MGMT 3820 EXAM 3 QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS VERIFIED
positive
strategic management has a _______ impact on performance
Strategic management:
what managers do to develop the organization's strategies.
Strategies:
the plans for how the organization will do what it's in business to do, how it will compete
successfully, and how it will attract and satisfy its customers in order to achieve its goals
Business model:
how a company is going to make money
Strategic Management Process
Step 1: Identifying the Organization's Current Mission, Goals, and Strategies
Step 2: Doing an External Analysis
Step 3: Doing an Internal Analysis
Step 4: Formulating Strategies
Step 5: Implementing Strategies
Step 6: Evaluating Results
Mission:
the purpose of an organization
Opportunities:
positive trends in the external environment
,Threats:
negative trends in the external environment
Resources:
an organization's assets that are used to develop, manufacture, and deliver products to
its customers
Capabilities:
an organization's skills and abilities in doing the work activities needed in its business
Core competencies:
the organization's major value- creating capabilities that determine its competitive
weapons
Strengths:
any activities the organization does well or its unique resources
Weaknesses:
activities the organization does not do well or resources it needs but does not possess
SWOT analysis:
an analysis of the organization's strengths, weaknesses, opportunities, and threats
3 types of strategies:
corporate, competitive, functional
Corporate strategy:
an organizational strategy that determines what businesses a company is in or wants to
be in, and what it wants to do with those businesses
Growth strategy:
, a corporate strategy that's used when an organization wants to expand the number of
markets served or products offered, either through its current business(es) or through
new business(es) - Concentration - Vertical integration - Horizontal integration -
Diversification
Stability strategy:
a corporate strategy in which an organization continues to do what it is currently doing
Renewal strategy:
a corporate strategy designed to address declining performance
BCG matrix:
a strategy tool that guides resource allocation decisions on the basis of market share
and growth rate of SBUs - Stars - Cash cows - Question marks - Dogs
Competitive strategy:
an organizational strategy for how an organization will compete in its business(es)
Strategic business unit(SBU):
the single independent businesses of an organization that formulate their own
competitive strategies
Competitive advantage:
What sets an organization apart; its distinctive edge
Types of Competitive Advantage
• Quality • Design thinking • Social media
Porter's Five Forces Model:
- Threat of new entrants - Threat of substitutes - Bargaining power of buyers -
Bargaining power of suppliers - Current rivalry
COMPLETE SOLUTIONS VERIFIED
positive
strategic management has a _______ impact on performance
Strategic management:
what managers do to develop the organization's strategies.
Strategies:
the plans for how the organization will do what it's in business to do, how it will compete
successfully, and how it will attract and satisfy its customers in order to achieve its goals
Business model:
how a company is going to make money
Strategic Management Process
Step 1: Identifying the Organization's Current Mission, Goals, and Strategies
Step 2: Doing an External Analysis
Step 3: Doing an Internal Analysis
Step 4: Formulating Strategies
Step 5: Implementing Strategies
Step 6: Evaluating Results
Mission:
the purpose of an organization
Opportunities:
positive trends in the external environment
,Threats:
negative trends in the external environment
Resources:
an organization's assets that are used to develop, manufacture, and deliver products to
its customers
Capabilities:
an organization's skills and abilities in doing the work activities needed in its business
Core competencies:
the organization's major value- creating capabilities that determine its competitive
weapons
Strengths:
any activities the organization does well or its unique resources
Weaknesses:
activities the organization does not do well or resources it needs but does not possess
SWOT analysis:
an analysis of the organization's strengths, weaknesses, opportunities, and threats
3 types of strategies:
corporate, competitive, functional
Corporate strategy:
an organizational strategy that determines what businesses a company is in or wants to
be in, and what it wants to do with those businesses
Growth strategy:
, a corporate strategy that's used when an organization wants to expand the number of
markets served or products offered, either through its current business(es) or through
new business(es) - Concentration - Vertical integration - Horizontal integration -
Diversification
Stability strategy:
a corporate strategy in which an organization continues to do what it is currently doing
Renewal strategy:
a corporate strategy designed to address declining performance
BCG matrix:
a strategy tool that guides resource allocation decisions on the basis of market share
and growth rate of SBUs - Stars - Cash cows - Question marks - Dogs
Competitive strategy:
an organizational strategy for how an organization will compete in its business(es)
Strategic business unit(SBU):
the single independent businesses of an organization that formulate their own
competitive strategies
Competitive advantage:
What sets an organization apart; its distinctive edge
Types of Competitive Advantage
• Quality • Design thinking • Social media
Porter's Five Forces Model:
- Threat of new entrants - Threat of substitutes - Bargaining power of buyers -
Bargaining power of suppliers - Current rivalry
