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Test 1 MIE 480 Detailed Questions and Expert Answers

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Test 1 MIE 480 Detailed Questions and Expert Answers

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  • August 10, 2024
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Test 1 MIE 480 Detailed Questions and Expert
Answers

Strategy - ANS set of related actions that managers take to increase their
company's performance



Strategic leadership - ANS Creating competitive advantage through effective
management of the strategy-making process.



Strategy formulation - ANS Selecting strategies based on analysis of an
organization's external and internal environment.



Strategy implementation - ANS Putting strategies into action.



Superior Performance - ANS Profitability - The return a company makes on the
capital invested in the enterprise.



Return on invested capital (ROIC)-Net profit over the capital invested in a firm.



Result of how efficiently the capital is used to satisfy customer needs.



Profit growth - ANS The increase in net profit over time, achieved by:

,-selling products in rapidly growing markets.

-gaining market share from rivals.

-selling more to existing customers.

-expanding overseas or diversifying into new businesses.



To boost profitability and profit growth, managers must:



-use strategies to give their company a competitive advantage over rivals.



-deliver high profitability and sustainable profit growth



Competitive Advantage - ANS Occurs when a company's profitability is greater
than the average profitability of firms in its industry.




Sustained competitive advantage - A company's strategies that enable it to
maintain above-average profitability for a number of years.



Business Model - ANS Conception of how strategies should work together as a
whole to enable the company to achieve competitive advantage.



Deals with how a company:

, -selects, acquires, and keeps its customers.

-defines and differentiates its product offerings.

-creates value for its customers.

-produces goods or services and delivers to the market.

-lowers costs and organizes its resources and activities.

-achieves and sustains high profitability and growth.



Strategic Management - ANS General Managers: Bear responsibility for a
company's overall performance or for one of its major self-contained subunits or
divisions.




Functional Managers: Responsible for supervising a particular function, task,
activity, or operation.



Multidivisional Company - Competes in several different businesses and has a
separate self-contained division to manage each.



Steps in Formal Strategic Planning Process - ANS 1) Select the corporate mission
and goals.



2) Analyze the organization's external competitive environment and internal
operating environment.

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