Practice Questions and Answers for Capstone Exam 1 Q&A 2024 Mission vs. vision - CORRECT ANSWER-Current vs. future Goals vs. objectives - CORRECT ANSWER-Both are targets. Goals are general (#1 airline in America). Objectives are specific, measurable, dated (20% increase in sales by 2013). Strategies vs. tactics - CORRECT ANSWER-Both are actions. Strategies are general (horizontal diversification). Tactics are specific (training policies, debt structures). (Strategic) Mission - CORRECT ANSWER-Answers the questions, Who we are, what we do, and where we do it Often reflects a company's generic strategy (aka strategic posture) More to come on this It's the corporate fingerprint: What makes us unique? Political Economic Socio-cultural Technological Legal Environmental - CORRECT ANSWER-PESTLE forces Opportunities Threats - CORRECT ANSWER-Remember, at the end of this analysis we're interested in industry attractiveness That involves an industry look at _________ and _______. Current competitors Potential entrants Buyers (customers) Suppliers Substitute products - CORRECT ANSWER-There are "Five Forces" that influence the competitive structure of an industry Rivalry among them - CORRECT ANSWER-Current competitors Threat of entry - CORRECT ANSWER-Potential entrants Their bargaining power - CORRECT ANSWER-Buyers/customers Their bargaining power - CORRECT ANSWER-Suppliers Threat of use - CORRECT ANSWER-Substitute products