Mgt Exam Review - Short Answer Questions

Angela Lindsey

Short Answer Questions

1. Common elements in successful strategies- 1 example (consistently applied to all 4 elements)

• 4 common elements- explain each
• Use at least one example

Vision: Clear, consistent, long term goals

External Analysis: Profound understanding of the competitive environment. Know thy enemy, opportunities and threats. Allows you to better position your company to take advantage and of opportunities and combat threats.

Internal Analysis: Objective appraisal of resources. Know thy self, understand company’s strengths and weaknesses. Allows company to match strengths with external opportunities.

Effective implementation: Putting strategy into action. Design mechanisms by which one can operationalize the vision.

Example: Richard Williams

Vision-Master Planner. Vision before girls were even born. Live life through the success of his daughters.

External analysis-Looked to a sport that girls could succeed in- “how hard can it be”. Studied women’s game and saw opportunities through replicating men’s game (emphasis on power). Analyzed the parts of the game such as media, sponsorship, ect.

Internal Analysis-Developed strengths in girls at an early age. Power serve (throw rackets). Hand eye coordination (baseball bat). Accuracy (fixed markers).

Effective implementation-Different activities at an early age. Used balls, baseball swings, throw racket, fixed markers, off circuit, media training and building of the brand.

1. What are Mission and Vision and role they play- good and poor examples

• Definitions for each
• One company example of each

Mission statements is why we exist today. Description of the firm’s DNA. Defines the firm’s core intent and the business in which it intends to operate.

Example- Good: Google’s mission is to organize the world’s information and make it universally accessible and useful. Bad: Barnes and Nobles mission is to operate the best specialty retail business in America, regardless of the product we sell.

Vision statement is where we are going. The ‘picture’ of the firm as it hopes to exist in a future time period (10-20 years). Meant to stretch a company by articulating an ambitious but attainable future state.

Example- Good: Ikea’s vision is to At IKEA to create a better everyday life for the many people. Our business idea supports this vision by offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them. Bad: Nike’s vision is to be the number one athletic company in the world.