mngt475 exam 1

strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage

formulation

strategic management is directed toward the organization's overall organizational _______ and ______

goals, objectives

what are key attributes of strategic management?

incorporates both short and long term perspectives, directs the organization toward overall goals and objectives, includes multiple stakeholders in decision making

a firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage

intellectual

__________ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms

intended

analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage

internal

studies show that managers often focus on short-term goals to the detriment of creating ______ shareholder value

long-term

the ___________ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business

romantic

financial markets often place an emphasis on managers meeting ______ performance goals

short-term

sound strategies are of no value if they __________

are not properly implemented

analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive __________

advantage

strategic management of an organization entails which ongoing processes?

analyses, decisions, actions

strategies often fail when managers fail to do which?

analyze the company's overarching goals, conduct a thorough analysis of the external and internal environments

the third step of the strategic management process is the ________ step

actions

managers execute or implement their decisions as _________ in the third step of the strategic management process

actions

four levels of a company's strategy formulaation

business, corporate, international, entrepreneurial

business-level strategy is concerned with how companies __________

compete and outperform rivals, achieve and sustain a competitive advantage

in terms of analyzing the external environment of the firm, the industry environment consists of ______ and other organizations that may threaten the company's success

competitors

managers must consider their company's _______ and ________ operations during the decisions step of the strategic management process

domestic, international

the second step in the strategic management process is

decisions

examples of business-level strategies

differentiation, focus on niche market, cost leadership

managers are analyzing the firm's ______ when managers are studying its competitors

external environment

what is evaluated during the analysis process of strategic management?

strategic goals, external environment, internal environment

the ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages

strategic management

__________ analysis is the starting point of the strategic management process and includes the advanced work that must be done to effectively formulate and execute strategies

strategy

what are stakeholder groups that managers should consider when making decisions?

the community, stockholders, board of directors

what is an example of a firm's intellectual asset?

the knowledge worker

organizational goals and objectives should represent what is best for __________

the organization

zero sum

various stakeholders compete for the organization's resources: the gain of one individual or group is the loss of another individual or group

during the analysis step of the strategic management process, managers are concerned with the company's ___________

vision, mission, and strategic objectives

corporate-level strategy focuses on ________

what business(es) should the company compete in