MANA 4322 EXAM 1 QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026

MANA 4322 EXAM 1 QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 romantic view of leadership - Answers situations in which the leader is the key force detemining the organization's success -- or lack thereof external control view of leadership - Answers situations in which external forces -- where the leader has limited influence -- determine the organization's success strategic management - Answers the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages strategy - Answers the ideas, decisions, and actions that enable a firm to succeed competitive advantage - Answers a firm's resources and capabilities that enable it to overcome the competitive forces in its industry(ies) operational effectiveness - Answers performing similar activities better than rivals stakeholders - Answers 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 - Answers tailoring actions to the needs of an organization rather than wasting effort, or "doing the right thing" efficiency - Answers performing actions at a low cost relative to a benchmark, or "doing things right" ambidexterity - Answers the challenge managers face of both aligning resources to take advantage of existing product markets and proactively exploring new opportunities strategic management process - Answers strategy analysis, strategy formulation, and strategy implementation intended strategy - Answers strategy in which organizational decisions are determined only by analysis realized strategy - Answers 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 - Answers study of firms' external and internal environments, and their fit with organizational vision and goals strategy formulation - Answers decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain competitive advantage strategy implementation - Answers actions made by firms that carry out the formulated strategy, including strategic controls, organizational design, and leadership corporate governance - Answers 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 - Answers a firm's strategy for recognizing and responding to the interests of all its salient stakeholders social responsibility - Answers the expectation that businesses or individuals will strive to improve the overall welfare of society triple bottom line - Answers assessment of a firm's financial, social, and environmental performance hierarchy of goals - Answers 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 - Answers organizational goal(s) that evoke(s) powerful and compelling mental images mission statement - Answers 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 - Answers 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 - Answers the ability to sense what is coming before the fog clears environmental scanning - Answers surveillance of a firm's external environment to predict environmental changes and detect changes already under way environmental monitoring - Answers a firm's analysis of the external environment that tracks the evolution of environmental trends, sequences of events, or streams of activities competitive intelligence - Answers a firm's activities of collecting and interpreting data on competitors, defining and understanding the industry, and identifying competitors' strengths and weaknesses environmental forecasting - Answers the development of plausible projections about the direction, scope, speed, and intensity of environmental change scenario analysis - Answers 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 - Answers a framework for analyzing a company's internal and external environments and that stands for strengths, weaknesses, opportunities, and threats general environment - Answers factors external to an industry, and usually beyond a firm's control, that affect a firm's strategy demographic segment of the general environment - Answers 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 - Answers the values, beliefs, and lifestyles of a society political/legal segment of the general environment - Answers how a society creates and exercises power, including rules, laws, and taxation policies technological segment of the general environment - Answers 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 - Answers characteristics of the economy, including national income and monetary conditions global segment of the general environment - Answers influences for foreign countries, including foreign market opportunities, foreign-based competition, and expanded capital markets crowdsourcing - Answers practice wherein the internet is used to tap a broad range of individuals and groups to generate ideas and solve problems industry - Answers a group of firms that produce similar goods or services competitive environment - Answers factors that pertain to an industry and affect a firm's strategies porter's five forces of industry competition - Answers a tool for examining the industry-level competitive environment, especially the ability of firms in that industry to set prices and minimize costs threat of new entrants - Answers the possibility that the profits of established firms in the industry may be eroded by new competitors economies of scale - Answers decreases in cost per unit as absolute output per period increases product differentiation - Answers the degree to which a product has strong brand loyalty or customer loyalty switching cost - Answers one-time costs that a buyer/supplier faces when switching from one supplier/buyer to another bargaining power of buyers - Answers the threat that buyers may force down prices, bargain for higher quality or more services, and play competitors against each other bargaining power of suppliers - Answers the threat that suppliers may raise prices or reduce the quality of purchased goods and services threat of substitute products and services - Answers the threat of limiting the potential returns of an industry by placing a ceiling on the prices that firms in that industry can profitably charge without losing too many customers to substitute products substitute products and services - Answers