Mana 4322 Exam 1
Romantic view of leadership - answer situations in which the leader is the key force
determining the organization's success -- or lack thereof
external control view of leadership – answer situations in which external forces -- where
the leader has limited influence -- determine the organization's success
strategic management - answer the analyses, decisions, and actions an organization
undertakes in order to create and sustain competitive advantages
strategy - answer the ideas, decisions, and actions that enable a firm to succeed
competitive advantage - answer a firm's resources and capabilities that enable it to
overcome the competitive forces in its industry(ies)
operational effectiveness - answer performing similar activities better than rivals
stakeholders - answer individuals, groups, and organizations that have a stake in the
success of the organization, including owners (shareholders in a publicly held
corporation), employees, customers, suppliers, and the community at large
effectiveness - answer tailoring actions to the needs of an organization rather than
wasting effort, or "doing the right thing"
efficiency - answerperforming actions at a low cost relative to a benchmark, or "doing
things right"
ambidexterity - answerthe challenge managers face of both aligning resources to take
advantage of existing product markets and proactively exploring new opportunities
strategic management process - answerstrategy analysis, strategy formulation, and
strategy implementation
intended strategy - answerstrategy in which organizational decisions are determined
only by analysis
realized strategy - answerstrategy in which organizational decisions are determined by
both analysis and unforeseen environmental developments, unanticipated resource
constraints, and/or changes in managerial preferences
strategy analysis - answerstudy of firms' external and internal environments, and their fit
with organizational vision and goals
, strategy formulation - answerdecisions made by firms regarding investments,
commitments, and other aspects of operations that create and sustain competitive
advantage
strategy implementation - answeractions made by firms that carry out the formulated
strategy, including strategic controls, organizational design, and leadership
corporate governance - answerthe relationship among various participants in
determining the direction and performance of corporations. the primary participants are
(1) the shareholders, (2) the management (led by the chief executive officer), and (3)
the board of directors
stakeholder management - answera firm's strategy for recognizing and responding to
the interests of all its salient stakeholders
social responsibility - answerthe expectation that businesses or individuals will strive to
improve the overall welfare of society
triple bottom line - answerassessment of a firm's financial, social, and environmental
performance
hierarchy of goals - answerorganizational goals ranging from, at the top, those that are
less specific yet able to evoke powerful and compelling mental images, to, at the
bottom, those that are more specific and measurable
vision - answerorganizational goal(s) that evoke(s) powerful and compelling mental
images
mission statement - answera set of organizational goals that includes the purpose of the
organization, its scope of operations, and the basis of its competitive advantage
strategic objectives - answera set of organizational goals that are used to operationalize
the mission statement and that are specific and cover a well-defined time frame
perceptual acuity - answerthe ability to sense what is coming before the fog clears
environmental scanning - answersurveillance of a firm's external environment to predict
environmental changes and detect changes already under way
environmental monitoring - answera firm's analysis of the external environment that
tracks the evolution of environmental trends, sequences of events, or streams of
activities
Romantic view of leadership - answer situations in which the leader is the key force
determining the organization's success -- or lack thereof
external control view of leadership – answer situations in which external forces -- where
the leader has limited influence -- determine the organization's success
strategic management - answer the analyses, decisions, and actions an organization
undertakes in order to create and sustain competitive advantages
strategy - answer the ideas, decisions, and actions that enable a firm to succeed
competitive advantage - answer a firm's resources and capabilities that enable it to
overcome the competitive forces in its industry(ies)
operational effectiveness - answer performing similar activities better than rivals
stakeholders - answer individuals, groups, and organizations that have a stake in the
success of the organization, including owners (shareholders in a publicly held
corporation), employees, customers, suppliers, and the community at large
effectiveness - answer tailoring actions to the needs of an organization rather than
wasting effort, or "doing the right thing"
efficiency - answerperforming actions at a low cost relative to a benchmark, or "doing
things right"
ambidexterity - answerthe challenge managers face of both aligning resources to take
advantage of existing product markets and proactively exploring new opportunities
strategic management process - answerstrategy analysis, strategy formulation, and
strategy implementation
intended strategy - answerstrategy in which organizational decisions are determined
only by analysis
realized strategy - answerstrategy in which organizational decisions are determined by
both analysis and unforeseen environmental developments, unanticipated resource
constraints, and/or changes in managerial preferences
strategy analysis - answerstudy of firms' external and internal environments, and their fit
with organizational vision and goals
, strategy formulation - answerdecisions made by firms regarding investments,
commitments, and other aspects of operations that create and sustain competitive
advantage
strategy implementation - answeractions made by firms that carry out the formulated
strategy, including strategic controls, organizational design, and leadership
corporate governance - answerthe relationship among various participants in
determining the direction and performance of corporations. the primary participants are
(1) the shareholders, (2) the management (led by the chief executive officer), and (3)
the board of directors
stakeholder management - answera firm's strategy for recognizing and responding to
the interests of all its salient stakeholders
social responsibility - answerthe expectation that businesses or individuals will strive to
improve the overall welfare of society
triple bottom line - answerassessment of a firm's financial, social, and environmental
performance
hierarchy of goals - answerorganizational goals ranging from, at the top, those that are
less specific yet able to evoke powerful and compelling mental images, to, at the
bottom, those that are more specific and measurable
vision - answerorganizational goal(s) that evoke(s) powerful and compelling mental
images
mission statement - answera set of organizational goals that includes the purpose of the
organization, its scope of operations, and the basis of its competitive advantage
strategic objectives - answera set of organizational goals that are used to operationalize
the mission statement and that are specific and cover a well-defined time frame
perceptual acuity - answerthe ability to sense what is coming before the fog clears
environmental scanning - answersurveillance of a firm's external environment to predict
environmental changes and detect changes already under way
environmental monitoring - answera firm's analysis of the external environment that
tracks the evolution of environmental trends, sequences of events, or streams of
activities
