SGMA 591 Midterm Exam Questions With Correct Answers
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Course
SGMA 591
Institution
SGMA 591
SGMA 591 Midterm Exam Questions
With Correct Answers
What are the common elements in successful strategies? - answereffective implementation
- simple consistent, long-term goals
- profound understanding of the competitive environment
- objective appraisal of resources
What was the evolution o...
SGMA 591 Midterm Exam Questions
With Correct Answers
What are the common elements in successful strategies? - answer✔effective implementation
- simple consistent, long-term goals
- profound understanding of the competitive environment
- objective appraisal of resources
What was the evolution 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 quest for competitive advantage (resources and capabilities; shareholder
value maximization; refocusing, outsourcing, cost cutting)
-2000s-2010s: Adapting to Turbulence (exploiting info and communication technology;
flexibility and strategic innovation; strategic alliances; social and environmental responsibility)
What is the overview of a corporate strategy? - answer✔where to compete - industry
attractiveness - which industries should we be in?
What is the overview of a business strategy? - answer✔how do I win - competitive advantage -
how should we compete?
What is the strategy heirarchy? - answer✔corporate strategy -> business strategy -> functional
area strategies -> operating strategies
What aspects are included in strategy as positioning? - answer✔Where are we competing?
- product scope
- geographical
- vertical scope
How are we competing?
What aspects are included in strategy as direction? - 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? - answer✔focuses on tomorrow and gives an organization direction
(Where do we go from here?)
- guiding philosophy
What are some components of a vision statement? - answer✔-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 are the components of a mission statement? - answer✔- short, to the point
- why org exists and what it is to achieve
- how org will serve those affected by its work
What are the three basic elements of strategy? - answer✔- corporate objective = ends (what is
the corp trying to achieve?)
- scope = domain (part of the business landscape in which your company will operate)
- competitive advantage = means (what will you do differently or better than competitors?)
What is a corporate object and what is it not? - answer✔is:
What is scope? - answer✔What business are we really in?
- may be larger than initially expected
What are the two components of competitive advantage? - answer✔- unique 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 program strategies, but not generate them. It
can make strategies operational
What are the three steps of strategic programming? - answer✔- codification
- elaboration
- conversion of strategies
What is an intended strategy? - answer✔carefully thought out by top management (top down,
emphasize commitment)
What is an emergent strategy? - answer✔an unplanned approach to overcome the unexpected
challenges and opportunities (bottom up; emphasize flexibility)
How does strategy perform as decision support? - answer✔improves the quality of decision
making
How does strategy perform as a coordinating device? - answer✔creates consistency and unity
How does strategy perform as a target? - answer✔improves performance by setting high
aspirations
how does strategy perform as animation and orientation? - answer✔Motivates and mobilizes
What are two drawbacks of the CSR approach? - answer✔- businesses are pit against society
despite being interdependent
- companies think of CSR in generic ways instead of in the way most appropriate to each firm's
strategy
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