SEVI 3013 Exam 1 Rodeffer UPDATED
ACTUAL 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
ACTUAL 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
