BPL 5100 CH 1 EXAM WITH CORRECT
ANSWERS
romantic view of leadership - Answer -situations in which the leader is the key force
determining the organization's success — or lack thereof.
external control view of leadership - Answer -situations in which external forces—where
the leader has limited influence—determine the organization's success.
strategic management - Answer -the analyses, decisions, and actions an organization
undertakes in order to create and sustain competitive advantages.
strategy - Answer -the ideas, decisions, and actions that enable a firm to succeed.
competitive advantage - Answer -a firm's resources and capabilities that enable it to
overcome the competitive forces in its industry(ies).
operational effectiveness - Answer -performing similar activities better than rivals.
stakeholders - Answer -individuals, groups, and organizations that have a stake in the
success of the organization. These include owners (shareholders in a publicly held
corporation), employees, customers, suppliers, and the community at large.
effectiveness - Answer -tailoring actions to the needs of an organization rather than
wasting effort, or "doing the right thing."
efficiency - Answer -performing actions at a low cost relative to a benchmark, or "doing
things right."
ambidexterity - Answer -the challenge managers face of both aligning resources to take
advantage of existing product markets and proactively exploring new opportunities.
intended strategy - Answer -strategy in which organizational decisions are determined
only by analysis.
realized strategy - Answer -strategy in which organizational decisions are determined by
both analysis and unforeseen environmental developments, unanticipated resource
constraints, and/or changes in managerial preferences.
strategy analysis - Answer -study of firms' external and internal environments, and their
fit with organizational vision and goals.
ANSWERS
romantic view of leadership - Answer -situations in which the leader is the key force
determining the organization's success — or lack thereof.
external control view of leadership - Answer -situations in which external forces—where
the leader has limited influence—determine the organization's success.
strategic management - Answer -the analyses, decisions, and actions an organization
undertakes in order to create and sustain competitive advantages.
strategy - Answer -the ideas, decisions, and actions that enable a firm to succeed.
competitive advantage - Answer -a firm's resources and capabilities that enable it to
overcome the competitive forces in its industry(ies).
operational effectiveness - Answer -performing similar activities better than rivals.
stakeholders - Answer -individuals, groups, and organizations that have a stake in the
success of the organization. These include owners (shareholders in a publicly held
corporation), employees, customers, suppliers, and the community at large.
effectiveness - Answer -tailoring actions to the needs of an organization rather than
wasting effort, or "doing the right thing."
efficiency - Answer -performing actions at a low cost relative to a benchmark, or "doing
things right."
ambidexterity - Answer -the challenge managers face of both aligning resources to take
advantage of existing product markets and proactively exploring new opportunities.
intended strategy - Answer -strategy in which organizational decisions are determined
only by analysis.
realized strategy - Answer -strategy in which organizational decisions are determined by
both analysis and unforeseen environmental developments, unanticipated resource
constraints, and/or changes in managerial preferences.
strategy analysis - Answer -study of firms' external and internal environments, and their
fit with organizational vision and goals.
