MGMT481 Quiz 1
Product Oriented
A _____ vision statement defines a business by describing the goods or services it produces or offers.
Product Oriented
A ______ vision is more likely to fail than other visions.
Black Swan Event
A ________ is an unexpected and unlikely occurrence that has a significant impact on society
a.A diagnosis of the competitive challenge b. A guiding policy to address the competitive advantage c. A set of coherent actions to implement the firm's guiding policy
A good strategy consists of three elements: what are they?
Illusion
An _____ of control describes the tendency of managers to overestimate their ability to manage events
Strategic Management
An integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage is?
20%
Approximately how much of a firm's profitability is determined by the industry the firm is in?
Google has a competitive advantage over Facebook in digital advertising
Give an example of a company that has a competitive advantage over another company?
A firm must to provide either goods or services consumers value more highly than those of its competitors, or good/services similar to the competitors' at a lower price
How can a firm gain competitive advantage?
Face-to-face meetings
How do CEO's spend most of their days?
Corporate social responsibility provides managers with a conceptual model that more completely describes a society's expectations and can guide strategic decision making more effectively.
How does framework help firms to describe their economic, legal, ethical and philanthropic obligation to society?
Step 2
In what step of the stakeholder impact analysis does the firm identify interests & claims?
Competitive parity
Performance of Two or more firms at the same level is what?
a.Level 1: Highly Capable Individual- Makes productive contributions through motivation, talent, knowledge, and skills. b.Level 2: Contributing Team Member- Uses high level of individual capability to work effectively with others in order to achieve team objectives. c.Level 3: Competent Manager- Is efficient and effective in organizing resources to accomplish stated goals and objectives. Does things right. d.Level 4: Effective Leader- Presents compelling vision and mission to guide groups toward superior performance. Does the right things. Level 5: Executive- Builds enduring greatness through a combination of willpower and humility
State and explain the 5 names of strategic leaders
Corporate Citizenship
The idea that firms should voluntarily give back to society is known as?
Economic, Legal, and Philanthropic
The pyramid of corporate social responsibility consists of 4 responsibilities, what are they?
Vision, Mission, Values
The three basic principles of strategic leadership are _____, ______, and _____.
Stakeholder Strategy
This is an integrative approach to managing a diverse set of stakeholders effectively in order to gain and sustain competitive advantage
Stakeholders
Those that can be affected by a firm's actions are called ___?
Corporate Strategy
What "strategy" defines the question of where to compete?
Analyze, Formulate, Implement
What are all of the components involved in the AFI strategy framework?
Cost leadership, differentiation, value innovation
What are the 3 business strategies that can help guide a firm HOW to compete?
Analysis, formulation, implementation
What are the progression steps in top down strategic planning?
Analyze, Formulate, Implement
What are the three broad tasks that make up the AFI strategy framework?
1) Explain and predict differences in firm performance 2) Help managers to formulate and implement a strategy that can result in superior performance
What are the two main points of the AFI strategy Framework?
resource-allocation process (RAP)
What determines the way a firm allocates its resources and is critical in shaping their realized strategy?
Employee Stock Ownership Plan (ESOP)
What incentivizes employees by offering them discounted shares or retirement plans?
Firm performance is compared to the performance of other firms in the same industry or an industry average
What is a benchmark that is used to assess competitive advantage, or disadvantage, of a firm?
Strategy
What is a set of goal-directed actions a firm takes to gain and sustain superior performance relative to competition?
Employees, Stockholders, or Board Members
What is an example of an internal stakeholder?
Getting started: identifying the strategy. External and internal analysis. formulation of the business strategy. formulation of the corporate strategy. Implementation
What is included in the Framework of gaining and sustaining competitive advantage?
Grandiose statements are not strategy
What is one hallmark of what strategy is NOT?
Analysis
What is the first step in the AFI strategy framework?
Define a firm's vision, mission, and values
What is the first step in the strategic management process?
That we can predict the future from the past
What is the main assumption in the top-down strategic planning process?
Upper-echelons theory
What is the name of the theory where organizational outcomes including strategic choices and performance levels reflect the values of the top management team?
It provides a decision tool with which managers can recognize, prioritize, and address the needs of different stakeholders
What is the stakeholder impact analysis?
Top-down strategic planning
What method of planning involves the CEO making the majority of the decisions and has everything go through their office for approval?
How to implement a chosen business strategy
What question does functional strategy answer?
It should capture an organization's aspiration and spell out what it ultimately wants to accomplish. It pervades the organization with a sense of winning and motivates employees at all levels to aim for the same target, while leaving room for individual and team contributions.
What should a successful vision do for an organization?
Emergent Strategy
What strategy describes any unplanned strategic initiative bubbling up from the bottom of the organization?
Power, Legitimacy, Urgency
What three stakeholder attributes must managers pay attention to?
Strategic Management Process
_____ lays the foundation for sustainable competitive advantage. Strategic leaders design a process to formulate and implement strategy
Ethical Responsibility
______ is the corporate social responsibility that deals with doing what is right, just, and fair.
Strategy Formulation
_______ concerns the choice of strategy in terms of where and how to compete
Top-down strategic planning
_______ would be the most effective in a stable environment where things are slow-moving
Organizational core values
____________ Are the ethical standards and norms that govern the behavior of individuals within a firm or organization
