Globus exam test with 100% correct answers 2022/2023

A term described as an integrative management field that combines analysis, formulation and implementations in the quest for competitive advantage. Strategic Management Identify "Strategic commitments" as a formulated strategy and using policy Strategic commitments are effective guiding policies such as sizable investment or changes o an organizations incentives and reward systems. These are big changes that can't be easily reversed. Understand what it means to have competitive parity. Performance of two or more firms at the same level. competitive advantage a firm that achieves superior performance relative to other competitors in the same industry or the industry average sustainable competitive advantage outperforming competitors or the industry average over a prolonged period of time competitive disadvantage underperformance relative to other competitors in the same industry or the industry average identify the phrase that represents the vision Wendy Kopp developed for Teach for America "One day, all children in this nation will have the opportunity to attain an excellent education" Difference between a firms vision and mission a vision defines what an organization wants to accomplish. A goal describes what an organization does to get a vision accomplished. Why is it better for firms to keep their vision statements customer-oriented rather than product oriented? Customer oriented vision statements allow companies to adapt to change. Product oriented often contains this ability. Organizational core values are the _________ that govern the behavior of individuals within a firm or organization. ethical standards and norms. Strategic leadership pertains to the use of power and influence by ______ to direct the activities of others when pursuing an organizations goals. corporate executives. Be able to identify a person on a level-5 pyramid and understand each level 1- highly capable individual 2- contributing team member 3- competent manager 4- effective leader 5- corporate executives Level 5 Person: Sheryl Sandberg COO of FB Summarize the difference between SBU (strategic business unit) and a corporate partner. ... What is an assumption that top-down strategic planning rests on? Often rests on the assumption that we can predict the future from the past. understand an be able to identify scenario planning situations Scenario planning asks "what if questions" to anticipate plausible futures in order to derive strategic responses. Unexpected events that are highly improbable but lead two changes can best be described as a black swan event Understand intended, realized and emergent strategy Intended strategy: the outcome of a rational and structured top-down strategic plan. Realized: formulated through a combination of its top down strategic intentions and bottom up emergent strategies Emergent strategy: any unplanned strategic intitvative bubbling up rom deep within the organization