MGT 4990; Exam 1; Ch. 1-4

The ____ reflects on the organization's past and present.

mission

The _____ answers the fundamental question of "who are we"?

mission

The _____ states the reasons for an organization's existence.

mission

The _____ states why the organization exists and what role it plays in society.

mission

The environment provides resources that an organization needs in order to create goods and services. (true or false)

true

The environment shapes the various strategic decisions that executives make as they attempt to lead their organizations to success. (true or false)

true

The _____ is a key tool for inspiring the people in an organization.

vision

The _____ is what the organization aspires to become in the future.

vision

Well-constructed ______ clearly articulate an organization's aspirations and can give an organization an edge over its rivals.

vision

The Balanced Scorecard; ______ = "Can we continue to improve and create value?"

Learning and growth

SMART goals; M _______

Measurable

_____ performance measure helps understand how well an organization is competing in the market.

Non-financial

______ = Events and trends that create chances to improve an organization's performance level.

Opportunities

____ performance is a multidimensional concept.

Organizational

_____ performance assist executives in knowing how well their organizations are performing.

Organizational

_____ performance is a vital aspect of strategic management.

Organizational

_____ performance is how well an organization is doing at reaching its vision, mission, and goals.

Organizational

A _____ is the degree of consistency in a firm's strategic actions. A. Plan B. Ploy C. Pattern D. Position E. Perspective

Pattern

The Triple Bottom Line; _____ = social concerns

People

A ______ is how executives interpret the competitive landscape around them. A. Plan B. Ploy C. Pattern D. Position E. Perspective

Perspective

A _____ is a carefully crafted set of steps that a firm intends to follow in order to be successful. A. Plan B. Ploy C. Pattern D. Position E. Perspective

Plan

The Triple Bottom Line; _____ = environmental concerns

Planet

A ____ is a specific move designed to outwit or trick competitor's. A. Plan B. Ploy C. Pattern D. Position E. Perspective

Ploy

SMART goals; A = ______

Aggressive

Entrepreneurial Orientation; _____ is the tendency to bring forth ideas and see them through completion. A. Autonomy B. Competitive aggressiveness C. Innovativeness D. Proactiveness E. Risk taking

Autonomy

Entrepreneurial Orientation; _____ is the tendency to intensely and directly challenge rivals rather than trying to avoid competition. A. Autonomy B. Competitive aggressiveness C. Innovativeness D. Proactiveness E. Risk taking

Competitive aggressiveness

____ is just as important as strategic management.

Creativity

The Balanced Scorecard; ______ = "How do customers see us?"

Customer

This type of strategy is the part of the intended strategy that an organization continues to pursue over time. A. Deliberate B. Emergent C. Intended D. Realized

Deliberate

This type of strategy is an unplanned strategy that arises in response to unexpected opportunities and challenges. A. Deliberate B. Emergent C. Intended D. Realized

Emergent

______ Orientation are processes, practices, and decision-making styles of organizations that act entrepreneurially.

Entrepreneurial

_______ = Set of external conditions and forces that have the potential to influence the organization

Environment

The Balanced Scorecard; ______ = "How do we look to shareholders?"

Financial

____ performance measure is used by executives to examine measures such as profits, stock price, and sales.

Financial

______ = Overall trends and events in a society such as - social trends, technological trends, demographics, and economic conditions.

General environment (macroenvironment)

CEO Celebrity; _____ = These CEOs perform their jobs admirably, but they lack fame. Many prefer to avoid the spotlight, but they are known all too well by their wary competitors. A. Scoundrels B. Icons C. Silent killers D. Hidden gems

Hidden gems

CEO Celebrity; _____ = A rare combination of style and substance leads these CEOs to become household names. A. Scoundrels B. Icons C. Silent killers D. Hidden gems

Icons

______ = Consists of multiple organizations that collectively compete with one another by providing similar goods, services, or both.

Industry (competitive environment)

Entrepreneurial Orientation; ____ is the tendency to pursue novel ideas, creative processes, and experimentation. A. Autonomy B. Competitive aggressiveness C. Innovativeness D. Proactiveness E. Risk taking

Innovativeness

This type of strategy is a strategy that an organization hopes to execute. A. Deliberate B. Emergent C. Intended D. Realized

Intended

The Balanced Scorecard; ______ = "What must we excel at?"

Internal business process

PESTEL Analysis; P = ______

Political

_____ factors include elements such as tax policies, changes in trade restrictions and tariffs, and the stability of governments.

Political

A ____ is a firm's place in the industry relative to its competitors. A. Plan B. Ploy C. Pattern D. Position E. Perspective

Position

Entrepreneurial Orientation; ____ is the tendency to anticipate and act on future opportunities rather than rely solely on existing products and services. A. Autonomy B. Competitive aggressiveness C. Innovativeness D. Proactiveness E. Risk taking

Proactiveness

The Triple Bottom Line; _____ = economic concerns

Profits

SMART goals; R = ______

Realistic

This type of strategy is the strategy that an organization actually follows. A. Deliberate B. Emergent C. Intended D. Realized

Realized

Entrepreneurial Orientation; ____ is the tendency to take bold actions rather than being cautious. A. Autonomy B. Competitive aggressiveness C. Innovativeness D. Proactiveness E. Risk taking

Risk taking

CEO Celebrity; _____ = in the early 2000s, several high profile CEOs played central roles in ethical scandals. A. Scoundrels B. Icons C. Silent killers D. Hidden gems

Scoundrels

CEO Celebrity; _____ = These unknown CEOs can be just as harmful to their firms as celebrity scoundrels. A. Scoundrels B. Icons C. Silent killers D. Hidden gems

Silent killers

SMART goals; S = ______

Specific

_____ management examines how actions and events involving top executives, firms, and industries influence a firm's success or failure.

Strategic

______ = Events and trends that may undermine an organization's performance.

Threats

SMART goals; T = ______

Time-bound

The _____ Bottom Line provides a tool to help executives focus on performance targets beyond profits alone.

Triple

There are 5 P's of strategy. (True or false)

True

The ______ scorecard helps managers resist the temptation to fixate on financial measures, and instead monitor a diverse set of important measures.

balanced

The ______ scorecard is an approach to assessing performance that targets managers' attention on four areas.

balanced

______ of ______ are reduced costs per unit that arise from increased total output of a product.

economies; scale

An organization's level of ____ can be understood by examining how it stacks up relative to five dimension.

entrepreneurial

A ____ is a business in which the owner of the enterprise, known as the franchisor, sells the right to operate individual units to entrepreneurs. A. Franchise B. Franchisee

franchise

A _____ is the party that enters into a franchise agreement that determines each party's obligations. A. Franchise B. Franchisee

franchisee