MGMT 3001 Final Exam questions and
answers graded A+
Types of Entrepreneurs - correct answer ✔✔classical entrepreneurs - Risk takers, stay small and
plan to stay small
Multiprenuers - Start a series of companies
Intrapreneurs’ - Don't own their own companies, go to large companies to help try and innovate
within
Identify your reasons and knowing yourself will help you, Find a niche and conduct market
research
Business Plan - correct answer ✔✔Includes an executive summary, a mission statement,
company overview, Product or service plan, Marketing plan, management plan, operating plan,
Financial plan
Strategy process - correct answer ✔✔Pursuing a set of unique activities that provide value to
customers; making trade-offs about which businesses to pursue, what products to produce, and
which customers to serve; and aligning resources to achieve organizational objectives
Competitive advantage - correct answer ✔✔A firm achieves a competitive advantage when it
creates more economic value than competitors by engaging in a strategy that is difficult or
impossible for others to duplicate.... Ex:// Wal-Mart, Amazon
SWOT - correct answer ✔✔Strengths- Employees, Patents, Cash, Unique capabilities
Weaknesses- Outdated Tech, Employee skill gap, High operating costs
Both strengths and weaknesses are apart of the INTERNAL Environment
, Opportunities- Emerging markets, New social trends, Technology advancements
Threats- Competitor actions, Economic downturns, Government regulations
Both Opportunities and Threats are EXTERNAL to the company
PESTEL Analysis - correct answer ✔✔Political
Economic
Social
Technological
Environmental
Legal
Micro environment - correct answer ✔✔includes the components of a firm's industry, such as
competitors, suppliers, and customers. Porter's Five Forces of industry competition (industry
rivalry, threat of new entrants, threat of substitutes, supplier power, and buyer power) capture
the dynamic relationships between these components.
Macro environment - correct answer ✔✔The macro environment includes facts and situations
that a firm must be aware of but cannot always influence. Includes the PESTEL analysis
External Business Environments - correct answer ✔✔Industry Analysis
Customer Analysis
Supplier Analysis
Competitor Analysis
internal environment - correct answer ✔✔A good strategy for competitive advantage capitalizes
on a firm's key resources and capabilities, as identified and evaluated using the VRIO (value,
rarity, imitation, and organization) analytical tool.
Owners, Managers, Employees
answers graded A+
Types of Entrepreneurs - correct answer ✔✔classical entrepreneurs - Risk takers, stay small and
plan to stay small
Multiprenuers - Start a series of companies
Intrapreneurs’ - Don't own their own companies, go to large companies to help try and innovate
within
Identify your reasons and knowing yourself will help you, Find a niche and conduct market
research
Business Plan - correct answer ✔✔Includes an executive summary, a mission statement,
company overview, Product or service plan, Marketing plan, management plan, operating plan,
Financial plan
Strategy process - correct answer ✔✔Pursuing a set of unique activities that provide value to
customers; making trade-offs about which businesses to pursue, what products to produce, and
which customers to serve; and aligning resources to achieve organizational objectives
Competitive advantage - correct answer ✔✔A firm achieves a competitive advantage when it
creates more economic value than competitors by engaging in a strategy that is difficult or
impossible for others to duplicate.... Ex:// Wal-Mart, Amazon
SWOT - correct answer ✔✔Strengths- Employees, Patents, Cash, Unique capabilities
Weaknesses- Outdated Tech, Employee skill gap, High operating costs
Both strengths and weaknesses are apart of the INTERNAL Environment
, Opportunities- Emerging markets, New social trends, Technology advancements
Threats- Competitor actions, Economic downturns, Government regulations
Both Opportunities and Threats are EXTERNAL to the company
PESTEL Analysis - correct answer ✔✔Political
Economic
Social
Technological
Environmental
Legal
Micro environment - correct answer ✔✔includes the components of a firm's industry, such as
competitors, suppliers, and customers. Porter's Five Forces of industry competition (industry
rivalry, threat of new entrants, threat of substitutes, supplier power, and buyer power) capture
the dynamic relationships between these components.
Macro environment - correct answer ✔✔The macro environment includes facts and situations
that a firm must be aware of but cannot always influence. Includes the PESTEL analysis
External Business Environments - correct answer ✔✔Industry Analysis
Customer Analysis
Supplier Analysis
Competitor Analysis
internal environment - correct answer ✔✔A good strategy for competitive advantage capitalizes
on a firm's key resources and capabilities, as identified and evaluated using the VRIO (value,
rarity, imitation, and organization) analytical tool.
Owners, Managers, Employees
