Exam (elaborations)
BPL 5100 Chapters 1-6 Exam Questions and Answers
- Course
- Institution
BPL 5100 Chapters 1-6 Exam Questions and Answers
[Show more]
Content preview
BPL 5100 Chapters 1-6 Exam Questionsand Answers
Studying the total business enterprise/Broad topics (Chapter 1) - Answer -
Environmental Forces:
Macro-economic
Industry competitive
Firm:
Managers/Strategists
Decisions and actions
Effective leadership
Resources
Capabilities
Org. culture
Strategy (Chapter 1) - Answer -Tactics the govern an individual to make wiser decisions
Goals of an organization (Chapter 1) - Answer -Firms manage their resources,
competitive environment effectively
while managing their resources
Competitive advantage - Answer -A strategic edge a firm has over its rivals. It has to
hold a dominant market position, resource capability, and sustainability
What are 5 indicators of a successful firm? - Answer -1. Profitability
2. Efficiency
3. The size of the firm
4. Innovation frequency
5. Survival
Diagram to be drawn (Chapter 1) - Answer -External Environment:
Macro Environment
Industry Environment
Mission, Analysis of the Context-->Internal Environment
Strategic Choice, Strategy Implementation, Strategic Control-->Feeback
, Reactive vs. Proactive approach (Chapter 1) - Answer -Strategies should be formulated
based on "organization-environment fit" using SWOT analysis.
Deliberate vs. Emergent approach (Chapter 1) - Answer -Carefully planned strategic
alternatives ignores the fact that a planned strategy could
overlooked lucrative strategies
Strategic leadership (Chapter 1) - Answer -Process of creating well considered tactics to
communicate a vision for an organization while motivating staff for change
Mission Statement (Chp. 2) - Answer -An overall vision that particular firm tries to
capture to the overall market
Well-Stated Mission (Chp. 2) - Answer -Clear focus on strategic decisions and
acceptable to insiders and outsiders of the firm.
Having one is useful, because employees have a purpose to follow and decision making
is clearer.
They can change if they don't follow the vision and has to be acceptable to all.
4 components of a mission (Chp. 2) - Answer -1. Task
2. Vision
3. Values/Beliefs
4. Goals/Objectives
Categories of stakeholders (Chp. 2) - Answer -1. Employees
2. Managers
3. Stockholders
4. Customers
5. Communities
6. Suppliers
Primary and Secondary Stakeholders (Chp. 2) - Answer -Primary:
Shareholders
Management
Partners
Secondary:
Banks
Government
Competitors
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73314 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now