BUSI 490 Final Exam (ch. 1)fully solved graded A+

BUSI 490 Final Exam (ch. 1)Key attributes of Strategic Management - correct answer -Directs the organization toward overall goals and objectives -Includes multiple stakeholders in decision making -Needs to incorporate short-term and long-term perspectives -Recognizes trade-offs between efficiency and effectiveness Romantic view of leadership - correct answer Situations in which the leader is the key force in determining the organization's success or lack thereof External control view of leadership - correct answer Situations in which external forces--where the leader has limited influence--determine the organization's success Strategic Management - correct answer The analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages Strategy - correct answer The ideas, decisions, and actions that enable a firm to succeed Competitive Advantage - correct answer A firm's resources and capabilities that enable it to overcome the competitive forces in its industry(its) Operational Effectiveness - correct answer Performing similar activities better than rivals Stakeholders - correct answer Individuals, groups, and organizations that have a stake in the success of the organization. These include owners (shareholders in a publicly held corporation), employees, customers, suppliers, and the community at large What three ongoing processes are central to strategic management? - correct answer 1. Analyses