MAN 3025 EXAM 2 FGCU
QUESTIONS AND CORRECT
ANSWERS LATEST 2024/2025
GRADED A+ .
2 / 8
1. Strategic Positioning/ Sustainable Competitive Advantage:
2. Strategic Management: a process that involves managers from all parts of theorganization in the formulation and
the implementation of strategi...
MAN 3025 EXAM 2 FGCU
QUESTIONS AND CORRECT
ANSWERS LATEST 2024/2025
GRADED A+ .
1/8
, 1. Strategic Positioning/ Sustainable Competitive Advantage:
2. Strategic Management: a process that involves managers from all parts of the organization in the formulation and
the implementation of strategies and strategicgoals
3. Strategic Analysis: the process of analyzing the organization, the environment, and the organization's competitive
position and current strategies
4. strategy formulation: the process of choosing among different strategies and altering them to best fit the
organization's needs
5. the five steps of the strategic-management process:
6. Mission Statement: a statement of the organization's purpose - what it wants toaccomplish in the larger environment
7. Vision Statement: expresses what the organization should become, where itwants to go strategically
8. competitive intelligence: gaining information about one's competitors' activitiesso that you can anticipate their moves
and react appropriately
9. SWOT analysis: strengths, weaknesses, opportunities, threats
10. Forecasting: the attempts to determine the supply of and demand for various types of human resources to predict
areas within the organization where there willbe labor shortages or surpluses
11. trend analysis: constructing and applying statistical models that predict labor demand for the next year, given
relatively objective statistics from the previous year
12. Benchmarking: a process by which a company compares its performance withthat of high-performing organizations
13. Porter's Five Forces: threat of entry, threat of substitute, supplier power, buyerpower, and competitive rivalry
14. Three Common Grand Strategies: 1. growth strategy
2. stability strategy
3. defensive strategy
15. Porter's Four Competitive Strategies: 1. cost-leadership
2. differentiation
3. cost-focus
4. focused-differentiation
16. single-product strategy: a company makes and sells only one product withinits market
17. diversification strategy: a growth strategy whereby a firm introduces a newproduct or service to a market
segment that it does not currently serve
18. related and unrelated diversification:
19. BCG Matrix: a means of evaluating strategic business units on the basis of (1)their business growth rates and (2)
their share of the market
2/8
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