SEVI 3013 Exam 1 Rodeffer UPDATED
Exam Questions and CORRECT Answers
Strategic management 3 steps - Correct Answer- analysis, decisions, actions
Strategy - Correct Answer- the ideas, decisions, and actions that enable a firm to succeed
Strategy characteristics - Correct Answer- it is about choices and is focused on the future
Strategic management 3 steps key activities performed - Correct Answer- Analysis: strategic
goals (vision, mission, strategic objectives) and internal/external environment.
Decisions:
Actions: resource allocation
Attributes of strategic management - Correct Answer- -Directs the organization toward
overall goals and objectives.
-Includes multiple stakeholders in decision making.
-Needs to incorporate short-term and long-term perspectives.
-Recognizes trade-offs between efficiency and effectiveness.
ambidexterity - Correct Answer- the challenge managers face of both aligning resources to
take advantage of existing product markets as well as proactively exploring new opportunities
Strategic Leadership - Correct Answer- the ability to anticipate, envision, maintain flexibility,
think strategically, and work with others to initiate changes that will create a positive future
for an organization
How do leaders make a difference for organizational performance? - Correct Answer- create
value for stakeholders, nurture and develop talent, champion the strategic management
process, develop and leverage external relationships, cultivate a global mindset, drive
competitive advantage
Romantic View of Leadership - Correct Answer- Leader is the key force in organization's
success
, external control view of leadership - Correct Answer- situations in which external forces -
where the leader has limited influence - determine the organization's success
How to create competitive advantage - Correct Answer- cost leadership and differentiation
How to maintain competitive advantage - Correct Answer- - Barriers to entry
- Barriers to exit
- Differentiated product
- Strong selling relationships
- Brand loyalty
Intended Strategy - Correct Answer- strategy in which organizational decisions are
determined only by analysis
Realized Strategy - Correct Answer- strategy in which organizational decisions are
determined by both analysis and unforeseen environmental developments, unanticipated
resource constraints, and/or changes in managerial preferences
Vision - Correct Answer- evokes powerful and compelling mental images of a shared future
Mission - Correct Answer- encompasses the organizations current purpose, bases of
competition, and competitive advantage
Strategic objectives - Correct Answer- a set of organizational goals that are used to
operationalize the mission statement and that are specific and cover a well-defined time
frame
Mission Statement - Correct Answer- encompasses both the purpose of the company and the
basis of competition and competitive advantage
corporate level strategy - Correct Answer- specifies actions a firm takes to gain a competitive
advantage by selecting and managing a group of different businesses competing in different
product markets
Exam Questions and CORRECT Answers
Strategic management 3 steps - Correct Answer- analysis, decisions, actions
Strategy - Correct Answer- the ideas, decisions, and actions that enable a firm to succeed
Strategy characteristics - Correct Answer- it is about choices and is focused on the future
Strategic management 3 steps key activities performed - Correct Answer- Analysis: strategic
goals (vision, mission, strategic objectives) and internal/external environment.
Decisions:
Actions: resource allocation
Attributes of strategic management - Correct Answer- -Directs the organization toward
overall goals and objectives.
-Includes multiple stakeholders in decision making.
-Needs to incorporate short-term and long-term perspectives.
-Recognizes trade-offs between efficiency and effectiveness.
ambidexterity - Correct Answer- the challenge managers face of both aligning resources to
take advantage of existing product markets as well as proactively exploring new opportunities
Strategic Leadership - Correct Answer- the ability to anticipate, envision, maintain flexibility,
think strategically, and work with others to initiate changes that will create a positive future
for an organization
How do leaders make a difference for organizational performance? - Correct Answer- create
value for stakeholders, nurture and develop talent, champion the strategic management
process, develop and leverage external relationships, cultivate a global mindset, drive
competitive advantage
Romantic View of Leadership - Correct Answer- Leader is the key force in organization's
success
, external control view of leadership - Correct Answer- situations in which external forces -
where the leader has limited influence - determine the organization's success
How to create competitive advantage - Correct Answer- cost leadership and differentiation
How to maintain competitive advantage - Correct Answer- - Barriers to entry
- Barriers to exit
- Differentiated product
- Strong selling relationships
- Brand loyalty
Intended Strategy - Correct Answer- strategy in which organizational decisions are
determined only by analysis
Realized Strategy - Correct Answer- strategy in which organizational decisions are
determined by both analysis and unforeseen environmental developments, unanticipated
resource constraints, and/or changes in managerial preferences
Vision - Correct Answer- evokes powerful and compelling mental images of a shared future
Mission - Correct Answer- encompasses the organizations current purpose, bases of
competition, and competitive advantage
Strategic objectives - Correct Answer- a set of organizational goals that are used to
operationalize the mission statement and that are specific and cover a well-defined time
frame
Mission Statement - Correct Answer- encompasses both the purpose of the company and the
basis of competition and competitive advantage
corporate level strategy - Correct Answer- specifies actions a firm takes to gain a competitive
advantage by selecting and managing a group of different businesses competing in different
product markets
