Strategic Management correct answers the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages
Key Strategic Management Attributes correct answers 1. Focus is on overall organizational goals and objectives (big picture)
2. Includes mul...
MGT 499 Exam 1 – Eden(All solved)
Strategic Management correct answers the analyses, decisions, and actions an organization undertakes in
order to create and sustain competitive advantages
Key Strategic Management Attributes correct answers 1. Focus is on overall organizational goals and
objectives (big picture)
2. Includes multiple stakeholders in decision making (any group or individual who can affect or is
affected by the achievement of the org's objectives)
3. Incorporates short and long term perspectives
4. Recognition of efficiency and effectiveness trade offs
Efficiency correct answers The use of minimal resources to produce a desired output. Minimalization and
speed
Effectiveness correct answers The degree to which an organization achieves a goal. Getting it done right.
Corporate Governance correct answers The relationship between shareholders, managers and the board of
directors that determines the direction and performance of the corporation.
Stakeholder management correct answers recognizing and responding to the interests of various
stakeholders
Zero-sum correct answers for one to gain, another must lose
Mutualistic correct answers everyone gains through innovation
Sustainability correct answers Nike is a great example. Organizationally it is imperative to make sure the
local line leaders, the executives, and the internal networkers are on the same page
Hierarchy of Goals correct answers 1. Vision: tends to be more inspirational, driving force
2. Mission statement: sets a purpose, establishes scope, and delineates source of competitive advantage
3. Strategic objectives: operationalize the mission statement
Knowledge economy correct answers Wealth is created through the effective management of knowledge
workers instead of the control of physical and financial assets. Intellectual property contribute to market
value but not book value
Intellectual capital correct answers = market value - book value
- Human capital, social capital, explicit knowledge, tacit knowledge all contribute to this
Human capital correct answers the economic value of the knowledge, experience, skills and capabilities
of the members of an organization
Selecting process correct answers 1. generally starts with an application
2. follows with an interview
3. online/background check
4. then an employment test
5. then perhaps an assessment center - simulated tasks for high performance potential recruits
Closure correct answers the degree to which everyone interacts
Bridge correct answers an individual who connects otherwise disconnected people
Structural holes correct answers few bridges, many gaps between groups
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