BUAD 453 FINAL EXAM with answers || || || || ||
Strategy - CORRECT ANSWERS ✔✔a set of related actions that managers
|| || || || || || || || || || ||
take to increase their company's performance
|| || || || ||
Strategic leadership - CORRECT ANSWERS ✔✔creating competitive
|| || || || || || ||
advantage through effective management of the strategy-making process.
|| || || || || || ||
Strategy formulation - CORRECT ANSWERS ✔✔Selecting strategies based on
|| || || || || || || ||
analysis of an organization's external and internal environment
|| || || || || || || ||
Strategy implementation - CORRECT ANSWERS ✔✔Putting strategies into
|| || || || || || || ||
action
Shareholder Value - CORRECT ANSWERS ✔✔Returns that shareholders earn
|| || || || || || || ||
from purchasing shares in a company
|| || || || || ||
Profitability - CORRECT ANSWERS ✔✔The return a company makes on the
|| || || || || || || || || || ||
capital invested in the enterprise
|| || || ||
Profit growth - CORRECT ANSWERS ✔✔The increase in net profit over time
|| || || || || || || || || || ||
,Competitive advantage - CORRECT ANSWERS ✔✔The achieved advantage
|| || || || || || || ||
over rivals when a company's profitability is greater than the average
|| || || || || || || || || || ||
profitability of firms in its industry || || || || ||
Sustained competitive advantage - CORRECT ANSWERS ✔✔The company's
|| || || || || || || ||
strategies enable it to maintain above-average profitability for a number of
|| || || || || || || || || || ||
years
Business model - CORRECT ANSWERS ✔✔The conception of how strategies
|| || || || || || || || || ||
should work together as a whole to enable the company to achieve
|| || || || || || || || || || || ||
competitive advantage ||
General Managers - CORRECT ANSWERS ✔✔Managers who bear
|| || || || || || || ||
responsibility for overall performance of the company or for one of its major,
|| || || || || || || || || || || || ||
self-contained subunits or divisions || || ||
Functional Managers - CORRECT ANSWERS ✔✔managers responsible for
|| || || || || || || ||
supervising a particular function; that is a task, an activity, or an operation
|| || || || || || || || || || || || ||
such as accounting, marketing, R&D, information technology, or logistics
|| || || || || || || ||
Multidivisional company - CORRECT ANSWERS ✔✔A company that || || || || || || || ||
competes in several different businesses and has created a separate, self-
|| || || || || || || || || ||
contained division to manage each. || || || ||
Business unit - CORRECT ANSWERS ✔✔A self-contained division that
|| || || || || || || || ||
provides a product or service for a particular market
|| || || || || || || ||
, Mission - CORRECT ANSWERS ✔✔The purpose of the company, or a
|| || || || || || || || || || ||
statement of what the company strives to do.
|| || || || || || ||
Vision - CORRECT ANSWERS ✔✔The articulation of a company's desired
|| || || || || || || || || ||
achievements of future state. || || ||
Values - CORRECT ANSWERS ✔✔A statement of how employees should
|| || || || || || || || || ||
conduct themselves and their business to help achieve the company mission
|| || || || || || || || || ||
SWOT Analysis - CORRECT ANSWERS ✔✔The comparison of strengths,
|| || || || || || || || ||
weaknesses, opportunities, and threats || || ||
Scenario planning - CORRECT ANSWERS ✔✔Formulating plans that are
|| || || || || || || || ||
based upon "what-if" scenarios about the future
|| || || || || ||
Escalating commitment - CORRECT ANSWERS ✔✔A cognitive bias that
|| || || || || || || || ||
occurs when decision makers, have already committed significant resources to
|| || || || || || || || ||
a project, commit even more resources after receiving feedback that the
|| || || || || || || || || || || ||
project is failing
|| ||
Reasoning by analogy - CORRECT ANSWERS ✔✔Use of simple analogies to
|| || || || || || || || || || ||
make sense out of complex problems
|| || || || ||
Representativeness - CORRECT ANSWERS ✔✔A bias rooted in tendency to || || || || || || || || || ||
generalize from a small sample or even a single, vivid anecdote
|| || || || || || || || || ||
Strategy - CORRECT ANSWERS ✔✔a set of related actions that managers
|| || || || || || || || || || ||
take to increase their company's performance
|| || || || ||
Strategic leadership - CORRECT ANSWERS ✔✔creating competitive
|| || || || || || ||
advantage through effective management of the strategy-making process.
