Bus 4750 Exam 1 Study Guide
STRATEGIC BUSINESS SOLUTIONS (BUS 4750) Fall 2012 Exam 1 Study Guide
Chapter 1 1. Define the following terms
Strategic management : The process through which organizations:
-Analyze and learn from stakeholders inside and outside of the organization
-Establish a strategic direction
-Create strategies that are intended to help achieve established goals, and execute those strategies…
…all in an effort to satisfy key organizational stakeholders.
External stakeholders (examples of these?)
Internal stakeholders (examples of these?): Internal stakeholders include managers, employees, the owners, and their representatives (e.g., board of directors) 2. What factors influence the broad environment?
-Sociocultural forces
-Economic forces
-Political/Legal forces
-Technological forces 3. What groups influence the task environment?
-Competitors
-Suppliers
-Unions
-Government
-Local Communities
-Activists
-Customers
-Financial Intermediaries 4. Define what is meant by Strengths and Weaknesses in a SWOT analysis.
Strengths, Weaknesses, Opportunities and Threats. Strengths & weaknesses are internal or within the company. 5. Strategy formulation is often divided into what 3 levels? Briefly explain each. a. Corporate strategy formulation refers to domain definition, or the choice of business areas. Usually decided by the CEO and the board of directors. b. Business strategy formulation involves domain direction and navigation, or how to compete in a given area. Usually decided by division heads and business unit managers. c. Functional strategy formulation contains the details of how the functional areas such as marketing, operations, finance, and research should work together to achieve the business-level strategy. 6. Explain Environmental Determinism and Enactment. How are they different?
Environmental Determinism- The best strategy involves adapting to environmental, technical and human forces. Strategy
Chapter 1 1. Define the following terms
Strategic management : The process through which organizations:
-Analyze and learn from stakeholders inside and outside of the organization
-Establish a strategic direction
-Create strategies that are intended to help achieve established goals, and execute those strategies…
…all in an effort to satisfy key organizational stakeholders.
External stakeholders (examples of these?)
Internal stakeholders (examples of these?): Internal stakeholders include managers, employees, the owners, and their representatives (e.g., board of directors) 2. What factors influence the broad environment?
-Sociocultural forces
-Economic forces
-Political/Legal forces
-Technological forces 3. What groups influence the task environment?
-Competitors
-Suppliers
-Unions
-Government
-Local Communities
-Activists
-Customers
-Financial Intermediaries 4. Define what is meant by Strengths and Weaknesses in a SWOT analysis.
Strengths, Weaknesses, Opportunities and Threats. Strengths & weaknesses are internal or within the company. 5. Strategy formulation is often divided into what 3 levels? Briefly explain each. a. Corporate strategy formulation refers to domain definition, or the choice of business areas. Usually decided by the CEO and the board of directors. b. Business strategy formulation involves domain direction and navigation, or how to compete in a given area. Usually decided by division heads and business unit managers. c. Functional strategy formulation contains the details of how the functional areas such as marketing, operations, finance, and research should work together to achieve the business-level strategy. 6. Explain Environmental Determinism and Enactment. How are they different?
Environmental Determinism- The best strategy involves adapting to environmental, technical and human forces. Strategy