MGT 487 Exam 1 Questions With Correct
Answers
situations in which the leader is the key force determining the
| | | | | | | | | | |
organization's success- or lack thereof | | | | |
ex: Fortune, Bloomberg, Businessweek, and Forbes - CORRECT
| | | | | | | |
ANSWER✔✔-romantic view of leadership | | |
situations in which external forces-where the leader has limited
| | | | | | | | |
influence-determines the organization's success. | | |
ex: economic downturns, new tech, gov legislation, war... - CORRECT
| | | | | | | | | |
ANSWER✔✔-external control view of leadership | | | |
the analyses, decisions, and actions an organization undertakes in order
| | | | | | | | | |
to create and sustain competitive advantages - CORRECT ANSWER✔✔-
| | | | | | | |
Strategic management
|
strategic management involves three ongoing processes: - CORRECT
| | | | | | | |
ANSWER✔✔-analyses, decisions, and actions | | |
the ideas, decisions, and actions that enable a firm to succeed. Leaders
| | | | | | | | | | | |
must allocate the necessary resources and to design the organization to
| | | | | | | | | | |
,bring the intended strategies into reality. - CORRECT ANSWER✔✔-
| | | | | | | |
strategy
analysis involves: - CORRECT ANSWER✔✔-the analysis of strategic goals
| | | | | | | | |
as well as of the internal and external environment
| | | | | | | |
decisions answer the 2 basic questions: - CORRECT ANSWER✔✔-1.
| | | | | | | | |
What industries should we compete in?
| | | | |
2. How should we compete in those industries?
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the essence of strategic management is is the study of why some firms
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out perform others. T or F? - CORRECT ANSWER✔✔-True
| | | | | | | |
2 fundamental questions of Strategic management: - CORRECT
| | | | | | | |
ANSWER✔✔-1. How should we compete in order to create competitive
| | | | | | | | | |
advantages in the marketplace? | | |
2. How can we create competitive advantages in the marketplace that
| | | | | | | | | | |
are unique, valuable, and difficult for rivals to copy or substitute?
| | | | | | | | | |
sustainable competitive advantage can be achieved through operational
| | | | | | |
effectiveness alone. T or F? - CORRECT ANSWER✔✔-False
| | | | | | | |
performing similar activities better than rivals,
| | | | | |
, (ex: TQM , just-in-time, benchmarking, business process reengineering)
| | | | | | |
- CORRECT ANSWER✔✔-Operational effectiveness
| | | |
Four Key Attributes of Strategic Management - CORRECT ANSWER✔✔-
| | | | | | | |
1. directed toward overall organizational goals & objectives
| | | | | | |
2. includes multiple stakeholders in decision making
| | | | | |
3. requires incorporating both short-term & long-term perspectives
| | | | | | |
4. involves the recognition of trade-offs between effectiveness and
| | | | | | | | |
efficiency
individuals, groups, and organizations that have a stake in the success of
| | | | | | | | | | |
|the organization.
| |
(includes: owners, employees, customers, suppliers, and the community
| | | | | | |
at large) - CORRECT ANSWER✔✔-Stakeholders
| | | | |
"create tension" - CORRECT ANSWER✔✔-managers must maintain
| | | | | | |
visions for the future and focus on present operating needs
| | | | | | | | |
tailoring actions to the needs of an organization rather than wasting
| | | | | | | | | | |
effort, or "doing the right thing" - CORRECT ANSWER✔✔-effectiveness
| | | | | | | |
performing actions at a low cost relative to a benchmark or "doing
| | | | | | | | | | | |
things right" - CORRECT ANSWER✔✔-efficiency
| | | |
Answers
situations in which the leader is the key force determining the
| | | | | | | | | | |
organization's success- or lack thereof | | | | |
ex: Fortune, Bloomberg, Businessweek, and Forbes - CORRECT
| | | | | | | |
ANSWER✔✔-romantic view of leadership | | |
situations in which external forces-where the leader has limited
| | | | | | | | |
influence-determines the organization's success. | | |
ex: economic downturns, new tech, gov legislation, war... - CORRECT
| | | | | | | | | |
ANSWER✔✔-external control view of leadership | | | |
the analyses, decisions, and actions an organization undertakes in order
| | | | | | | | | |
to create and sustain competitive advantages - CORRECT ANSWER✔✔-
| | | | | | | |
Strategic management
|
strategic management involves three ongoing processes: - CORRECT
| | | | | | | |
ANSWER✔✔-analyses, decisions, and actions | | |
the ideas, decisions, and actions that enable a firm to succeed. Leaders
| | | | | | | | | | | |
must allocate the necessary resources and to design the organization to
| | | | | | | | | | |
,bring the intended strategies into reality. - CORRECT ANSWER✔✔-
| | | | | | | |
strategy
analysis involves: - CORRECT ANSWER✔✔-the analysis of strategic goals
| | | | | | | | |
as well as of the internal and external environment
| | | | | | | |
decisions answer the 2 basic questions: - CORRECT ANSWER✔✔-1.
| | | | | | | | |
What industries should we compete in?
| | | | |
2. How should we compete in those industries?
| | | | | | |
the essence of strategic management is is the study of why some firms
| | | | | | | | | | | | |
out perform others. T or F? - CORRECT ANSWER✔✔-True
| | | | | | | |
2 fundamental questions of Strategic management: - CORRECT
| | | | | | | |
ANSWER✔✔-1. How should we compete in order to create competitive
| | | | | | | | | |
advantages in the marketplace? | | |
2. How can we create competitive advantages in the marketplace that
| | | | | | | | | | |
are unique, valuable, and difficult for rivals to copy or substitute?
| | | | | | | | | |
sustainable competitive advantage can be achieved through operational
| | | | | | |
effectiveness alone. T or F? - CORRECT ANSWER✔✔-False
| | | | | | | |
performing similar activities better than rivals,
| | | | | |
, (ex: TQM , just-in-time, benchmarking, business process reengineering)
| | | | | | |
- CORRECT ANSWER✔✔-Operational effectiveness
| | | |
Four Key Attributes of Strategic Management - CORRECT ANSWER✔✔-
| | | | | | | |
1. directed toward overall organizational goals & objectives
| | | | | | |
2. includes multiple stakeholders in decision making
| | | | | |
3. requires incorporating both short-term & long-term perspectives
| | | | | | |
4. involves the recognition of trade-offs between effectiveness and
| | | | | | | | |
efficiency
individuals, groups, and organizations that have a stake in the success of
| | | | | | | | | | |
|the organization.
| |
(includes: owners, employees, customers, suppliers, and the community
| | | | | | |
at large) - CORRECT ANSWER✔✔-Stakeholders
| | | | |
"create tension" - CORRECT ANSWER✔✔-managers must maintain
| | | | | | |
visions for the future and focus on present operating needs
| | | | | | | | |
tailoring actions to the needs of an organization rather than wasting
| | | | | | | | | | |
effort, or "doing the right thing" - CORRECT ANSWER✔✔-effectiveness
| | | | | | | |
performing actions at a low cost relative to a benchmark or "doing
| | | | | | | | | | | |
things right" - CORRECT ANSWER✔✔-efficiency
| | | |
