REVIEWER SET 1

Question 1

It is a set of managerial decisions and actions
that determines the long run performance of a
corporation.

Answer 1

Strategic Management

Question 2

is the monitoring, evaluating and disseminating of information from the external and internal environments to key people within the corporation.

Answer 2

Environmental Scanning

Question 3

is the development of long range plans for the effective management of environmental opportunities and threats, in light of corporate strengths and weaknesses (SWOT)

Answer 3

Strategy Formulation

Question 4

3 Types of Strategy

Answer 4

Corporate Strategy
Business Strategy
Functional Strategy

Question 5

describes a company’s overall direction in terms of its general attitude toward growth & the management of its various businesses and product lines.

Answer 5

Corporate Strategy

Question 6

occurs at the business unit or product level and it emphasizes improvement of the competitive
position of a corporation’s products or services in the specific industry served by that business unit.

Answer 6

Business Strategy

Question 7

is the approach taken by a functional
area to achieve corporate and business unit objectives and strategies by maximizing resource productivity.

Answer 7

Functional Strategy

Question 8

is a process by which strategies and policies are put into action through the development of programs, budgets and procedures.

Answer 8

Strategy Implementation

Question 9

is a statement of activities or steps needed to
accomplish a single-use plan.

Answer 9

Programs

Question 10

It is a detailed cost of each program.

Answer 10

Budget

Question 11

are a system of sequential steps or techniques
that describe in detail how a particular task or job is to be
done.

Answer 11

Procedures

Question 12

is a process in which corporate activities and performance results are monitored so that actual performance can be compared with desired performance.

Answer 12

Evaluation & Control

Question 13

is a category of firms based on a common
strategic orientation and a combination of structure, culture & processes consistent with that strategy.

Answer 13

Strategic Types

Question 14

companies with a limited product line that
focus on improving the efficiency of their existing
operations.

Answer 14

Defenders

Question 15

are companies with fairly broad product
lines that focus on product innovation and market
opportunities

Answer 15

Prospectors

Question 16

are corporations that operate in at least two different product-market areas.

Answer 16

Analyzers

Question 17

are corporations that lack a consistent
strategy-structure-culture relationship.

Answer 17

Reactors

Question 18

is the extension of present trends into the future.

Answer 18

Extrapolation

Question 19

in which separated experts independently assess the likelihoods of specified events.

Answer 19

Delphi Technique

Question 20

is a recent forecasting technique enabled by easy access to the internet.

Answer 20

Prediction Markets

Question 21

scenarios are focused descriptions of
different likely future presented in a narrative fashion

Answer 21

Scenario Writing

Question 22

An organization’s assets

Answer 22

Resources

Question 23

Two Types of Resources

Answer 23

Tangible Assets
Intangible Assets

Question 24

refer to a corporation’s ability to exploit its
resources.

Answer 24

Capabilities

Question 25

is a cross functional integration and
coordination of capabilities.

Answer 25

Competency

Question 26

is a company’s method for making money in the current
business environment

Answer 26

Business Model

Question 27

a company offers specialized products / services to market niches that are too small to worthwhile to large competitors but have the potential to grow quickly.

Answer 27

Entrepreneurial Model

Question 28

offers its product free in order to make money on advertising.

Answer 28

Advertising Model

Question 29

a firm acts as an intermediary to connect multiple sellers to multiple buyers.

Answer 29

Switchboard Model

Question 30

Mission Statement Components

Answer 30

• Customer
• Products or services
• Market
• Technology
• Concern for survival, growth and profitability
• Philosophy
• Self-concept
• Concern for public image
• Concern for employees