Business Integration & Strategic Management - Peregrine - Section Review Exam Questions With Actual Questions With Correct Answers.

Strategy is an organization's game plan to: and answers the questions: - correct answer Create satisfied customers Be ahead of competition Achieve performance targets Develop an eco-system that satisfies all stakeholders Where are we now? Where do we want to go? How do we get there? How will we know if we got there? Match the term with its descriptor A. Vision B. Mission C. Goals D. Objective a statement that provides the rationale for an organization's existence. an aspirational future state that an organization desires to be in. represent the transition from the mission into specific and measurable aims. generic or qualitative aims of a company - correct answer A. Vision: an aspirational future state that an organization desires to be in. B. Mission: a statement that provides the rationale for an organization's existence. C. Goals: generic or qualitative aims of a company D. Objective: represent the transition from the mission into specific and measurable aims. The Five Tasks of Strategic Management - correct answer Developing a strategic vision & business mission Setting objectives Crafting a strategy to achieve the objectives Implementing and executing the strategy Evaluating performance, monitoring new developments, and initially corrective adjustments SWOT - correct answer Strengths: Things your company does well. Qualities that separate you from your competitors, internal resources such as skill, knowledgeable staff. Tangible assets such as intellectual property, capital, or proprietary technologies. Weaknesses: Things your company lacks. Things your competitors do better than you. Resource limitations. Unclear unique selling proposition. Opportunities: Underserved markets for specific products. Few competitors in your area. Emerging need for your products or services. Press/media coverage of your company. Threats: Emerging competitors. Changing regulator environment. Negative press/media coverage. Changing customer attitudes toward your company. Five forces - correct answer Threat of New Entrants Bargaining Power of Suppliers Bargaining Power of Customers Threat of Substitution Competition in the industry ______________________ are firms in an industry that follow similar strategies such as low cost and acceptable quality - correct answer Strategic groups Leadership is the ability to: - correct answer Set and achieve challenging goals, Make timely and clear decisions, Outperform the competition, and Inspire others to perform well and reach their potential. __________________ is the ability to think, act, and influence others in ways that ensure the enduring success of the organization. - correct answer Strategic leadership Which of the following is not a strategic leadership skill? A. Anticipate B. Learn C. Challenge D. Align E. Control F. Interpret G. Decide - correct answer E. Control The Change Process - Eight Stage Model - correct answer Establish a sense of urgency - agile teams in the software industry have just three weeks to complete a project. Form a powerful guiding coalition - based on trust, respect, integrity, purpose, and values. Develop a compelling vision - when Walt Disney says their overarching goal is "to make people happy" it creates an environment of cheer and optimism. Communicate the vision widely - does everyone in the organization perceive it the way you do? Empower employees to act on the vision - at SAS Airlines, the first employee you interact with is empowered to solve your problem. Generate and celebrate short-term wins - to maintain momentum. Consolidate gains, create opportunities for greater change. Evolve change in organizational culture to reflect values and principles while encouraging performance and providing psychological safety. Match the customer defining perspective to the questions it asks. A. Psychographics