Exam (elaborations)
BPL 5100 Exam Questions with correct Answers
- Course
- Institution
BPL 5100 Exam Questions with correct Answers
[Show more]
Content preview
BPL 5100 Exam Questions with correctAnswers
Successful Strategy - Answer -Long-term, simple and agreed-upon objectives
Profound understanding of competitive environment
Objective appraisal of resources
romantic view of leadership - Answer -leader is the force in determining company's
success
external control view of leadership - Answer -external forces determine org success,
leader
has limited influence
ex, technological advancements, economic downturns, war
Strategic management - Answer -consists of the analyses, decisions, and actions an
organization undertakes in order to create and sustain competitive advantages.
Strategic management : analysis - Answer -analysis of strategic
goals(vision,mission,strategic objectives) and internal/external environments.
Strategic management :decisions - Answer -How should we compete in order to obtain
competitive advantages? (quantity/price vs quality)
Which industries to enter?
How can we create competitive advantages that are unique and hard to copy?
Operational effectiveness - Answer -performing similar activities better than competitors
(business process reengineering,just in time, benchmarking, outsourcing)
Four key attributes of strategic management - Answer -1. Strategic management is
directed toward overall organizational goals and objectives
2. Includes multiple stakeholders in decision marking
3. It requires incorporating both short term and long term perspectives(present
operating needs and vision for the future)
4. Involves the recognition of trade offs between effectiveness and efficiency.
Four key attributes of strategic management: Strategic management is directed toward
overall organizational goals and objectives - Answer -effort must be directed at what is
best for company as a whole , not just a single department.
,E.g. R&D may have to create a far superior offering but the design may make the
product so expensive that market demand is minimal.
effectiveness vs efficiency - Answer -Adequate to accomplish a purpose; producing the
intended or expected result.
vs
Performing or functioning in the best possible manner with the least waste of time and
effort.
doing the right thing vs 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, formulation, and
implementation
intended strategy - Answer -strategy in which organizational decisions are determined
by only analysis.
strategic decisions are implemented in according to strategic analysis.
-intended strategy rarely survives in its original form due to unforeseen environment
events, unexpected resource restraints, changes in managerial preferences(unrealized).
realized strategy - Answer -strategy in which organizational decisions are determined by
both analysis and unforeseen events (changes in managerial preferences,
unanticipated resource constraint , unexpected environmental changes).
strategy analysis - Answer -study of firms' external and internal environments, and their
fit with organizational vision and goals.
strategy analysis includes - Answer -Analyzing :
1. Organizational goals/objectives
2. External/internal environment
3. Firm's Intellectual Assets
Analyzing Organizational goals/objectives - Answer -firm's vision, mission, and strategic
objectives form a hierarchy of goals that range from broad statements of intent for
competitive advantage to specific, measurable strategic objectives
Analyzing the External environment of the firm - Answer -Monitor and scan the general
environment and industry environment(competitors)
,Analyzing the Internal environment of the firm - Answer -analyzing strengths and
relationships among activities that constitute a firm's value chain can be a means of
uncovering potential sources of competitive advantages.
strategy formulation - Answer -decisions made by the firms regarding investments,
commitments, and other aspects of operations that create and sustain competitive
advantage.
coming up with business level(how to compete in a given business to gain advantage),
corporate level(what businesses should we compete in and how can these businesses
be managed to achieve synergy), and international strategies.
Business level strategy - Answer -cost leadership/differentiation
Corporate level strategy - Answer -addresses a firm's portfolio of businesses.
What businesses should we compete in?
How can we manage this portfolio of businesses to create synergies among them?
strategy formulation: business level strategy - Answer -How to compete and outperform
your competitors in a given industry?
Cost leadership/differentiation/narrow vs industrywide market segment.
strategy implementation - Answer -actions made by firms that carry out the formulated
strategy, including strategic controls, organizational design(means to coordinate and
integrate activities and stakeholders to accomplish strategy), and leadership.
strategic controls - Answer --continually scan environment and respond to T&O.
-proper balance of rewards/incentives/constraints/good cultures
-corporate governance
Organizational design - Answer -firms must have organizational structures and designs
that are consistent with strategy
corporate governance - Answer -the relationship among various participants in
determining the direction and performance of the corporations
-primary participants includes shareholders, board of directors, and management(CEO).
stakeholders - Answer -external or internal parties that has a stake and influence on the
firm.
-shareholders, employees, customers, suppliers, community at large, etc
Capital market stakeholders - Answer --shareholders
- major suppliers of capital (e.g.,
creditors
Product market stakeholders - Answer -- customers
, -- host governments
- suppliers
-- unions
Organizational stakeholders - Answer -- employees
- managers
stakeholder management - Answer -firm's strategy for recognizing and responding to
the interests of all its stakeholders
Stakeholder management :Zero Sum vs Symbiosis - Answer -gain of one group is the
loss of another
vs
stakeholders must be dependent on each other for the company to succeed(everyone
works together so that everyone benefits).
Social responsibility - Answer -expectation that businesses will strive to improve overall
welfare of society.
triple bottom line - Answer -assessment of a firm's financial,social and environmental
performance.
ROIs on sustainability(environmental) projects are hard to quantify cuz - Answer -1.
Data is not readily available for ROI on these projects.
2. Intangible benefits results.
3. Payback is on a different time frame than normal investments(longer payback time)
Local line leaders - Answer -leaders that have significant profit and loss responsibility
Executive leaders - Answer -leaders who champion and guide ideas, create a learning
infrastructure and establish a domain for taking action
Internal networkers - Answer -leaders who have little positional power and formal
authority but generate their power through the conviction and clarity of their ideas.
hierarchy of goals - Answer -organizational goals ranging from top to bottom(vision >
mission statement > objectives)
Top= visions which evoke powerful images but less specific and more long term
Bottom = strategic objectives that are more specific and measurable.
vision - Answer --long term
-organizational goals that evoke powerful and compelling mental images
-broader than mission statements
-slogan, picture
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79271 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now