BPL 5100 Quiz 1 with Correct Answers
what is an unrealized strategy? - Answer-parts of the *intended strategy* that become unrelized due to unforseen events
what is a realized strategy - Answer-org decisoins are determined thorugh analyses and unforseen events
how out plan worked out at t...
BPL 5100 Quiz 1 with Correct Answers
what is an unrealized strategy? - Answer-parts of the *intended strategy* that become
unrelized due to unforseen events
what is a realized strategy - Answer-org decisoins are determined thorugh analyses and
unforseen events
how out plan worked out at the end
emergent strategies - Answer-using those unforseen outcomes an integrating them into
your corporate strategy
what is a stakeholder? - Answer-any one inside or outside the company that can
influence the firm's performance
shareholder approach - Answer-the firm exists only to maximize profits
stakeholder approach - Answer-responding to the interests of both stake and share
holders
hierachy of goals - Answer-top ---> bottom
1. vision
2,. mission statement
3, strategic obj
vision - Answer-org goal that evokes powerful and compelling images
mission statement - Answer-encompasses the *purpose* of the company and *basis of
compeition*
streategic oj - Answer-used to *operationalize* the mission statement
what is SMART - Answer-Specific (provides clear message on what we need to
accomplish)
Measurable,(at least on indicator that measures progress to see if you're actually
fufilling the obj)
Approriate(consistent with vision and mission)
, Realistic ( must be achieviable)
Timely (must be a timeframe for completing the obj)
what 3 parts make up a successful strategy? - Answer-1. long term and agreed obj
2. understanding of competitive enviornment
3. understanding of internal resources
what are 3 tools we use to analyze the external enviornment? - Answer-1. SWOT
2. environmental analysis
3. industry analyses
what is strategic management? - Answer-the analyses, decisions, and actions an
organization undertakes in order to create and sustain *competitive advantages*
elaboarate: analyses, decisions and acitons taken during stratregic management -
Answer-analyses: analyzing the strategic goals (vision, mission)
decisions: what industries should we compete in? how should we compete in those
industries?
actions: implementing their strategies
what are the attributes of strategic management? (4) - Answer-1. directs the org
towards oveall goals/obj
2.inlcudes multiple stakeholders in deicison making
3.needs to incorporate *short and long term perspectives*
4.recog trade-offs between effciency and effectiveness
what is opeartional effectiveness - Answer-performing simliar acitivies *better* than
rivals
ex: benchmarking, business process reegineering
strategic management can be referred to as the study of why some firms outperform
others (T/F) - Answer-T
operationsal effectiveness leads to sustainable competitve advantages (T/F) - Answer-F
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