strategic management - ANSWER integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage
strategy - ANSWER the set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors
good strat...
Globus Exam1 2022/2023 with Complete
Solution
strategic management - ANSWER integrative management field that combines analysis,
formulation, and implementation in the quest for competitive advantage
strategy - ANSWER the set of goal-directed actions a firm takes to gain and sustain
superior performance relative to competitors
good strategy - ANSWER enable a firm to achieve superior performance relative to its
competitors. Consisted of
1) a diagnosis of the competitive challenge.
2) a guiding policy to address the competitive challenge.
3) a set of coherent actions to implement a firm's guiding policy
competitive advantage - ANSWER superior performance relative to other competitors in
the same industry or the industry average
sustainable competitive advantage - ANSWER outperforming competitors or the
industry average over a prolonged period of time
competitive disadvantage - ANSWER under performance relative to other competitors in
the same industry or the industry average
competitive parity - ANSWER performance of two or more firms at the same level
vision - ANSWER a statement about what an organization ultimately wants to
accomplish; captures the company's aspirations
mission - ANSWER Description of what an organization actually does—the products
and services it plans to provide, and the markets in which it will compete.
core values statement - ANSWER statement of principles to guide an organization as it
works to achieve its vision and fulfill its mission, for both internal conduct and external
interactions; it often includes explicit ethical considerations
organizational core values - ANSWER ethical standards and norms that govern the
behavior of individuals within a firm or organization
Product-Oriented Vision Statements - ANSWER defines a business in terms of a good
or service provided
, customer oriented vision statement - ANSWER defines a business in terms of providing
solutions to customer needs
AFI strategy framework - ANSWER A model that links three interdependent strategic
management tasks—analyze, formulate, and implement—that, together, help managers
plan and implement a strategy that can improve performance and result in competitive
advantage.
1) explains and predicts differences in firm performance
2)helps managers formulate and implement a strategy that can result in superior
performance
Strategic Leadership - ANSWER executives' use of power and influence to direct the
activities of others when pursuing an organization's goals
upper-echelons theory - ANSWER A conceptual framework that views organizational
outcomes—strategic choices and performance levels—as reflections of the values of
the members of the top management team.
strategy formulation - ANSWER concerns the choice of strategy in terms of where and
how to compete
strategy implementation - ANSWER concerns the organization, coordination, and
integration of how work gets done
Corporate Strategy - ANSWER concerns questions relating to where to compete in
terms of industry, markets, and geography
Business Strategy - ANSWER concerns the question of how to compete. Three generic
business strategies are available: cost leadership, differentiation, or value innovation.
Funtional Strategy - ANSWER concerns the question of how to implement a chosen
business strategy
Leadership Pyramid - ANSWER A conceptual framework of leadership progression with
five distinct, sequential levels.
1) highly capable individual: makes productive contributions through motivation, talent,
knowledge, and skills
2) contributing team members: uses high level of capability to work effectively with
others in order to achieve team objectives
3) competent manager: is efficient and effective in organizing resources to accomplish
stated goals and objectives. Does things right
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