MGMT 4513- Aime Final || with 100% Error-free Solutions.
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MGMT 4513- Aime
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MGMT 4513- Aime
Strategic Management correct answers the study of why some firms outperform others
Mission correct answers statement explaining why a company exists. both internal and external. No time frame.
Vision correct answers Crystallization of what leaders want firm to be. Guides development of strate...
MGMT 4513- Aime Final || with 100% Error-free Solutions.
Strategic Management correct answers the study of why some firms outperform others
Mission correct answers statement explaining why a company exists. both internal and external.
No time frame.
Vision correct answers Crystallization of what leaders want firm to be. Guides development of
strategy and organization. achievable within a time period. Internal except for slogans.
Goals/ Strat. Plan correct answers How to beat present and potential competitors. Set of actions
to provide products or services that create more value than their cost. Constantly changing.
Internal use.
Strat Mgmt- Firm Perspective correct answers Goals and values, resources and capabilities,
structure and systems.
Strat Mgmt- The industry Environment correct answers competitors, customers, suppliers
Alt. views of "outperform others" correct answers economic value model: max shareholder
wealth
Objectives other than wealth creation
Stakeholder surplus model: defines benificiary group and max wealth for total group
How do we know if a company is performing well? correct answers -to replace assets a firm
must earn return on capital in excess of cost of capital
-to survive acquisition, firm must achieve stock market value in excess of break-up value
Value Metrics Framework correct answers shareholder value: market value of the firm, MVA,
return to shareholders.
Intrinsic Value: discounted CFs, real option values
Financial Indicators: Return on Capital, Growth, EVA
Value Drivers: Market Share, Scale Economies, Innovation, Brands
2 Approaches for eval. firm performance correct answers 1. financial Ratio analysis: balance
sheet, income stmt
2. Stakeholder Perspective: employees, owners, customers
Stakeholders correct answers individuals and groups who can affect the strategic outcomes
achieved & have enforceable claims on a firms performance
Capital Market, Product Market and Organizational Stakeholders.
Strategic Competitiveness correct answers When a firm successfully formulates and implements
a value-creating strategy
, Sustainable Competitive Advantage correct answers When competitors are unable to duplicate a
companys value-creating strategy
Strategic Management Process correct answers full set of commitments, decisions, and actions
required for a firm to achieve strategic competitiveness and earn above-average returns
Risk correct answers an investor's uncertainty about the economic gains or losses that will result
from a particular investment
Avg. Returns correct answers Returns equal to those an investor expects to earn from other
investments w/ a similar amount of risk
Above avg. returns correct answers returns in excess of what an investor expects to earn from
other investments w/ a similar amount of risk
Corporate Governance correct answers the relationship among various participants in
determining the direction and performance of corporations
External Environments correct answers General, Industry, Competitor
General Environment correct answers focused on the future. Little ability to predict trends and
events, less ability to control them, can vary across industries.
Industry environment correct answers focused on factors and conditions influencing a firm's
profitability w/in an industry. firms that influence one another and produce close substitutes.
competitor environment correct answers focused on predicting the dynamics of competitors
actions, responses and intentions. sometimes called task or industry environment
Switching Price correct answers price at which product value equals value of next best alt. for
that customer or segment
How to capture consumer surplus correct answers product differentiation, tailor pricing to
segments
Porter's Five Forces Model1 correct answers Potential Entrants- threat of new entrants, Buyers-
bargaining power of buyers, Substitutes- threat of substitute products and services, Suppliers-
bargaining power of suppliers, Industry Competitors- rivalry among firms
Threat of Substitutes correct answers Increases when buyers face few switching costs, subs
product's price is lower, sub product's quality and performance are equal to or greater than
existing product.
-Differentiated industry products that are valued by customers reduce this threat
Threat of New Entrants correct answers Profits of estab. firms in the industry may be eroded by
new competitors. High barriers to entry in an industry reduce threat of entrants.
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