Mana 4322 Exam 1 Questions With Correct Marking Scheme

Mana 4322 Exam 1 Questions With Correct Marking Scheme /.romantic view of leadership - Answer-situations in which the leader is the key force detemining the organization's success -- or lack thereof /.external control view of leadership - Answer-situations in which external forces -- where the leader has limited influence -- determine the organization's success /.strategic management - Answer-the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages /.strategy - Answer-the ideas, decisions, and actions that enable a firm to succeed /.competitive advantage - Answer-a firm's resources and capabilities that enable it to overcome the competitive forces in its industry(ies) /.operational effectiveness - Answer-performing similar activities better than rivals /.stakeholders - Answer-individuals, groups, and organizations that have a stake in the success of the organization, including owners (shareholders in a publicly held corporation), employees, customers, suppliers, and the community at large /.effectiveness - Answer-tailoring actions to the needs of an organization rahter than wasting effort, or "doing the right thing" /.efficiency - Answer-performing actions at a low cost relative to a benchmark, or "doing things right" /.ambidexterity - Answer-the challenge managers face of both aligning resources to take advantage of existing product markets and proactively exploring new opportunities /.strategic management process - Answer-strategy analysis, strategy formulation, and strategy implementation /.intended strategy - Answer-strategy in which organizational decisions are determined only by analysis /.realized strategy - Answer-strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments, unanticipated resource constraints, and/or changes in managerial preferences /.strategy analysis - Answer-study of firms' external and internal environments, and their fit with organizational vision and goals /.strategy formulation - Answer-decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain competitive advantage /.strategy implementation - Answer-actions made by firms that carry out the formulated strategy, including strategic controls, organizational design, and leadership /.corporate governance - Answer-the relationship among various participants in determining the direction and performance of corporations. the primary participants are (1) the shareholders, (2) the management (led by the chief executive officer), and (3) the board of directors /.stakeholder management - Answer-a firm's strategy for recognizing and responding to the interests of all its salient stakeholders /.social responsibility - Answer-the expectation that businesses or individuals will strive to improve the overall welfare of society /.triple bottom line - Answer-assessment of a firm's financial, social, and environmental performance /.hierarchy of goals - Answer-organizational goals ranging from, at the top, those that are less specific yet able to evoke powerful and compelling mental images, to, at the bottom, those that are more specific and measurable /.vision - Answer-organizational goal(s) that evoke(s) powerful and compelling mental images /.mission statement - Answer-a set of organizational goals that includes the purpose of the organization, its scope of operations, and the basis of its competitive advantage /.strategic objectives - 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 /.perceptual acuity - Answer-the ability to sense what is coming before the fog clears /.environmental scanning - Answer-surveillance of a firm's external environment to predict environmental changes and detect changes already under way /.environmental monitoring - Answer-a firm's analysis of the external environment that tracks the evolution of environmental trends, sequences of events, or streams of activities /.competitive intelligence - Answer-a firm's activities of collecting and interpreting data on competitors, defining and understanding the industry, and identifying competitors' strengths and weaknesses /.environmental forecasting - Answer-the development of plausible projections about the direction, scope, speed, and intensity of environmental change /.scenario analysis - Answer-an in-depth approach to environmental forecasting that involves experts' detailed assessments of societal trends, economics, politics, technology, or other dimensions of the external environment /.SWOT analysis - Answer-a framework for analyzing a company's internal and external environments and that stands for strengths, weaknesses, opportunities, and threats /.general environment - Answer-factors external to an industry, and usually beyond a firm's control, that affect a firm's strategy /.demographic segment of the general environment - Answer-genetic and observable characteristics of a population, including the levels of age, density, sex, race, ethnicity, education, geographic region, and income /.sociocultural segment of the general environment - Answer-the values, beliefs, and lifestyles of a society /.political/legal segment of the general environment - Answer-how a society creates and exercises power, including rules, laws, and taxation policies /.technological segment of the general environment - Answer-innovation and state of of knowledge in industrial arts, engineering, applied sciences, and pure science; and their interaction with society /.economic segment of the general environment - Answer-characteristics of the economy, including national income and monetary conditions