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SGMA 591 Midterm Exam Questions And Correct Answers
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SGMA 591 Midterm 2024-2025 Exam Questions AndCorrect Answers
CLASS 1 - Answer CLASS 1
What is strategic management addressed to? - Answer Major initiatives, taken by general
managers on behalf of owners, involving utilization of resources, to enhance
performance of firm in their external environments
What is strategy about? - Answer HOW: to compete better or differently than competitors,
to gain sustainable competitive advantage, to outcompete rivals, to respond to external
opportunities and threats, to manage your resources and value chain activities, to
improve the financial and market performance
CHAPTER 1 - Answer CHAPTER 1
Draw the chart for common elements in successful strategies - Answer Draw the chart for
common elements in successful strategies
What is strategy? -Answer the overall plan for delaying resources to establish a
favourable position
What is tactic? What is an example of this? -Answer A scheme for a specific action.
Tactics are the maneuvers necessary to win battles, strategy is concerned with winning
the war.
What do strategic decisions generally have in common? - Answer they are important,
they involve a significant commitment of resources and they are not easily reversible.
What is corporate planning or long term planning? - Answer Used to guide the long term
,development of a firm
What aids in corporate planning? - Answer Macroeconomics forecasts
What format does corporate planning typically take? - Answer Five-year corporate
planning document that set out goals and objectives, forecast key economic trends,
establish priorities for different products and business areas of the firm and allocate
capital expenditures
What is strategic management? - Answer associated with increasing focus on
competition as the central characteristics of the business environment and competitive
advantage as the primary goal
What is resource-based view? - Answer Theoretical perspective that emphasizes the role
of resources and capabilities, The firm's become regarded as the main source of
competitive advantage and the primary basis for formulating a strategy
What do common definitions define strategy today as? - Answer Focused on goals,
Allocation of resources, Implies consistency, integration and cohesiveness
Corporate strategy - A firm's definition of industries and markets in which it competes
Business strategy - Concerns the way it chooses to compete in a given industry or
market
How would you differentiate between corporate strategy and business strategy? - ANS
Corporate- normally the responsibility of top management team and corporate strategy
staff, Business- normally the responsibility of divisional management
Draw sources of superior profitability chart (corporate strat vs business strat) - ANS Draw
the source of superior profitability chart (corporate strat vs business strat)
Which are the three places strategy is located? Heads of CEOs, senior managers, and
, other members of the org; top management's articulations such as speeches and written
documents; through decisions by which strategy is enacted.
What is the hierarchy of strategy statements? - Answer Mission statement, a statement of
principles/values (what we believe in and how we will behave), the vision statement (what
we want to be), the strategy statement (what our competitive game plan will look like)
What is the strategy hierarchy. - Answer What is the strategy hierarchy.
What are the competitive game plan elements of a strategy statement? - Answer
Objectives, scope _where we will compete_ and advantage _how we will compete_
What is meant by intended strategy? - Answer conceived by top management team
_less a product of rational deliberation and more an outcome of negotiation, bargaining
and compromise
What is realized strategy? - Actual strategy that is actually implemented - only partially
related to that which was intended
What is planned emergence? - Balance between stability and predictability of a
company's business environment
For strategy to be successful. - must be consistent w/ firm's external & internal envs. -
goals, values, resources, capabilities, structures and systems
What does strategy do? - Answer decision support, co-ordinating device, target,
animation and orientation
What is stakeholder analysis? - Answer useful tool to identify, understand and prioritise
the needs of key stakeholders
What is the four group result of the power/interest grid? - Answer Crowd, subjects,
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