|| || || || || || ||
Strategy formulation - CORRECT ANSWERS ✔✔Selecting strategies based on
|| || || || || || || ||
analysis of an organization's external and internal environment
|| || || || || || || ||
Strategy implementation - CORRECT ANSWERS ✔✔Putting strategies into
|| || || || || || || ||
action
Shareholder Value - CORRECT ANSWERS ✔✔Returns that shareholders earn
|| || || || || || || ||
from purchasing shares in a company
|| || || || || ||
Profitability - CORRECT ANSWERS ✔✔The return a company makes on the
|| || || || || || || || || || ||
capital invested in the enterprise
|| || || ||
Profit growth - CORRECT ANSWERS ✔✔The increase in net profit over time
|| || || || || || || || || || ||
,Competitive advantage - CORRECT ANSWERS ✔✔The achieved advantage
|| || || || || || || ||
over rivals when a company's profitability is greater than the average
|| || || || || || || || || || ||
profitability of firms in its industry || || || || ||
Sustained competitive advantage - CORRECT ANSWERS ✔✔The company's
|| || || || || || || ||
strategies enable it to maintain above-average profitability for a number of
|| || || || || || || || || || ||
years
Business model - CORRECT ANSWERS ✔✔The conception of how strategies
|| || || || || || || || || ||
should work together as a whole to enable the company to achieve
|| || || || || || || || || || || ||
competitive advantage ||
General Managers - CORRECT ANSWERS ✔✔Managers who bear
|| || || || || || || ||
responsibility for overall performance of the company or for one of its major,
|| || || || || || || || || || || || ||
self-contained subunits or divisions || || ||
Functional Managers - CORRECT ANSWERS ✔✔managers responsible for
|| || || || || || || ||
supervising a particular function; that is a task, an activity, or an operation
|| || || || || || || || || || || || ||
such as accounting, marketing, R&D, information technology, or logistics
|| || || || || || || ||
Multidivisional company - CORRECT ANSWERS ✔✔A company that || || || || || || || ||
competes in several different businesses and has created a separate, self-
|| || || || || || || || || ||
contained division to manage each. || || || ||
Business unit - CORRECT ANSWERS ✔✔A self-contained division that
|| || || || || || || || ||
provides a product or service for a particular market
|| || || || || || || ||
, Mission - CORRECT ANSWERS ✔✔The purpose of the company, or a
|| || || || || || || || || || ||
statement of what the company strives to do.
|| || || || || || ||
Vision - CORRECT ANSWERS ✔✔The articulation of a company's desired
|| || || || || || || || || ||
achievements of future state. || || ||
Values - CORRECT ANSWERS ✔✔A statement of how employees should
|| || || || || || || || || ||
conduct themselves and their business to help achieve the company mission
|| || || || || || || || || ||
SWOT Analysis - CORRECT ANSWERS ✔✔The comparison of strengths,
|| || || || || || || || ||
weaknesses, opportunities, and threats || || ||
Scenario planning - CORRECT ANSWERS ✔✔Formulating plans that are
|| || || || || || || || ||
based upon "what-if" scenarios about the future
|| || || || || ||
Escalating commitment - CORRECT ANSWERS ✔✔A cognitive bias that
|| || || || || || || || ||
occurs when decision makers, have already committed significant resources to
|| || || || || || || || ||
a project, commit even more resources after receiving feedback that the
|| || || || || || || || || || || ||
project is failing
|| ||
Reasoning by analogy - CORRECT ANSWERS ✔✔Use of simple analogies to
|| || || || || || || || || || ||
make sense out of complex problems
|| || || || ||
Representativeness - CORRECT ANSWERS ✔✔A bias rooted in tendency to || || || || || || || || || ||
generalize from a small sample or even a single, vivid anecdote
|| || || || || || || || || ||
