MAN 4720 UCF Capstone Midterm
question and answers
Competitive Advantage - -Generating above average returns. Measured relative to other firms.
Should rely on a more holistic perspective vs. just using one metric.
-Strategic Analysis framework - -AFI
-Strategy - -quest to gain and sustain competitive advantage over
-Companies - -array of activities
-vision statement - -paints a picture of where a company wants to be
-Balanced Scorecard - -harnesses multiple internal and external performance metrics in order to
balance both financial and strategic goals. USED IN IMPLEMENTATION PHASE
-strategic management - -an integrative management field that combines analysis, formulation,
and implementation in the quest for competitive advantages
-competitive disadvantage - -under performance relative to other competitors in the same
industry or industry average
-competitive parity - -performance of two or more firms at the same level
-sustainable competitive advantage - -outperforming competitors or the industry over a
prolonged period
-co-opetition - -cooperation by competitors to achieve a strategic objective
-firm effects - -results of mangers actions to influence firm performance
-industry effects - -the results attributed to the choice of industry in which to compete
-strategic business unit (SBU) - -a standalone division of a larger conglomerate, with its own
profit and loss responsibility
-business model - -organizational plan that details the firms competitive tactics and initiatives;
how the firm intends to make money
-bottom of the pyramid - -the largest but poorest socioeconomic group of the world's population
-externalities - -side-effects of production and consumption that are not reflected in the price of
a product.
, -crowdsourcing - -process in which people voluntarily performs tasks they were traditionally
completed by a firms employees
-Stakeholders - -Individuals or groups who can affect or are affected by the action of a firm.
-A.F.I. - -1.) Analyze
2.) Formulate
3.) Implement
-AFI strategy framework - -a model that links three interdependent strategic management tasks-
Analyze, Formulate, and Implement. together help firms conceive of and implement a strategy
that can improve performance and result in competitive advantage
-strategic management process - -Method by which managers conceive and implement a
strategy that can lead to a sustainable competitive advantage.
-Vision - -A statement about what an organization ultimately wants to accomplish; It captures
the company's aspiration.
-strategic intent - -staking out of a desired leadership position that far exceeds a company's
current resources and capabilities.
-mission - -Description of what an organization actually does- what its business is- and why it
does it; can be customer-oreiented or product-oriented.
-strategic commitments - -actions that are costly, long-term oriented, and difficult to reverse .
-organizational values - -ethical standards and norms that govern the behavior of individuals
within a firm or organization.
-strategic (long range) planning - -a rational, top down process through which management can
program future success; typically concentrates strategic intelligence and decision-making
responsibilities in the office of the CEO.
-scenario planning - -strategy planning activity in which managers envision different what-if
scenarios to anticipate plausible futures
-dominant strategic plan - -the strategic option that managers think most closely matches reality
at a given point in time
-strategic intiative - -any activity a firm pursues to explore and developed new products and
processes, new markets , or new ventures.
-emergent strategy - -any unplanned strategy initiative undertaken by mid-level employees of
their own volition
question and answers
Competitive Advantage - -Generating above average returns. Measured relative to other firms.
Should rely on a more holistic perspective vs. just using one metric.
-Strategic Analysis framework - -AFI
-Strategy - -quest to gain and sustain competitive advantage over
-Companies - -array of activities
-vision statement - -paints a picture of where a company wants to be
-Balanced Scorecard - -harnesses multiple internal and external performance metrics in order to
balance both financial and strategic goals. USED IN IMPLEMENTATION PHASE
-strategic management - -an integrative management field that combines analysis, formulation,
and implementation in the quest for competitive advantages
-competitive disadvantage - -under performance relative to other competitors in the same
industry or industry average
-competitive parity - -performance of two or more firms at the same level
-sustainable competitive advantage - -outperforming competitors or the industry over a
prolonged period
-co-opetition - -cooperation by competitors to achieve a strategic objective
-firm effects - -results of mangers actions to influence firm performance
-industry effects - -the results attributed to the choice of industry in which to compete
-strategic business unit (SBU) - -a standalone division of a larger conglomerate, with its own
profit and loss responsibility
-business model - -organizational plan that details the firms competitive tactics and initiatives;
how the firm intends to make money
-bottom of the pyramid - -the largest but poorest socioeconomic group of the world's population
-externalities - -side-effects of production and consumption that are not reflected in the price of
a product.
, -crowdsourcing - -process in which people voluntarily performs tasks they were traditionally
completed by a firms employees
-Stakeholders - -Individuals or groups who can affect or are affected by the action of a firm.
-A.F.I. - -1.) Analyze
2.) Formulate
3.) Implement
-AFI strategy framework - -a model that links three interdependent strategic management tasks-
Analyze, Formulate, and Implement. together help firms conceive of and implement a strategy
that can improve performance and result in competitive advantage
-strategic management process - -Method by which managers conceive and implement a
strategy that can lead to a sustainable competitive advantage.
-Vision - -A statement about what an organization ultimately wants to accomplish; It captures
the company's aspiration.
-strategic intent - -staking out of a desired leadership position that far exceeds a company's
current resources and capabilities.
-mission - -Description of what an organization actually does- what its business is- and why it
does it; can be customer-oreiented or product-oriented.
-strategic commitments - -actions that are costly, long-term oriented, and difficult to reverse .
-organizational values - -ethical standards and norms that govern the behavior of individuals
within a firm or organization.
-strategic (long range) planning - -a rational, top down process through which management can
program future success; typically concentrates strategic intelligence and decision-making
responsibilities in the office of the CEO.
-scenario planning - -strategy planning activity in which managers envision different what-if
scenarios to anticipate plausible futures
-dominant strategic plan - -the strategic option that managers think most closely matches reality
at a given point in time
-strategic intiative - -any activity a firm pursues to explore and developed new products and
processes, new markets , or new ventures.
-emergent strategy - -any unplanned strategy initiative undertaken by mid-level employees of
their own volition
