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BPL 5100 - Quiz 1 with complete solutions
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BPL 5100 - Quiz 1 with complete solutions
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BPL 5100 - Quiz 1 with completesolutions
what is strategic management? - Answer -the analyses, decisions, and actions an
organization undertakes in order to create and sustain *competitive advantages*
elaboarate: analyses, decisions and acitons taken during stratregic management -
Answer -analyses: analyzing the strategic goals (vision, mission)
decisions: what industries should we compete in? how should we compete in those
industries?
actions: implementing their strategies
what are the attributes of strategic management? (4) - Answer -1. directs the org
towards oveall goals/obj
2.inlcudes multiple stakeholders in deicison making
3.needs to incorporate *short and long term perspectives*
4.recog trade-offs between effciency and effectiveness
what is opeartional effectiveness - Answer -performing simliar acitivies *better* than
rivals
ex: benchmarking, business process reegineering
strategic management can be referred to as the study of why some firms outperform
others (T/F) - Answer -T
operationsal effectiveness leads to sustainable competitve advantages (T/F) - Answer -
F
operational effectiveness is doing what everyone else is doing
to gain a sustainable competitve advantage, you must be *different*
*different* = strategy
, strategy is all about being different (T/F) - Answer -T
what are the 3 key strategic management processess? - Answer -strategic analysis
straegic formulation
strategic implementaion
strategic analysis (3) - Answer -you have to analyze
1. goals and obj of the firm
2. external and internal eviornment
3. intellectual assets
strategy formulation (3) - Answer -1. business level
2. corporate level
3. international
business level strategy - Answer -how to compete in a given business and gain a
competive advantage
corporate level strategy - Answer -what businesses should we compete in?
how can we manage these businesses to acheive synergy?
international level streategy - Answer -we have to go beyond our national boundries
so we have to create internatinal strategies
strategy implementation (3) - Answer -actually carrying out the plan you made
-org design
-control and coporate gov
-leadership
control and corporate gov - Answer -use *informational control* to repond to threats
*behavioral control* uses rewards and incentives
org design - Answer -must have *org structures* that are consistent with their strategy
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