MGMT 4650
Midterm Review

1)  What are the five tasks of strategic management?  Identify who performs these tasks, and describe and explain four distinct approaches to the process.

2)  Describe the concept and purpose of strategic vision in detail.  What are some of the internal and external considerations that should be taken into account in determining an organizations directional path?

3)  Define and describe Porter’s five competitive forces.    What are the strategic implications of these forces?

4)  Define and discuss the following:
a)    company competence
b)    competitive capability
c)    core competence
d)    distinctive competence
How do they lend to determining the value of company resources?  Tie this in with the concept of competitive advantage.

5)  Discuss strategic cost analysis and value chains.  Specifically regarding the company value chains what are the strategic options for achieving cost competitiveness?  Tie this in with the concept of competitive advantage.

6)  Describe Porter’s five competitive strategies and give an example of each.  Under which conditions is each likely to be most successful?  What are the risks of each?

7)  What are the various strategies for entering and competing in foreign markets?  What are the benefits and disadvantages of each?

8)  Describe how strategy should be tailored to account for the various industry and company situations.  Discuss the various implications for both offensive and defensive strategies.

9)  Under what conditions should a company consider diversification?  What are the avenues available for a company to diversify?  Compare and contrast related and unrelated diversification.

10)  Describe the strategic options for companies that are already diversified.

11)  Compare and contrast the relative approaches of the BCG Matrix and the GE business screen within the context of business portfolio management.

12)  What is meant by “matching structure to strategy?”  Discuss the various perspectives of organizational structure discussed in class.

13)  Discuss the importance of quality in strategic planning.  What are some of the methods of Total Quality Management?

14)  What is the importance of reward systems on strategy implementation?  Discuss the importance of motivation.

15)  Where does corporate culture come from?  Discuss how culture is important to the execution of strategy. 

16)  Give four separate arguments each for and against corporate social responsibility.