BPL 5100 Midterm
Strategic management - Answer- the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantage
Strategy - Answer- ideas. decisions, and actions that enable a firm to succeed. (Analyze, formulate, implementate, evaluate)
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BPL 5100 Midterm
Strategic management - Answer- the analysis, decisions, and actions an
organization undertakes in order to create and sustain competitive advantage
Strategy - Answer- ideas. decisions, and actions that enable a firm to succeed.
(Analyze, formulate, implementate, evaluate)
Levels of strategy - Answer- 1. corporate (where we going, businesses?)
2. competitive (how are we going to compete?)
3. Functional (resources/capabilities)
Effective Strategic leadership - Answer- 1. set vision
2. exploiting core competencies
3. develop human capital
4. creating strong org. culture
5. balanced controls
6. ethical practices
Competitive advantage - Answer- a firm's resources and capabilities that enable it to
overcome the competitive forces in its industry
Strategic Competitiveness - Answer- 1. internal org: What a firm can do (challenge:
managers face uncertainty, proprietary tech, changes in economic & politics, societal
values, environment)
2. External envir: firm might do
Core Competence - Answer- Unique set of lasting capabilities that a co. relies on to
achieve competitive adv. and add value (must be: Valuable, rare, costly-to-imitate,
non-substitutable capabilities).
Operational effectiveness - Answer- performing similar activities better than rivals
External control view of leadership - Answer- situations in which external forces-
where the leader has limited influence determine the organization's success
Romantic view of leadership - Answer- situations in which the leader is the key force
determining the organization's success -or lack thereof
4 Key attributes of Strategic Management - Answer- -Directs the organization toward
overall goals and objectives
-Includes multiple stakeholders in decision-making
-Needs to incorporate sh-term l-term perspectives
-Recognizes trade-offs between efficiency and effectiveness.
Effectiveness - Answer- Tailoring actions to the needs of an organization rather than
wasting effort, or "doing the right thing".
, Efficiency - Answer- Perfoeming 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.
Strategic management process - Answer- Strategy analysis, strategy formulation,
and strategy implementation.
Intended Strategy - Answer- In which organization decisions are determined only by
analysis.
Realized Strategy - Answer- In which organization decisions are determined by both
analysis and unforeseen environmental developments, unanticipated resources
constraints, and/or changes in managerial preferences.
Strategy Analysis - Answer- Study of a firms' external and internal environments, and
their fit with organization vision and goals
Strategy Formulation - Answer- decisions made by firms regarding investments,
commitments, and other aspects, of operations that create and sustain competitive
advantage.
Strategy Implementation - Answer- actions made by firms that carry out the
formulated strategy, including strategic controls, organizational design, and
leadership.
-Designing organizational structure
-Designing control systems
-Market and output controls
-Bureaucratic controls
-Control through organizational culture
-Rewards and incentives
-Matching strategy, structure,
and controls
-Congruence (fit) among strategy,
structure, and controls
Strategic managers for all levels - Answer- Corporate -CEO, board of directors,
corporate stuff
Business Level - Divisional managers
Functional Level- functional managers, business functions
Corporate governance - Answer- the relationship among various participants in
determining the direction and performance of corporations. The primary participants
are the shareholders, the management, the board of directors
Secondary goals - Answer- Are objectives to be attained that lead to superior
performance.
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