MNGT 4800 Exam 1 – Waddingham || with Complete Solutions.

Strategic Management correct answers why do some companies outperform other companies •Examines how actions and events involving top executives, companies, and industries influence a company's success or failure. •Formal tools exist for understanding these relationships. •Creativity is just as important to strategic management •Mastering strategy is part art and part science. Mintzberg's 5 P's correct answers Plan, Ploy, Pattern, Position, Perspective Strategic plan correct answers a carefully crafted set of steps that a company intends to follow in order to be successful. Includes- •Business Model: A business model describes the process through which a company hopes to earn profits. •Economies of Scale: A cost advantage that is created when a company can produce a good or service at a lower per unit price due to producing the good or service in large quantities. strategic ploy correct answers a specific move designed to outwit or trick competitors Strategic Pattern correct answers focuses on the extent to which a firm's actions over time are consistent Strategy as position correct answers a firm's place in the industry relative to its competitors Strategy as perspective correct answers how executives interpret the competitive landscape around them Intended Strategy correct answers Strategy that an organization hopes to execute Emergent Strategy correct answers •an unplanned strategy that arises in response to unexpected opportunities and challenges. Realized Strategy correct answers the strategy that actually takes place the strategic management process correct answers -Understanding strategy and performance -Environmental and Internal scanning -Strategy formulation -Strategy implementation an organizations vision correct answers describes what the organization hopes to become in the future.