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Guidance for Preparing for Midterm Exam

Guidance for Preparing for Midterm Exam. Exam will be on Saturday, June 28, 2014 Exam will be from 10:00 am to 12:00 pm Exam will be all Essay Bring own pen and pencil for writing, paper will be provided for writing your responses.

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Guidance for Preparing for Midterm Exam

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  1. Guidance for Preparing for Midterm Exam

  2. Exam will be on Saturday, June 28, 2014 • Exam will be from 10:00 am to 12:00 pm • Exam will be all Essay • Bring own pen and pencil for writing, paper will be provided for writing your responses. • Midterm Exam covers Chapters 1, 2, 3, 4, and 5 and class discussions. • Review PowerPoint slides for each chapter and connect slides to materials in each chapter and lecture notes.

  3. Chapter 1: • Be able to identify and explain the three components of strategic management and their interconnections • Be able to explain the concepts of competitive advantage and transient advantage and why transient advantage should replace competitive advantage • Be able to explain the concept of strategic issue and its connection to internal and external analysis • Be able to explain corporate governance and the role of the Board of Directors • Be able to explain the strategic management perspective • Be able to explain the modern flow of strategic management and why the flow exists • Be able to explain how the hierarchy of goals provides coherence in strategic direction

  4. Chapter 2: • Be able to identify the components of the general environment and explain why they are important for strategy • Be able to explain the following tools for analyzing an industry • Porter Five-Forces Model of Competition (determining the attractiveness of an industry) • Strategic Groups • Key Success Factors • Competitive Changes During industry Evolution • Be able to discuss the “How to Get Hired” handout as an example of external analysis for what you would need to do for your job search.

  5. Chapter 3: • Be able to explain the meanings of competitive advantage and core competencies and their relationship to each other • Be able to explain the value chain, its components, and its usefulness for internal analysis • Be able to explain the resource-based view of the firm and the three types of resources • Be able to explain the DuPont Formula and its usefulness • Be able to explain how internal and external analyses are combined and what the combination leads to

  6. Chapter 4: • Be able to explain why human capital, social capital, and knowledge are critical to modern business competition • Explain the three factors that must be managed for the firm’s human capital • Be able to explain social capital and how it can be developed

  7. Chapter 5: • Be able to describe cost leadership, differentiation, and speed as competitive strategies and how they can be implemented in the value chain • Be able to explain how the Internet can support cost leadership and differentiation strategies • Be able to explain focus as a strategy

  8. Other Preparation: • Know the lessons for doing strategy from the class discussions of (1) Robin Hood case and (2) Standard Oil of Indiana case

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