Bpl 5100 Ch.1 Exam With Complete Solutions

romantic view of leadership - Correct Answer situations in which leader is the key force determining the organization's success or lack thereof external control view of leadership - Correct Answer situations in which external forces where leader has limited influence, determine the organization's success strategic management - Correct Answer analyses, decisions, and actions organization undertakes in order to create and sustain competitive advantages strategy - Correct Answer ideas, decisions, actions that enable a firm to succeed competitive advantage - Correct Answer a firm's resources and capabilities that enable it to overcome the competitive forces in its industry operational effectiveness - Correct Answer performing similar activities better than rivals stakeholders - Correct Answer individuals, groups, organizations that have a stake in the success of the organization. includes owners (shareholders), employees, customers, suppliers and the community at large effectiveness - Correct Answer tailoring actions to the needs of an organization rather than wasting effort doing the right thing efficiency - Correct Answer performing actions at a low cost relative to a benchmark or "doing things right" ambidexterity - Correct Answer challenge that managers face of both aligning resources to take advantage of existing product markets and proactively exploring new opportunities strategic management process - Correct Answer strategy analysis, formulation and implementation intended strategy - Correct Answer strategy in which organizational decisions are determined only by analysis realized strategy - Correct Answer in which organizational decisions are determined by both analysis and unforeseen environmental developments, unanticipated resource constraints, and/or changes in managerial preferences strategy analysis - Correct Answer study of firms' external and internal environments and their fit with organizational vision and goals strategy formulation - Correct Answer decisions made by firms regarding investments, commitments and other aspects of operations that create and sustain competitive advantage strategy implementation - Correct Answer actions made by firms that carry out the formulated strategy, including strategic controls, organizational design and leadership corporate governance - Correct Answer relationship among various participants in determining the dir