GLOBAL (MAN 4720) EXAM 1 - FAU
DEBORAH SEARCY WITH COMPLETE
SOLUTIONS
the ongoing process companies use to form a vision, analyze their external environment
and their internal environment, and select on or more strategies to use to create value
for customers and other stakeholders, especially shareholders - ANSWER-Strategic
Management
the ability to create more economic value than competitors - ANSWER-Competitive
Advantage
the ability to create more economic value than competitors - ANSWER-Competitive
Advantage
What are the 3 perspectives to create value? - ANSWER-- Industrial/ Organization
Economic Model
- Resource-Based View
- Stakeholder Approach
I/O Economic Model: - ANSWER-Pick an attractive industry, then formulate strategy,
develop/acquire skills needed for strategy, then implement the strategy. (Elon Musk;
Tesla)
Resource-Based Model: - ANSWER-identify your firms available resources, then see
what the firm is capable of, then determine the potential of competitive advantage, find
an attractive industry, then choose a strategy that utilizes resources/capabilities
an individual or group with an interest in an organization. Any individual or group who
can affect or are affected by the achievements of a firms objective - ANSWER-
Stakeholders
Stakeholder Model - ANSWER-examine the environment, determine key stakeholders,
strategic intelligence, balanced strategies to keep stakeholder happy, and maintain
stakeholder relationships fully.
Successful use of power and influence. Directing the activities of others. Pursuing an
organizations goals. Enabling organizational competitive advantage. - ANSWER-
Strategic Leadership
, Group composed of the CEO and other key managers who are responsible for setting
the direction of the firm and for formulating and implementing its strategies. - ANSWER-
Top Management Team
Managerial group composed of individuals with different functional backgrounds,
experiences, and educations. - ANSWER-Heterogeneous Top Management Team
(Benefits - variety of perspectives, strong competitive actions, debate, great expertise all
around+)
filling managerial positions from a pool of candidates found within the firm
- motivates employees
- continuity
- continued commitment
- familiarity
- reduced turnover
- retention of firm-specific knowledge - ANSWER-Internal Managerial Labor Market
filling managerial positions from a pool of candidates found outside of the firm.
- long tenure with the same firm is thought to reduce innovation
- outsiders offer diverse knowledge bases and social networks with the potential for new
competitive advantages - ANSWER-External Managerial Labor Market
Rational, data-driven strategy process, very formal. Top-Down.approach - ANSWER-
Strategic Planning (Top Down Strategy)
asks many "what-if" questions. Use a top down approach. Consider optimistic and
pesimisstic futures - ANSWER-Scenario Planning
Top Down and Bottom Up approach. Relies on data. It allows front line employee
insights. Deep domain expertise. Personal experience - ANSWER-Planned Emergence
the outcome of a rational and structured top-down strategic plan - ANSWER-Intended
Strategy
combination of intended and emergent strategy - ANSWER-Realized Strategy
any unplanned strategic initiative. Bubbles up from the bottom of the organization. Can
influence and shape a firms overall strategy. - ANSWER-Emergent Strategy
What an organization wants to accomplish. Create value by making employees feel part
of something bigger than themselves. Helps employees find meaning in their work. -
ANSWER-Vision
how the vision will be accomplished. - ANSWER-Mission
DEBORAH SEARCY WITH COMPLETE
SOLUTIONS
the ongoing process companies use to form a vision, analyze their external environment
and their internal environment, and select on or more strategies to use to create value
for customers and other stakeholders, especially shareholders - ANSWER-Strategic
Management
the ability to create more economic value than competitors - ANSWER-Competitive
Advantage
the ability to create more economic value than competitors - ANSWER-Competitive
Advantage
What are the 3 perspectives to create value? - ANSWER-- Industrial/ Organization
Economic Model
- Resource-Based View
- Stakeholder Approach
I/O Economic Model: - ANSWER-Pick an attractive industry, then formulate strategy,
develop/acquire skills needed for strategy, then implement the strategy. (Elon Musk;
Tesla)
Resource-Based Model: - ANSWER-identify your firms available resources, then see
what the firm is capable of, then determine the potential of competitive advantage, find
an attractive industry, then choose a strategy that utilizes resources/capabilities
an individual or group with an interest in an organization. Any individual or group who
can affect or are affected by the achievements of a firms objective - ANSWER-
Stakeholders
Stakeholder Model - ANSWER-examine the environment, determine key stakeholders,
strategic intelligence, balanced strategies to keep stakeholder happy, and maintain
stakeholder relationships fully.
Successful use of power and influence. Directing the activities of others. Pursuing an
organizations goals. Enabling organizational competitive advantage. - ANSWER-
Strategic Leadership
, Group composed of the CEO and other key managers who are responsible for setting
the direction of the firm and for formulating and implementing its strategies. - ANSWER-
Top Management Team
Managerial group composed of individuals with different functional backgrounds,
experiences, and educations. - ANSWER-Heterogeneous Top Management Team
(Benefits - variety of perspectives, strong competitive actions, debate, great expertise all
around+)
filling managerial positions from a pool of candidates found within the firm
- motivates employees
- continuity
- continued commitment
- familiarity
- reduced turnover
- retention of firm-specific knowledge - ANSWER-Internal Managerial Labor Market
filling managerial positions from a pool of candidates found outside of the firm.
- long tenure with the same firm is thought to reduce innovation
- outsiders offer diverse knowledge bases and social networks with the potential for new
competitive advantages - ANSWER-External Managerial Labor Market
Rational, data-driven strategy process, very formal. Top-Down.approach - ANSWER-
Strategic Planning (Top Down Strategy)
asks many "what-if" questions. Use a top down approach. Consider optimistic and
pesimisstic futures - ANSWER-Scenario Planning
Top Down and Bottom Up approach. Relies on data. It allows front line employee
insights. Deep domain expertise. Personal experience - ANSWER-Planned Emergence
the outcome of a rational and structured top-down strategic plan - ANSWER-Intended
Strategy
combination of intended and emergent strategy - ANSWER-Realized Strategy
any unplanned strategic initiative. Bubbles up from the bottom of the organization. Can
influence and shape a firms overall strategy. - ANSWER-Emergent Strategy
What an organization wants to accomplish. Create value by making employees feel part
of something bigger than themselves. Helps employees find meaning in their work. -
ANSWER-Vision
how the vision will be accomplished. - ANSWER-Mission
