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SGMA 591 Midterm Exam With Complete Solutions
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SGMA 591 Midterm Exam With Complete Solutions 2024-2025What do successful strategies have in common? - Answer effective implementation
- straightforward, consistent, long-term goals
- deep insight into the competitive environment
- dispassionate assessment of resources
What was the sequence in the development of strategic management? - Answer - 1950s:
Financial budgeting
- 1960s: corporate planning (medium term and economic forecasts)
- 1970s: Emergence of strategic management (industry analysis and competitive
positioning)
- 1980s & 90s : The search for competitive advantage (resources and capabilities;
shareholder value maximization; refocusing, outsourcing, cost cutting)
-2000s-2010s: Coping with Turbulence( exploiting info and communication technology;
flexibility and strategic innovation; strategic alliances; social and environmental
responsibility)
What is the summary of a corporate strategy? - Answer where to compete - industry
attractiveness - which industries should we be in?
What is a business strategy overview? - Answer how do I win - competitive advantage -
how should we compete?
What is the heirarchy of the strategy? - Answer corporate strategy -> business strategy ->
functional area strategies -> operating strategies
What aspects are covered in strategy as positioning? - Answer Where are we competing?
product scope
,geographical
vertical scope
How are we competing?
what is the basis of our competitive advantage?
Competing for the present
What does strategy as direction include? - Answer What do we want to become?
- vision statement
What do we want to achieve?
- mission statement
- performance goals
How will we get there?
- guidelines for development
- priorities for capital expenditures, R&D
- growth modes: organic, M&A, alliances
What is a mission statement? - Answer focuses on today and why the organization exists.
What they do/core of the business
What is a vision statement? - Answers the question, what will be our situation tomorrow?,
and gives an organization direction i.e, Where do we go from here?)
-guiding philosophy
What are some components of a vision statement? - Answers -should significantly
stretch the resources and capabilities of the firm
- should inspire people in the organization to achieve things they never thought possible
- should unite people toward one common goal
, What does a mission statement consist of? - Answer - short, concise
- why org exists and what it is to achieve
- how org will serve those touched by its work
What are three basic elements of strategy? - Answer - corporate objective = ends (what is
the corp attempting to attain?)
- scope = domain (part of business landscape in which your co will play )
Means: throgh what will you have competitive advantage? What will you do different or
better compared to rivals?
What is a coporate object and what is it not? Answer:
one clear-cut goal to which the company is committed
SMART: specific, measurable, actionable, realistic, time-bound
is not:
just the same as mission or vision
a motherhood statement
What is scope? Answer What business are we really in?
Could be broader than intuitively thought of
What are the two elements of competitive advantage? - Answer - distinctive activities:
aligned internal activities to deliver the customer value proposition
- value proposition: why customers should buy your products or services over
alternatives
Can strategy be planned? - Answer planning can operationalize strategies, not develop
them. It can make strategies viable
What is the three-stage process for programming a strategy? - Answer - codification
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