What is Corporate Strategy? correct answers what our goal is and how we accomplish that goal
Key characteristics of strategic management correct answers -performance oriented
-ongoing in nature
-dynamic rather than static
-oriented to the present and future
-concerned with conditions both outs...
MNGT 4800 Exam 1 (A+ Verified) What is Corporate Strategy? correct answers what our goal is and how we accomplish that goal Key characteristics of strategic management correct answers -performance oriented -ongoing in nature -dynamic rather than static -oriented to the present and future -concerned with conditions both outside and inside the firm -concerned with performing well and satisfying stakeholders Strategy can take many forms: correct answers entire firm within department intended or emergent Strategic management helps answer the key question: correct answers why do some companies outperform other companies? -the study of industries and corporations - big and small, private and public What is strategic management? correct answers -examines how actions and events involving top executives, companies, and industries influence a company's success or failure -formal tools exist for understanding these relationships Creativity is just as important to correct answers strategic management Mastering st rategy is part _____ and part _____ correct answers art, science Strategy is a complex concept that involves correct answers many different processes and activities within an organization Strategic Plan correct answers a carefully crafted set of steps that a company intends to follow in order to be successful Business Model correct answers describes the process through which a company hopes to earn profitd Economies of Scale correct answers *MORE IS BETTER* a cost advantage that is created when a company can produce a good or service at a lower unit price due to producing the good or service in large quantities Strategic Ploy correct answers a specific move designed to outwit or trick competitors Strategy as pattern correct answers focuses on the extent to which a company's actions over time are consistent Strategy as Position correct answers refers to a company's place in the industry relative to its competitors Strategy as Perspective correct answers refers to how executives interpret the comp etitive landscape around them All companies benefit equally from planning correct answers false Why do small companies located in countries whose citizens cope well with uncertainty benefit more from planning than small companies located in countries who se citizens often try to avoid uncertainty? correct answers one group is more willing to adjust their plans as time goes on Intended Strategy correct answers the strategy that an organization hopes to execute Emergent Strategy correct answers an unplanne d strategy that arises in response to unexpected opportunities and challenges Business Plan correct answers when a strategic plan is created for a new venture Realized Strategy correct answers the strategy an organization actually follows Deliberate Strategy correct answers the parts of the intended strategy that the company continues to pursue over time The realized strategy is a product of correct answers a company's intended strategy, deliberate strategy, and emergent strategy Nonrealized Strateg y correct answers the parts of the intended strategy that are abandoned Intended strategy example correct answers David McConnell aspired to be a writer. when his books weren't selling he decided to give out perfume as a Emergent strategy example correct answers the perfumes McConnell gave out with his books were popular, inspiring the foundation of the California Perfume Company Realized Strategy Example correct answers the company changed its name to Avon in 1939 and its direct marketing system remaine d popular for decades, Avon is now available online and in retail outlets worldwide Most famous example of strategy in ancient times correct answers the trojan horse The Greek verb "strategos" means correct answers army leader Niccolo Machiavelli's book The Prince is regarded as an insightful guide for correct answers conquering and ruling territories and offers recipes for success to government leaders
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