MGMT 4513 FINAL EXAM AIME FEDERICO OSU
Strategic Management - Answer -the study of why some firms outperform
others
MISSION - Answer -Statement explaining
why a company exists
Provides context for all
decisions within the
organization
Describes and enduring
reality
Is capable of infinite
fulfillment (no time frame)
Useful for both internal
and external audiences
VISION - Answer -Crystallization of what
leaders want firm to be
Guides development of
strategy and organization
Describes an inspiring
new reality
Is achievable within a
specific time period
Primarily useful internally
(slogans can be used
externally)
STRATEGIC PLAN - Answer -How to beat present and
potential competitors
Lists set of actions to
provide products or
services that create more
value than their cost
Constantly changes in
response to analysis,
customer experience, trial
and error
For internal use
Stakeholders - Answer -Individuals and groups who can affect, and are
affected by, the strategic outcomes achieved and
who have enforceable claims on a firm's
performance
, Capital Market Stakeholders - Answer -Shareholders and lenders expect the firm to
preserve and enhance
the wealth they have entrusted to it
•
Returns should be commensurate with the degree of risk to the
shareholder
Product Market Stakeholders - Answer -Customers
•
Demand reliable products at low prices
•
Suppliers
•
Seek loyal customers willing to pay highest sustainable prices for goods and
services
•
Host communities
•
Want companies willing to be long-term employers and providers of tax revenues
while minimizing demands on public support services
•
Union officials
•
Want secure jobs and desirable working conditions
Organizational Stakeholders - Answer -Employees
•
Expect a dynamic, stimulating and rewarding work environment
•
Are satisfied by a company that is growing and actively developing
their skills
Stakeholder Involvement - Answer -Two issues affect the extent of stakeholder
involvement in the firm
•
How to divide returns
to keep stakeholders
involved?
•
How to increase
returns so everyone
Corporate governance - Answer -the relationship among
various participants in determining the direction and
performance of corporations
Strategic Management - Answer -the study of why some firms outperform
others
MISSION - Answer -Statement explaining
why a company exists
Provides context for all
decisions within the
organization
Describes and enduring
reality
Is capable of infinite
fulfillment (no time frame)
Useful for both internal
and external audiences
VISION - Answer -Crystallization of what
leaders want firm to be
Guides development of
strategy and organization
Describes an inspiring
new reality
Is achievable within a
specific time period
Primarily useful internally
(slogans can be used
externally)
STRATEGIC PLAN - Answer -How to beat present and
potential competitors
Lists set of actions to
provide products or
services that create more
value than their cost
Constantly changes in
response to analysis,
customer experience, trial
and error
For internal use
Stakeholders - Answer -Individuals and groups who can affect, and are
affected by, the strategic outcomes achieved and
who have enforceable claims on a firm's
performance
, Capital Market Stakeholders - Answer -Shareholders and lenders expect the firm to
preserve and enhance
the wealth they have entrusted to it
•
Returns should be commensurate with the degree of risk to the
shareholder
Product Market Stakeholders - Answer -Customers
•
Demand reliable products at low prices
•
Suppliers
•
Seek loyal customers willing to pay highest sustainable prices for goods and
services
•
Host communities
•
Want companies willing to be long-term employers and providers of tax revenues
while minimizing demands on public support services
•
Union officials
•
Want secure jobs and desirable working conditions
Organizational Stakeholders - Answer -Employees
•
Expect a dynamic, stimulating and rewarding work environment
•
Are satisfied by a company that is growing and actively developing
their skills
Stakeholder Involvement - Answer -Two issues affect the extent of stakeholder
involvement in the firm
•
How to divide returns
to keep stakeholders
involved?
•
How to increase
returns so everyone
Corporate governance - Answer -the relationship among
various participants in determining the direction and
performance of corporations
