BCOR 2304 Final Review (Questions & Answers) Rated 100% Correct!!
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Course
BCOR 2304
Institution
BCOR 2304
strategy - Answer-a set of goal-oriented actions a firm takes to gain and sustain superior performance
relative to competitors
strategic management - Answer-combines analysis, formulation, and implementation in finding
competitive advantage
mastry= view organization as a whole
competitive pari...
BCOR 2304 Final Review strategy - Answer -a set of goal -oriented actions a firm takes to gain and sustain superior performance relative to competitors strategic management - Answer -combines analysis, formulation, and implementation in finding competitive advantage mastry= view organization as a whole competitive parity - Answer -two or more firms perform at the same level strategic positioning - Answer -position in industry that allows firms to provide value to customers, while controlling costs mission - Answer -reason for existence, what an organization does vision - Answer -statement of some desired future state values - Answer -a statement of key values that an organization is committed to AFI strategy framework - Answer -1) Analyze: vision, mission, and values 2)formulate: corporate strategy, business strategy, or functional strategy 3)implement: structure, culture, and control; corporate governance and business ethics what AFI does - Answer --explains and predicts differences in firm performance -helps managers create and implement a strategy that can result in superior performance and competitive advantage top-down strategic planning - Answer -a rational, data -driven strategy process though which top management attempts to program future success scenario planning - Answer -strategy planning activity which top management envisions different what -if scenarios to anticipate plausible futures in order to derive strategic responses black swan events - Answer -incidents that describe highly improbably but high -impact events intended strategy - Answer -the outcome of a rational and structured top -down strategic plan emergent strategy - Answer -any unplanned strategic initiative bubbling up from the bottom of the organization -adapting the strategy/original plan to changing market conditions -ex//: Nyquil, Sybase Realized Strategy - Answer -combination of intended and emergent External Environment - Answer -purpose: identify opportunities and threats external analysis: opportunities and threats environment matters: manufacturing, services, and transportation sector PESTEL framework - Answer -Political, Economic, Sociocultural, Technological, Ecological, Legal Political - Answer -lobbying, public relations, litigation ex//: AirBnB, Affordable Care Act affects insurance companies Economic - Answer -growth rates, levels of employment, interest rates, price stability, and current exchange rates ex//: home depot/ mortgage crisis sociocultural - Answer -demographic (age, gender, etc), cultural norms ex//: care homes; movement towards eco friendly cars technological - Answer -product and process innovation, application of knowledge ex//: apple iPhone, Teflon
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