Strategic Management Test 1 TTU
Exam Questions & Answers (Grade
A+)
Romantic Perspective of Leadership -
correct answer ✅Leader is the key force in the organization's
success
-Steve Jobs
External Control Perspective of Leadership -
correct answer ✅External forces determine the organization's
success.
-Economic downturns
Strategic Management -
correct answer ✅the analyses, decisions and actions an
organization undertakes in order to create and sustain competitive
advantage.
Strategy -
correct answer ✅the ideas, decisions and actions that enable a
firm to succeed
Strategic Management Steps -
correct answer ✅-Analysis
,Strategic Management Test 1 TTU
Exam Questions & Answers (Grade
A+)
-Decisions (formulation)
-Actions (implementation)
Analysis -
correct answer ✅-Strategic goals (vision, mission, strategic
objectives)
-Internal and external environment
Decisions (Formulation -
correct answer ✅-What industries should we compete in?
- How should we compete in those industries?
Actions (Implementation) -
correct answer ✅-Allocate necessary resources
-Design the organization to bring intended strategies to reality
Competitive advantage -
correct answer ✅a firm's resources and capabilities that enable it
to overcome the competitive forces in the industries
, Strategic Management Test 1 TTU
Exam Questions & Answers (Grade
A+)
Operational Effectiveness -
correct answer ✅performing similar activities better than rivals;
sustainable competitive advantage is possible by performing
different activities from rivals, or performing similar activities in
different ways.
*Not enough to sustain competitive advantage*
Key Attributes of Strategic Management -
correct answer ✅-Directs the organization toward overall goals
-Includes multiple stakeholders in decision making
-Incorporates short-term and long-term perspectives
Stakeholders -
correct answer ✅Individuals, groups, and organizations who have
a stake in the success of the organization, including owners,
employees, customers, suppliers, and the community.
Efficiency -
correct answer ✅performing actions at a low cost relative to a
benchmark or "doing things right".
Exam Questions & Answers (Grade
A+)
Romantic Perspective of Leadership -
correct answer ✅Leader is the key force in the organization's
success
-Steve Jobs
External Control Perspective of Leadership -
correct answer ✅External forces determine the organization's
success.
-Economic downturns
Strategic Management -
correct answer ✅the analyses, decisions and actions an
organization undertakes in order to create and sustain competitive
advantage.
Strategy -
correct answer ✅the ideas, decisions and actions that enable a
firm to succeed
Strategic Management Steps -
correct answer ✅-Analysis
,Strategic Management Test 1 TTU
Exam Questions & Answers (Grade
A+)
-Decisions (formulation)
-Actions (implementation)
Analysis -
correct answer ✅-Strategic goals (vision, mission, strategic
objectives)
-Internal and external environment
Decisions (Formulation -
correct answer ✅-What industries should we compete in?
- How should we compete in those industries?
Actions (Implementation) -
correct answer ✅-Allocate necessary resources
-Design the organization to bring intended strategies to reality
Competitive advantage -
correct answer ✅a firm's resources and capabilities that enable it
to overcome the competitive forces in the industries
, Strategic Management Test 1 TTU
Exam Questions & Answers (Grade
A+)
Operational Effectiveness -
correct answer ✅performing similar activities better than rivals;
sustainable competitive advantage is possible by performing
different activities from rivals, or performing similar activities in
different ways.
*Not enough to sustain competitive advantage*
Key Attributes of Strategic Management -
correct answer ✅-Directs the organization toward overall goals
-Includes multiple stakeholders in decision making
-Incorporates short-term and long-term perspectives
Stakeholders -
correct answer ✅Individuals, groups, and organizations who have
a stake in the success of the organization, including owners,
employees, customers, suppliers, and the community.
Efficiency -
correct answer ✅performing actions at a low cost relative to a
benchmark or "doing things right".