products and services outside the industry that serve the same customer needs as the industry's products and serivces intensity of rivalry among competitors in an industry - Answers the threat that customers will switch their business to competitors within the industry internet - Answers a global network of linked computers that use a common transmission format, exchange information, and store data zero-sum game - Answers a situation in which multiple players interact, and winners win only by taking from other players complements - Answers products or services that have an impact on the value of a firm's products or services strategic groups - Answers clusters of firms that share similar strategies value-chain analysis - Answers a strategic analysis of an organization that uses value-creating activities primary activities - Answers sequential activities of the value chain that refer to the physical creation of the product or service, its sale and transfer to the buyer, and its service after sale, including inbound logistics, operations, outbound logistics, marketing and sales, and service support activities - Answers activities of the value chain that either add value by themselves or add value through important relationships with both primary activities and other support activities, including procurement, technology development, human resource management, and general administration inbound logistics - Answers receiving, storing, and distributing inputs of a prodcut operations - Answers all activities associated with transforming inputs into the final product form outbound logistics - Answers collecting, storing, and distributing the product or service to the buyers marketing and sales - Answers activities associated with purchases of products and services by end users and the inducements used to get them to make purchases service - Answers actions associated with providing service to enhance or maintain the value of the product procurement - Answers the function of purchasing inputs used in the firm's value chain, including raw materials, supplies, and other consumable items as well as assets such as machinery, laboratory equipment, office equipment, and buildings technology development - Answers activities associated with the development of new knowledge that is applied to the firm's operations human resource management - Answers activities involved in the recruiting, hiring, training, development, and compensation of all types of personnel general administration - Answers general management, planning, finance, accounting, legal and government affairs, quality management, and information systems; activities that support the entire value chain and not individual activities interrelationships - Answers collaborative and strategic exchange relationships between value-chain activities either (a) within firms or (b) between firms. strategic exchange relationships involve exchange or resources such as information, people, technology, or money that contribute to the success of the firm resource-based view of the firm - Answers perspective that firms' competitive advantages are due to their endowment of strategic resources that are valuable, rare, costly to imitate, and costly to substitute tangible resources - Answers organizational assets that are relatively easy to identify, including physical assets, financial resources, organizational resources, and technological resources intangible resources - Answers organizational assets that are difficult to identify and account for and are typically embedded in unique routines and practices, including human resources, innovation resources, and reputation resources organizational capabilities - Answers the competencies and skills that a firm employs to transform inputs into outputs path dependency - Answers a characteristic of resources that is developed and/or accumulated through a unique series of events casual ambiguity - Answers a characteristic of a firm's resources that is costly to imitate because a competitor cannot determine what the resource is and/or how it can be re-created social complexity - Answers a characteristic of a firm's resources that is costly to imitate because the social engineering required is beyond the capability of competitors, including interpersonal relations among managers, organizational culture, and reputation with suppliers and customers financial ratio analysis - Answers a technique for measuring the performance of a firm according to its balance sheet, income statement, and market valuation balanced scorecard - Answers a method of evaluating a firm's performance measures from the customer, internal, innovation and learning, and financial perspectives customer perspective - Answers measures of firm performance that indicate how well firms are satisfying customers' expectations internal business perspective - Answers measures of firm performance that indicate how well firms' internal processes, decisions, and actions are contributing to customer satisfaction innovation and learning perspective - Answers measures of firm performance that indicate how well firms are changing their product and service offerings to adapt to changes in the internal and external environments financial perspective - Answers measures of firms' financial performance that indicate how well strategy, implemenation, and execution are contributing to bottom-line improvement knowledge economy - Answers an economy where wealth is created through the effective management of knowledge workers instead of by the efficient control of physical financial assets intellectual capital - Answers the difference between the market value of the firm and the book value of the firm, including assets such as reputation, employee loyalty and commitment, customer relationships, company values, brand names, and the experience and skills of employees human capital - Answers the individual capabilities, knowledge, skills, and experience of a company's employees and managers social capital - Answers the network of friendships and working relationships between talented people both inside and outside the organization