STRATEGIC MANAGEMENT AND BUSINESS
POLICY ACTUAL QUESTIONS WITH VERIFIED
SOLUTIONS
◉ 3 benefits of strategic management.
Answer: -Clearer sense of strategic vision for firm
-Sharper focus on what is strategically important
-Improved understanding of a rapidly changing environment
◉ John Elkington - Triple Bottom Line (sustainability).
Answer: 1. Traditional Profit/Loss
2. People Account - The social responsibility of the organization
3. Planet Account - the environmental responsibility of the
organization
◉ Population Ecology.
Answer: suggests that once an organization is successfully
established in a particular environmental niche, it is unable to adapt
to changing conditions
◉ Institution theory.
, Answer: organizations can and do adapt to changing conditions by
imitating other successful organizations
◉ Strategic choice perspective.
Answer: not only do organizations adapt to a changing environment,
but they also have the opportunity and power to reshape their
environment
◉ Organizational learning theory.
Answer: organization adjusts to changing environment and uses
knowledge to fit between itself and its environment
◉ Strategic flexibility.
Answer: the ability to shift away from one dominant strategy to
another
◉ Learning organization.
Answer: org. skilled at creating, acquiring, and transferring
knowledge and at modifying its behavior to reflect new knowledge
and insights.
◉ SWOT.
Answer: External environment - O, T
Internal - S, W
POLICY ACTUAL QUESTIONS WITH VERIFIED
SOLUTIONS
◉ 3 benefits of strategic management.
Answer: -Clearer sense of strategic vision for firm
-Sharper focus on what is strategically important
-Improved understanding of a rapidly changing environment
◉ John Elkington - Triple Bottom Line (sustainability).
Answer: 1. Traditional Profit/Loss
2. People Account - The social responsibility of the organization
3. Planet Account - the environmental responsibility of the
organization
◉ Population Ecology.
Answer: suggests that once an organization is successfully
established in a particular environmental niche, it is unable to adapt
to changing conditions
◉ Institution theory.
, Answer: organizations can and do adapt to changing conditions by
imitating other successful organizations
◉ Strategic choice perspective.
Answer: not only do organizations adapt to a changing environment,
but they also have the opportunity and power to reshape their
environment
◉ Organizational learning theory.
Answer: organization adjusts to changing environment and uses
knowledge to fit between itself and its environment
◉ Strategic flexibility.
Answer: the ability to shift away from one dominant strategy to
another
◉ Learning organization.
Answer: org. skilled at creating, acquiring, and transferring
knowledge and at modifying its behavior to reflect new knowledge
and insights.
◉ SWOT.
Answer: External environment - O, T
Internal - S, W
