SEVI 3013 Exam 1 Rodeffer Questions &
Answers 100% Correct!!
Strategic management 3 steps - ANSWERSanalysis, decisions, actions
Strategy - ANSWERSthe ideas, decisions, and actions that enable a firm to succeed
Strategy characteristics - ANSWERSit is about choices and is focused on the future
Strategic management 3 steps key activities performed - ANSWERSAnalysis: strategic
goals (vision, mission, strategic objectives) and internal/external environment.
Decisions:
Actions: resource allocation
Attributes of strategic management - ANSWERS-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.
ambidexterity - ANSWERSthe challenge managers face of both aligning resources to
take advantage of existing product markets as well as proactively exploring new
opportunities
Strategic Leadership - ANSWERSthe ability to anticipate, envision, maintain flexibility,
think strategically, and work with others to initiate changes that will create a positive
future for an organization
How do leaders make a difference for organizational performance? - ANSWERScreate
value for stakeholders, nurture and develop talent, champion the strategic management
process, develop and leverage external relationships, cultivate a global mindset, drive
competitive advantage
Romantic View of Leadership - ANSWERSLeader is the key force in organization's
success
external control view of leadership - ANSWERSsituations in which external forces -
where the leader has limited influence - determine the organization's success
How to create competitive advantage - ANSWERScost leadership and differentiation
How to maintain competitive advantage - ANSWERS- Barriers to entry
- Barriers to exit
, - Differentiated product
- Strong selling relationships
- Brand loyalty
Intended Strategy - ANSWERSstrategy in which organizational decisions are
determined only by analysis
Realized Strategy - ANSWERSstrategy in which organizational decisions are
determined by both analysis and unforeseen environmental developments,
unanticipated resource constraints, and/or changes in managerial preferences
Vision - ANSWERSevokes powerful and compelling mental images of a shared future
Mission - ANSWERSencompasses the organizations current purpose, bases of
competition, and competitive advantage
Strategic objectives - ANSWERSa set of organizational goals that are used to
operationalize the mission statement and that are specific and cover a well-defined time
frame
Mission Statement - ANSWERSencompasses both the purpose of the company and the
basis of competition and competitive advantage
corporate level strategy - ANSWERSspecifies actions a firm takes to gain a competitive
advantage by selecting and managing a group of different businesses competing in
different product markets
business level strategy - ANSWERSa plan that indicates how a division intends to
compete against its rivals in an industry
shareholder - ANSWERSA person who invests in a corporation by buying stock and is a
partial owner
Stakeholders - ANSWERSthe people whose interests are affected by an organization's
activities
Key Players in Corporate Governance - ANSWERSBoard of directors, CEO, senior
executives, and shareholders
board of directors - ANSWERSa group of persons elected by the stockholders to
manage a corporation
CEO - ANSWERSchief executive officer
senior executive - ANSWERSsenior manager
Answers 100% Correct!!
Strategic management 3 steps - ANSWERSanalysis, decisions, actions
Strategy - ANSWERSthe ideas, decisions, and actions that enable a firm to succeed
Strategy characteristics - ANSWERSit is about choices and is focused on the future
Strategic management 3 steps key activities performed - ANSWERSAnalysis: strategic
goals (vision, mission, strategic objectives) and internal/external environment.
Decisions:
Actions: resource allocation
Attributes of strategic management - ANSWERS-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.
ambidexterity - ANSWERSthe challenge managers face of both aligning resources to
take advantage of existing product markets as well as proactively exploring new
opportunities
Strategic Leadership - ANSWERSthe ability to anticipate, envision, maintain flexibility,
think strategically, and work with others to initiate changes that will create a positive
future for an organization
How do leaders make a difference for organizational performance? - ANSWERScreate
value for stakeholders, nurture and develop talent, champion the strategic management
process, develop and leverage external relationships, cultivate a global mindset, drive
competitive advantage
Romantic View of Leadership - ANSWERSLeader is the key force in organization's
success
external control view of leadership - ANSWERSsituations in which external forces -
where the leader has limited influence - determine the organization's success
How to create competitive advantage - ANSWERScost leadership and differentiation
How to maintain competitive advantage - ANSWERS- Barriers to entry
- Barriers to exit
, - Differentiated product
- Strong selling relationships
- Brand loyalty
Intended Strategy - ANSWERSstrategy in which organizational decisions are
determined only by analysis
Realized Strategy - ANSWERSstrategy in which organizational decisions are
determined by both analysis and unforeseen environmental developments,
unanticipated resource constraints, and/or changes in managerial preferences
Vision - ANSWERSevokes powerful and compelling mental images of a shared future
Mission - ANSWERSencompasses the organizations current purpose, bases of
competition, and competitive advantage
Strategic objectives - ANSWERSa set of organizational goals that are used to
operationalize the mission statement and that are specific and cover a well-defined time
frame
Mission Statement - ANSWERSencompasses both the purpose of the company and the
basis of competition and competitive advantage
corporate level strategy - ANSWERSspecifies actions a firm takes to gain a competitive
advantage by selecting and managing a group of different businesses competing in
different product markets
business level strategy - ANSWERSa plan that indicates how a division intends to
compete against its rivals in an industry
shareholder - ANSWERSA person who invests in a corporation by buying stock and is a
partial owner
Stakeholders - ANSWERSthe people whose interests are affected by an organization's
activities
Key Players in Corporate Governance - ANSWERSBoard of directors, CEO, senior
executives, and shareholders
board of directors - ANSWERSa group of persons elected by the stockholders to
manage a corporation
CEO - ANSWERSchief executive officer
senior executive - ANSWERSsenior manager
