BUSI 390 Exam.
Strategy - CORRECT ANSWER The firm's theory about how to achieve the firm's goals.
Strategic Management Process - CORRECT ANSWER Logical steps taken to determine the firm's mission, objectives, and strategy to achieve that mission and objectives
Vision - CORRECT ANSWER Fut...
Strategy - CORRECT ANSWER The firm's theory about how to achieve the firm's goals.
Strategic Management Process - CORRECT ANSWER Logical steps taken to determine the firm's mission,
objectives, and strategy to achieve that mission and objectives
Vision - CORRECT ANSWER Future oriented picture of what the firm wants to ultimately acheive
Mission - CORRECT ANSWER Specifies the business(es) in which the firm intends to serve
3 key questions that Mission statements address - CORRECT ANSWER 1. Why the Org exists
2. How the org succeeds
3. How people should be managed
Necessary elements of a good mission statement - CORRECT ANSWER -Inspiration
-Relevance
-Specificity
Well written objectives/goals are - CORRECT ANSWER Specific
Measurable
Attainable
Relevant
Timely
, Industry - CORRECT ANSWER a group of firms producing products that are close substitutes
Examining opportunities and threats by studying the external environment - CORRECT ANSWER firms
identify what they MIGHT choose to do
Examining unique resources, capabilities, and competences, by studying the internal environment -
CORRECT ANSWER firms determine what they CAN do
Components of the External Environmental analysis - CORRECT ANSWER Scanning
Monitoring
Forecasting
Assessing
Porters Five Forces - CORRECT ANSWER 1. Bargaining power of suppliers
2. Bargaining power of consumers
3. Threat of substitutes
4. Threat of new entries
5. Rivalry
Threat of New Entrants - CORRECT ANSWER Economies of scale
Product differentiation
Capital requirements
Switching costs
Access to distribution channels
Disadvantages independent of scale
Government policy
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