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BUAD453 Exam 1 Questions And Correct Answers A+ Graded
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BUAD453 Exam 1 Questions And CorrectAnswers A+ Graded
What are the pre-conditions for Organizational Success?
Goals & Values, Resources & Capabilities, Organizational Structure & Systems, Deep
insight into the competitive environment
What are the 3 D's in strategy?
Diagnose, Decide, Deliver
What is Strategy?
A diagnosis that describes or defines a business challenge or opportunity, a decision or
series of decisions regarding how to address the challenge or take advantage of the
opportunity and a logical set of actions in support of the decisions to yield sustainable
advantage and superior returns.
What is step 1 of the strategic planning process?
Define the corporate mission, vision, values, and goals
What is step 2 of the strategic planning process?
Diagnose externally
What is the 3rd step in the strategic planning process?
Diagnose internally
,What does the term diagnose externally mean?
Analyze externally to comprehend the macro and competitive/industry environment
What does the term diagnose internally mean?
to conduct an internal analysis in search of resources/capabilities and distinctive
strengths that might be the source of a competitive advantage
What is the 4th step in the strategic planning process?
Based on the internal and external diagnosis we generate alternative and decide among
them
What are some of the things we do in step 4?
Integrative SWOT analysis, projecting industry growth using S curve, assess market to
enter, compare alternatives
What is the step 5 in strategic planning process?
Deliver- implement the decisions and track process using balanced score card
What is the step 6 in strategic planning process?
Feedback loop
What are the conditions for organizational success resting on the firm?
goals & values, resources & capabilities, and organizational design
,What are the conditions for organizational success resting on the industry and
environment?
competitors, customers, and suppliers
What are the 3 levels of strategy?
corporate, business, and functional
what is corporate level strategy?
scope of the firm decisions making about investment/mergers/acquisitions & new
ventures, vertical vs. horizontal integration of the supply chain
what is business level strategy?
how the firm competes in a particular industry or market: cost leadership vs
differentiation
what is functional level strategy?
strategies for each functional area to fulfill strategic objectives of the firm
what do businesses focused on cost leadership focus on?
competing on price, lower margin, and higher volumes
what do businesses focused on differentiation focus on?
competing on something other than price, higher margins, lower volume
What are the 4 x factors of sustainable success?
1. mission goals and values
2. the competitive landscape
, 3. resources & capabilities
4. org. structure and systems
What are strategic groups?
Group of industry competitors that share similar characteristics, but are distinctly
different from others. Narrows focus by centering on whose strategies are similar to
each other.
What can strategic group analysis offer insights about?
Closest rivals, alternative paths to success & untapped opportunities
What do gaps reveal on a strategic map?
business opportunities
What does the board of directors want Steve Parkland of Charles Chocolates to do?
double or triple the size of the company within 10 years while fitting the company's
culture and gain support of the board, management, and employees
What is STEEP?
evaluating trends, forces, and changes in the environment in which a business operates
that may create opportunities or threats
What does STEEP stand for?
Sociocultural, technological, economic, ecological, policial/legal
What are the 5 steps of STEEP?
1. brainstorm each of the 5 factors
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