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Exam (elaborations)

Mgt 499 Exam 1(All solved)
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  • Module
  • Mgt 499
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  • Mgt 499

Strategic Management correct answers * "The analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages" * Broadly, you have strategies (the things you do that facilitate success) and operational effectiveness (doing those things better tha...

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  • January 7, 2025
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • strategic management

Written for

  • Mgt 499
  • Mgt 499

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Mgt 499 Exam 1(All solved)
Strategic Management correct answers * "The analyses, decisions, and actions an organization undertakes
in order to create and sustain competitive advantages"




* Broadly, you have strategies (the things you do that facilitate success) and operational effectiveness
(doing those things better than rivals)


* Those stem largely from Competitive Advantages (the resources and capabilities a firm has that allow it
to compete)


Four Key Strategic Management Attributes correct answers 1) Big picture - Focus is on overall
organizational goals and objectives.


2) Includes stakeholders in decision making - stakeholders are any group or individual who can affect or
is affected by the achievement of the organization'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 (more quickly).
"Minimalization and Speed"


Effectiveness correct answers The degree to which an organization achieves a goal. "Getting is done
right"


Efficiency + Effectiveness = ? correct answers Efficiency + Effectiveness = Performance


The example he gave in class was about how his grandfather left him a lawnmower in his will. The
lawnmower was efficient, because it would "cut" the grass very quickly, but it only just knocked the grass
over, it did not actually cut it. This means the lawnmower was not Efficient at its job. Then he contrasted
this mower to scissors, and how his dad made him cut the lawn with scissors, they were very effective,

, but not efficient at all because it took forever. His new lawnmower is performance, because it cuts the
grass quickly, and is also effective.


He also said that if you had to choose between the two, use judgement, but most likely you should choose
Effectiveness. because at the end of the day, you need the job done right, regardless of the time it takes.


Strategy Analysis correct answers Study of internal and external environments and how they fit and
impact the organization.


Formulation: decision making
Implementation: actions that carry it out


Formulation and implementation are inherently interrelated and evolutionary


Corporate Governance correct answers The relationship between shareholders, managers, and the board
of directors that determines the direction and performance of the corporation.


See: Stakeholder Management


Stakeholder Management correct answers Recognizing and responding to the interests of various
stakeholders (also Social Responsibility and the Triple Bottom Line of financial, social, and
environmental)


Part of Corporate Governance


Zero-Sum correct answers For one to gain, another must lose


Mutualistic correct answers Everyone gains through innovation


Sustainability correct answers * Primarily an environmentally based construct but also social and
organizational.

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