Exam (elaborations)
MIE 480 Exam 1 Detailed Questions and Expert Answers
- Course
- MIE480
- Institution
- North Carolina State University
MIE 480 Exam 1 Detailed Questions and Expert Answers
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MIE 480 Exam 1 Detailed Questions and ExpertAnswers
Corporate Strategy - ANS The strategy involved in managing multiple business
units under the same corporate banner
Frederick Taylor - ANS father of the "science of work" time and motion studies that
helped identify more efficient production processes and ideas about structure and
hierarchy
Long-range planning - ANS a traditional approach to planning used before 1980
that often simply extrapolated into the future what the company had done well in
the past
Metrics - ANS Qualitative and quantitative measures that allow the firm to
measure the effectiveness of its business strategy
Michael Porter - ANS Leading proponent of the move from long-range planning to
strategy. His 2 early books on the subject, Competitive Strategy and Competitive
Advantage, described competitive strategy as "positioning a business to maximize
the value of the capabilities that distinguish it from its competitors
Opportunity recognition - ANS the critical need in business to identify and exploit
where the market is heading
, Strategic Decisions - ANS Strategic decisions exhibit 5 characteristics
1) are relevant to ill-structured and non-routine situations
2) significantly affect the subsequent actions of the entire organization
3) involve a significant commitment of resources
4) are difficult to reverse both economically and politically
5) are easily identified with the success or failure of the organization
Strategic management - ANS The process through which strategy is developed,
executed, and evaluated.
Four Stages: analysis, formulation, implementation, and evaluation
Strategy - ANS the overall concept for how a company organizes itself and all its
activities in order to conduct business successfully, outperform competitors, and
deliver superior returns to its shareholders
Sun Tzu - ANS Author of the Art of War, an ancient Chinese book on military
strategy
Superior performance - ANS As used in the field of strategy, refers to performance
outcomes that exceed the average for the industry in which the company
competes
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