Bad 4013 (Exam 1 Ch 1-4) Questions With Correct Answers Latest Update 2026

BAD 4013 (EXAM 1 CH 1-4) QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2026 strategic plans - Answers carefully crafted set of steps that company intends to follow to be successful franchising - Answers organization grants the right to use its brand name, products, and processes to other organizations in exchange for an up-front payment & a percentage of franchisees' revenue economies of scale - Answers cost advantage created when a company can produce a good/service at a lower per unit price due to producing good/service in large quantities strategic ploy - Answers specific move designed to outwit/trick competitors strategy as perspective - Answers how executives interpret the competitive landscape around them business model - Answers describes process through which company hopes to earn profits strategy as pattern - Answers extent to which company's actions over time are consistent nonrealized strategy - Answers parts of intended plan that are abandoned realized strategy - Answers plan of action that organization actually follows emergent strategy - Answers unplanned direction that arises in response to unexpected opportunities & challenges strategy as position - Answers company's place in industry relative to its competitors strategic management - Answers examines how actions & events involving top executives, firms, & industries influence a company's success/failure intended strategy - Answers plan that an organization hopes to execute deliberate strategy - Answers parts of intended plan that organization continues to pursue over time vision statement - Answers what the organization hopes to become in the future mission statement - Answers reasons for an organization's existence Characteristics of vision statement - Answers state aspirations for org's future sets standard for employees to work toward inspires the org's members Characteristics of mission statement - Answers captures past & present elements of the org explains to stakeholders role of org in society answers question 'who are we' goals - Answers narrower aims that organizations pursue to serve their visions and missions The mission statement & vision statement should (fill in blank) for the org - Answers work to present unified message Non-profit org has a (fill in blank) statement to 'make this the last generation' of individuals affected w/ disease. The same org has a (fill in blank) statement to 'provide services & support for families affected' by disease - Answers vision mission To accomplish vision & mission, an org needs to create - Answers goals An org's goals should have narrower focus than mission & vision & offer (fill in blank) to employees. A useful technique to create effective goals is using (fill in blank) terminology - Answers clear guidance SMART SMART acronym - Answers specific measurable aggressive time-bound realistic organizational performance - Answers how well an organization is doing at reaching its vision, mission, and goals performance measure - Answers metric such as profits, stock price, and sales along which organizations can be gauged performance referent - Answers benchmark such as the industry average that is used to make sense of an organization's standing along a performance measure balanced scorecard - Answers approach to assessing performance that targets managers' attention on four areas: (1) financial, (2) customer, (3) internal business process, and (4) learning and growth triple bottom line - Answers approach to assessing performance that emphasizes the concerns of people (social responsibility) and the planet (environmental sustainability) in addition to profit icons - Answers CEOs who possess both fame and strong reputation scoundrels - Answers CEOs who display high levels of relative fame but low levels of reputation hidden gems - Answers CEOs who lack fame but possess positive reputations silent killers - Answers CEOs who are overlooked and ignored sources of harm to their firms entrepreneurial orientation - Answers processes, practices, and decision-making styles of organizations that act entrepreneurially autonomy - Answers whether an individual or team of individuals within an organization has the freedom to develop an entrepreneurial idea and then see it through to completion competitive aggressiveness - Answers tendency to intensely and directly challenge competitors innovativeness - Answers tendency to pursue creativity and experimentation proactiveness - Answers tendency to anticipate and act on future needs risk taking - Answers tendency to engage in bold rather than cautious actions environment - Answers set of external conditions and forces that have the potential to influence the organization general environment(microenvironment) - Answers overall trends and events in society such as social trends, technological trends, demographics, and economic conditions industry(competitive environment) - Answers multiple organizations that collectively compete with one another by providing similar goods, services, or both opportunities - Answers events and trends that create chances to improve an organization's performance level threats - Answers events and trends that may undermine an organization's performance PESTEL analysis - Answers examination of political, economic, social, technological, environmental, and legal factors and their implications for an organization PESTEL acronym - Answers political economic social technological environmental legal political segment - Answers portion of the general environment that involves governments economic segment - Answers portion of the general environment that involves economic and financial conditions social segment - Answers portion of the general environment that involves demographics and cultural trends technological segment - Answers portion of the general environment that involves scientific advances environmental segment - Answers portion of the general environment that involves the natural environment legal segment - Answers portion of the general environment that involves the law and courts intellectual property rights - Answers ability of an organization to protect intangible goods such as movies, software, and video games from piracy five forces analysis - Answers technique for understanding an industry by examining the interactions among competitors in an industry, potential new entrants to the industry, substitutes for the industry's offerings, suppliers to the industry, and the industry's buyers The 5 Forces - Answers buyers substitute products new entrants suppliers competitive rivalry