7/4/25, 9:57
PM
MBA 705 - Exam 1 Exam questions and answers with
complete solutions guaranteed pass 100% rated
Terms in this set (134)
Mission is a broadly defined but enduring statement of
purpose that identifies the scope of an
organization's operations and its offerings to
the various stakeholders
Strategy refers to top management's plans to develop
and sustain competitive advantage so that the
organization's mission is fulfilled.
is a state whereby a firm's successful strategies
Competitive advantage cannot be easily duplicated by its competitors.
Maintaining a sustained competitive advantage
over time can be
challenging.
sustained competitive A company's strategies enable it to maintain
advantage above-average profitability for a number of
years
Strategic Management is of the environment in which the organization
operates prior to formulating a strategy, as
well as the plan for implementation and
control of the strategy.
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PM
1. External Analysis
2. Internal Analysis
The Strategic 3. Strategy Formulation
Management Process 4. Strategy Implementation
5. Strategic Control
External Analysis Analyze the opportunities and threats, or
constraints, that exist in the organization's
external environment, including industry and
forces in the external environment
Internal Anaylsis Analyze the organization's strengths and
weaknesses in its internal environment.
Consider the context of managerial ethics
and corporate social responsibility
Formulate strategies that build and sustain
strategy formulation competitive advantage by matching the
organization's strengths and weaknesses with
the environment's opportunities and threats.
Strategic Implementation Implement the strategies that have been developed.
(Execution)
Strategic Control Measure success and make corrections when
the strategies are not producing the desired
outcomes.
explains how the organization seeks to earn a profit by
selling its goods.
Business model
Progressive firms often devise innovative
business models that extract revenue - and
ultimately profits - from sources not
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PM
identified by competitors.
1. Understand the competitive environment.
2. Understand how resources translate into strengths
Five Characteristics of and weaknesses.
a Successful Strategy 3. The strategy is consistent with the mission and goals
of the organization.
4. Plans for putting the strategy into action are designed
before it is implemented.
5. Possible future changes (i.e., strategic control)
are evaluated before the strategy is adopted.
what management originally plans.
Intended Strategy may be realized just as it was planned, in a
modified form, or even in an entirely
different form.
what management actually implements.
Realized Strategy Hence, the original strategy may be realized
with desirable or undesirable results, or it may
be modified as changes in the firm or the
environment become known.
The gap between the intended and realized strategies
usually results from
unforeseen environmental or organizational
events, better information that was not available
when the strategy was formulated, or an
improvement in top management's ability to
Gap between Intended assess its environment. Although it is important
3/25
PM
MBA 705 - Exam 1 Exam questions and answers with
complete solutions guaranteed pass 100% rated
Terms in this set (134)
Mission is a broadly defined but enduring statement of
purpose that identifies the scope of an
organization's operations and its offerings to
the various stakeholders
Strategy refers to top management's plans to develop
and sustain competitive advantage so that the
organization's mission is fulfilled.
is a state whereby a firm's successful strategies
Competitive advantage cannot be easily duplicated by its competitors.
Maintaining a sustained competitive advantage
over time can be
challenging.
sustained competitive A company's strategies enable it to maintain
advantage above-average profitability for a number of
years
Strategic Management is of the environment in which the organization
operates prior to formulating a strategy, as
well as the plan for implementation and
control of the strategy.
1/25
,7/4/25, 9:57
PM
1. External Analysis
2. Internal Analysis
The Strategic 3. Strategy Formulation
Management Process 4. Strategy Implementation
5. Strategic Control
External Analysis Analyze the opportunities and threats, or
constraints, that exist in the organization's
external environment, including industry and
forces in the external environment
Internal Anaylsis Analyze the organization's strengths and
weaknesses in its internal environment.
Consider the context of managerial ethics
and corporate social responsibility
Formulate strategies that build and sustain
strategy formulation competitive advantage by matching the
organization's strengths and weaknesses with
the environment's opportunities and threats.
Strategic Implementation Implement the strategies that have been developed.
(Execution)
Strategic Control Measure success and make corrections when
the strategies are not producing the desired
outcomes.
explains how the organization seeks to earn a profit by
selling its goods.
Business model
Progressive firms often devise innovative
business models that extract revenue - and
ultimately profits - from sources not
2/25
, 7/4/25, 9:57
PM
identified by competitors.
1. Understand the competitive environment.
2. Understand how resources translate into strengths
Five Characteristics of and weaknesses.
a Successful Strategy 3. The strategy is consistent with the mission and goals
of the organization.
4. Plans for putting the strategy into action are designed
before it is implemented.
5. Possible future changes (i.e., strategic control)
are evaluated before the strategy is adopted.
what management originally plans.
Intended Strategy may be realized just as it was planned, in a
modified form, or even in an entirely
different form.
what management actually implements.
Realized Strategy Hence, the original strategy may be realized
with desirable or undesirable results, or it may
be modified as changes in the firm or the
environment become known.
The gap between the intended and realized strategies
usually results from
unforeseen environmental or organizational
events, better information that was not available
when the strategy was formulated, or an
improvement in top management's ability to
Gap between Intended assess its environment. Although it is important
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