BPL 5100 Midterm || with Complete Solutions

Strategic management correct answers the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantage Strategy correct answers ideas. decisions, and actions that enable a firm to succeed. (Analyze, formulate, implementate, evaluate) Levels of strategy correct answers 1. corporate (where we going, businesses?) 2. competitive (how are we going to compete?) 3. Functional (resources/capabilities) Effective Strategic leadership correct answers 1. set vision 2. exploiting core competencies 3. develop human capital 4. creating strong org. culture 5. balanced controls 6. ethical practices Competitive advantage correct answers a firm's resources and capabilities that enable it to overcome the competitive forces in its industry Strategic Competitiveness correct answers 1. internal org: What a firm can do (challenge: managers face uncertainty, proprietary tech, changes in economic & politics, societal values, environment) 2. External envir: firm might do Core Competence correct answers Unique set of lasting capabilities that a co. relies on to achieve competitive adv. and add value (must be: Valuable, rare, costly-to-imitate, non-substitutable capabilities). Operational effectiveness correct answers performing similar activities better than rivals External control view of leadership correct answers situations in which external forces- where the leader has limited influence determine the organization's success Romantic view of leadership correct answers situations in which the leader is the key force determining the organization's success -or lack thereof 4 Key attributes of Strategic Management correct answers -Directs the organization toward overall goals and objectives -Includes multiple stakeholders in decision-making -Needs to incorporate sh-term l-term perspectives -Recognizes trade-offs between efficiency and effectiveness.