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SGMA 591 Midterm Exam Questions And Complete Answers
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SGMA 591 Midterm ExamQuestions And Complete
Answers
CLASS 1 - Answer CLASS 1
What does strategic management deal with? - Answer Major initiatives, taken by general
managers on behalf of owners, involving utilization of resources, to enhance
performance of firm in their external environments
What is strategy about? - Answer HOW: to compete better or differently than
competitors, to gain sustainable competitive advantage, to outcompete rivals, to
respond to external opportunities and threats, to manage your resources and value
chain activities, to improve the financial and market performance
CHAPTER 1 - Answer CHAPTER 1
Draw the chart for common elements in successful strategies - Answer Draw the chart
for common elements in successful strategies
What is strategy? - Answer the overall plan for delaying resources to establish a
favourable position
What is tactic? What is an example of this? - Answer A scheme for a specific action.
Tactics are the maneuvers necessary to win battles, strategy is concerned with winning
the war.
What are the three common goals that strategic decisions should have? - Answer they
are important, they involve a significant commitment of resources and they are not
easily reversible.
What is corporate planning or long term planning? - Answer Used to guide the long term
development of a firm
What helps with corporate planning? - Answer Macroeconomics forecasts
What is the typical format of corporate planning? - Answer Five-year corporate planning
document that set out goals and objectives, forecast key economic trends, establish
priorities for different products and business areas of the firm and allocate capital
expenditures
What is strategic management? - Answer associated with increasing focus on
competition as the central characteristics of the business environment and competitive
,advantage as the primary goal
What is a resource based view? - Answer theoretical perspective that highlights the role
of resources and capabilities of the firm become regarded as the main source of
competitive advantage and the primary basis for formulating a strategy
What do common definitions define strategy today as? - Answer focused on goals,
allocation of resources, implies consistency, integration and cohesiveness
What is corporate strategy? - Answer defines the scope of the firm in terms of industries
and markets it operates within
What is business strategy? - Answer concerned with how the firm competes within a
particular industry or market
How can you tell the difference between corporate and business strategy? - Answer
Corporate- typically the responsibility of the top management team and corporate
strategy staff, Business- primarily the responsibility of the divisional management
Draw the sources of superior profitability chart (corporate strat vs business strat) -
Answer Draw the sources of superior profitability chart (corporate strat vs business
strat)
Where are the three places that strategy is located? - Answer heads of CEOs, senior
managers and other members of the org, top management's articulations like speeches
and written documents, decisions through which strategy is enacted
What is the hierarchy of strategy statements? - Answer Mission statement, a statement
of principles/values (what we believe in and how we will behave), the vision statement
(what we want to be), the strategy statement (what our competitive game plan will look
like)
What is the strategy hierarchy. - Answer What is the strategy hierarchy.
What is the competitive game plan elements of a strategy statement? - Answer
Objectives, scope (where we will compete) and advantage (how we will compete)
What is intended strategy? - Answer conceived by top management team (less a
product of rational deliberation and more an outcome of negotiation, bargaining and
compromise)
What is realized strategy? - Answer the actual strategy that is implemented - it is only
partially related to what was intended
What is planned emergence? - Answer balance between the stability and predictability
of a company's business environment
For strategy to be successful... - Answer it must be consistent with the firm's external &
internal environments - its goals, values, resources, capabilities, structures and
, systems
What role does strategy perform? - Answer decision support, coordinating device,
target, animation and orientation
What is stakeholder analysis? - Answer useful tool for identifying, understanding and
prioritizing the needs of key stakeholders
What is the four group result of the power/interest grid? - Answer Crowd, subjects,
context setters and players
What should you do with players? - Answer Manage closely (they have an interest and
significant power)
What should you do with subjects? - Answer Keep informed (they have an interest but
little power)
What should you do with context setters? - Answer Keep satisfied (they have power but
little interest)
What should you do with crowds? - Answer Monitor (neither interested nor have power)
What are the main arguments to prioritize shareholder interests and seeking to
maximize profits? - Answer Competition, the market for corporate control and
convergence of shareholder interest
CLASS 2 - Answer CLASS 2
What is a business environment? - Answer consists of all the external influences that
affects its decisions and performance
What is the basic premise that underlies an industry analysis? - Answer it is determined
by the industry's underlying economic characteristics
What are the the determinants of industry profit? - Answer the value of the product to
consumers, the intensity of competition and the bargaining power of the producers
relative to their suppliers
What are the four core factors of the PEST analysis? - Answer Political, economic, social
and technological
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