SEVI 3013 Exam 1 Questions & Answers
100% Correct!!
What is strategy and what are its characteristics? - ANSWERS
What are the three steps of strategic management? What key activities are performed
at each step of the process? - ANSWERS- Analysis: Strategic goals (vision, mission,
objectives)
- Decisions: Formulation
- Actions: Implementation of strategy
What are the attributes of strategic management? What is the concept of ambidexterity?
- ANSWERS- Direct the organization toward goals/objectives
- Include stakeholders in decision making
- Incorporate short and long term perspectives
- Recognize trade offs between efficiency and effectiveness
Ambidextrous:
- Focus on long-term effectiveness
- Expand market scope by exploring new opportunities
- Focus on short-term efficiency
- Align resources to take advantage of existing markets
What is strategic leadership? What is the difference of romantic view vs. external control
perspectives? - ANSWERSStrategic leadership is the ability to influence others to
voluntarily make decisions that enhance the prospects for the organization's long-term
success while maintaining short-term financial stability
- Romantic view: A leader is the key force of the organizations success
- External control perspective: External forces determine the organizations success
How do leaders make a difference for organizational performance? - ANSWERS- Be
proactive (anticipate change)
- Refine Strategies continually
- Be aware of external opportunities and threats
- Understand thoroughly the firm's resources and capabilities
- Make strategic management both a process and a way of thinking throughout the
organizations
How do you create and maintain competitive advantage? - ANSWERS
100% Correct!!
What is strategy and what are its characteristics? - ANSWERS
What are the three steps of strategic management? What key activities are performed
at each step of the process? - ANSWERS- Analysis: Strategic goals (vision, mission,
objectives)
- Decisions: Formulation
- Actions: Implementation of strategy
What are the attributes of strategic management? What is the concept of ambidexterity?
- ANSWERS- Direct the organization toward goals/objectives
- Include stakeholders in decision making
- Incorporate short and long term perspectives
- Recognize trade offs between efficiency and effectiveness
Ambidextrous:
- Focus on long-term effectiveness
- Expand market scope by exploring new opportunities
- Focus on short-term efficiency
- Align resources to take advantage of existing markets
What is strategic leadership? What is the difference of romantic view vs. external control
perspectives? - ANSWERSStrategic leadership is the ability to influence others to
voluntarily make decisions that enhance the prospects for the organization's long-term
success while maintaining short-term financial stability
- Romantic view: A leader is the key force of the organizations success
- External control perspective: External forces determine the organizations success
How do leaders make a difference for organizational performance? - ANSWERS- Be
proactive (anticipate change)
- Refine Strategies continually
- Be aware of external opportunities and threats
- Understand thoroughly the firm's resources and capabilities
- Make strategic management both a process and a way of thinking throughout the
organizations
How do you create and maintain competitive advantage? - ANSWERS
