Strategic Management Final exam Review
1. How can a firm best achieve sustained competitive advantage?
A sustained competitive advantage can best be achieved by 1) continually adapting to changes in external trends and events and internal capabilities, competencies, and resources, and by 2) effectively formulating, implementing, and evaluating strategies that capitalize upon those factors
2. Why is it so important to integrate intuition and analysis in strategic management?
3. Compare and contrast vision statements with mission statements in terms of composition and importance.
Many organizations develop both a mission statement and a vision statement. Whereas the mission statement answers the question, “What is our business?” the vision statement answers the question, “What do we want to become?” Both statements are essential for firm success
4. Why do you think organizations that have a comprehensive mission tend to be high performers?
Having a comprehensive mission statement does not guarantee or cause high performance. However, a comprehensive mission statement can contribute significantly to high performance. As described in the chapter,
5. How would the mission statements for profit and nonprofit organization differ?
The mission statements of profit versus nonprofit organizations would not differ in format, except for the survival, growth, and profitability component
6. List the characteristics of a mission statement.
A mission statement has the following characteristics: 1) it is broad enough to allow for the generation and consideration of a range of feasible alternative objectives and strategies without stifling management; 2) it can reconcile differences among and appeal to an organization’s diverse stakeholders; 3) it is less than 200 words; 4) it arouses positive feelings and emotions about the organization; 5) it generates a favorable impression of the firm; and 6) it is useful for judging opportunities and strategies.
7. What major forecasting techniques would you use to identify (1) economic opportunities and threats and (2) demographic opportunities and threats? Why these techniques are most appropriate?
8. Do you agree with I/O theories that external factors are more important than internal factors to a firm’s achieving competitive advantages? Explain both yours and their position.
9. Explain how you would motivate managers and employees to implement a major new strategy.
10. Why do you think production/operations managers often are not directly involved in strategy-formulation activities? Why can this be a major organizational weakness?
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In countless ways, external audit results can and often do affect all other components of the strategic-management model.
11. Do you agree or disagree with the RBV theorists that internal resources are more important for a firm than external factors in achieving and sustaining competitive advantages? Explain your and their position
12. Define and explain value chain analysis.
13. Explain benchmarking.
14. Define: market penetration, market development, product development, forward integration, backward integration, and horizontal integration.
15. Define and explain : first mover advantages
16. What are the pros and cons of a firm merging with a rival firm?
17. Explain why organizational structure is so important in strategy implementation
18. Do you believe strategic management should be more visible or hidden as a process in a firm? Explain.
19. Strategy evaluation allows an organization to take a proactive stance toward shaping its own future. Discuss the meaning of this statement.
20. Why do you think the SWOT matrix is the most widely used of all strategy matrices?
04-19-2014, 10:34 AM
Strategic Management
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