Guidance for Preparing for Midterm Exam

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Guidance for Preparing for Midterm Exam
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• Exam will be on Thursday, August 14, 2014
• Exam will begin exactly at 830 am students
  arriving after 845 am will not be permitted to
  take the exam and will earn a grade of ZERO (0)
  for the midterm exam
• 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.

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• Chapter 1
• Be able to identify and explain the three
  components of strategic management and their
  interconnections
• 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

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• 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.

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• Chapter 3
• Be able to explain the meanings of competitive
  advantage and core competencies their
  relationship to each other and why transient
  advantage should replace competitive advantage
• 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

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• 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 firms human capital
• Be able to explain social capital and how it can
  be developed

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• 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

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• Other Preparation
• Know the lessons for doing strategy from the
  class discussions of (1) Forced Retrenchment at
  Atkinson, (2) Robin Hood case and (3) Standard
  Oil of Indiana case