GBA 498 GBA498 Strategic Management Midterm Answers
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Saint Leo GBA 498 MidTerm Answers
1. ___________________ is concerned more with how a business competes successfully in a particular market. It concerns strategic decisions about choice of products, meeting needs of customers, gaining advantage over competitors, exploiting or creating new opportunities etc.
2. The sociological approach to strategic management is based on a theory dealing with resource allocation, competitive rivalry, and economies of scale -- its assumptions rooted in rationality, maximizing profit, and self-discipline.
3. Corporate strategist Michael Porter developed generic business strategies that interact between which of the following (check all that apply):
4. Which of the following higher education institutions became the first to offer a course designed to teach how business executives were able to lead their firms to higher levels of success?
5. The process of strategic management begins with understanding strategy and performance. The next stage of this process is internal and environmental scanning.
6. According to your reading, a company should review its strategy and make any changes to it if (check all that apply):
7. Deliberate strategies are those with patterns or consistencies realized despite intentions, while emergent strategies are realized as intended.
8. All of the following are factors to assess when conducting an external situation analysis, except:
9. If Strategy + Execution = Results, then:
10. The four attributes of the competitive advantage VRIO framework are valuable, rare, costly to imitate, and organized to capture value.
11. According to your reading, a firm's key resources and capabilities have to (1) be identified, (2) appraised for strategic importance and comparative strength with competitors, and (3) understood for how these capabilities can drive value.
12. The Working Capital Ratio is:
13. A company's debt ratio compares its total debt to its total assets for analyzing how much leverage is being utilized by the firm.
14. If a company has an obligation to its stakeholders, then it must account for the interests of its stakeholders as well as its shareholders to avoid focusing completely on maximizing the interests of its owners.
15. A firm's mission statement is a declaration of its purpose. It should serve as a foundation for future decision-making and (check all that apply):
16. PESTLE analysis contains all of the following factors, except:
17. All the following are intangible strengths of a firm, except:
18. In conducting an advanced SWOT analysis, you would prioritize strengths and weaknesses by importance, probability, and score.
19. According to your reading, SWOT analysis is considered a very basic analytical tool, causing some to question whether this technique is analysis at all.
20. Porter's Five Forces Analysis assumes there are important forces determining competitive power in a business situation. Which of the following are part of this analysis? Check all that apply.
21. The environmental factors in a PESTEL analysis include the cultural aspects of the environment, such as health consciousness, population growth rate, age distribution, career attitudes, and emphasis on safety.
22. A __________________ is a cluster of firms in an industry with similar competitive approaches and market positions.
23. Tactical, temporal, environmental, and industrial are the four basic types of Critical Success Factors.
24. From your reading, all of the following are true concerning guidelines in developing core values, except:
25. A vision is a picture of what your organization's future makeup will be and where you are headed.
26. According to your reading, there are two broad areas of business ethics. Two of the following are those two areas. Which are they?
27. Your reading cited several broad categories of social responsibility being practiced by business today. All the following are correct, except for:
28. Your readings on CSR discussed how gaining a competitive advantage can be a tool or product of a company's socially responsible plan. Which of the following was not specifically mentioned in this context?
Question 40:
As it relates co-opetition, a company must be able to offer added value. If the value is not sufficient, it can just change the rules.
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