Business plan on Strategic Management & Policy

EXAM 1—BUS 496 STRATEGIC MANAGEMENT & POLICY
Purpose
The purpose of this exam is for you to tell me a story that demonstrates you understand business
strategy and its associated terms, that you can apply those terms to a business you know about,
and that you can use the terms properly and in connection with one another in an original
narrative.
Task
Use 20 of the business strategy terms below in a comprehensive and connected narrative that
demonstrates you understand what the terms mean (not simply definitions)—you must use
examples specific to your topic to do this. The narrative must be written about a business and/or
industry but it can be written from either the first- or third-person point of view, whichever you
prefer.
Indicate within your narrative the 20 words you chose by using a bold font that is
underlined. (If you use a term twice, only underline it the first time.) Each term is worth 4
points each (20 x 5 = 100). Using two different forms of the same word (e.g., industry and
industries), keeping in mind that using the same word twice or using multiple forms of a word
will be graded as a single term; meaning, be sure to include 20 unique terms. Partial credit may
be awarded in cases where writing represents partial rather than a full demonstration of term
understanding.
In the word list that follows, terms are presented more or less in the sequence that we studied
them. I organized some terms that are related to each other below the main term by indenting them.
You do not need to use all the related terms if you use one of them, I just organized them that
way for clarity as to what they relate to since these words also have every day (non-strategy)
meanings. The terms listed are from Chapters 1-4 and related material.
Remember: Content is more important than the style of writing; however, so your intended meaning
is clear, proofread and edit your narrative to eliminate errors and improve clarity.
Business Strategy Terms
Strategic management
Analysis
Formulation
Implementation
Strategy
Competitive advantage
Strategic position
Industry effects (as related to firm performance)
Firm effects (as related to firm performance)
Organizational stakeholders
Strategic leadership
2
Vision
Mission
Organizational values
Espoused values
Enacted values
Strategic commitment
Strategic planning
Scenario planning
Planned emergence
Corporate strategy
Business strategy
Functional strategy
External environment
External analysis
Political
Economic
Sociocultural
Technological
Ecological
Legal
Industry
Strategic group
Threat of entry
Power of suppliers
Power of buyers
Threat of substitutes
Competitor rivalry
Internal analysis
Resources
Valuable
Rare
Costly to imitate
Capabilities (of the firm)
Core competencies
Strategic activities