SEVI 3013 Exam 1 Rodeffer Exam 2023 with complete
solution
Strategic management 3 steps
analysis, decisions, actions
Strategy
the ideas, decisions, and actions that enable a firm to succeed
Strategy characteristics
it is about choices and is focused on the future
Strategic management 3 steps key activities performed
Analysis: strategic goals (vision, mission, strategic objectives) and internal/external
environment.
Decisions:
Actions: resource allocation
Attributes of strategic management
-Directs the organization toward overall goals and objectives.
-Includes multiple stakeholders in decision making.
-Needs to incorporate short-term and long-term perspectives.
-Recognizes trade-offs between efficiency and effectiveness.
ambidexterity
the challenge managers face of both aligning resources to take advantage of existing
product markets as well as proactively exploring new opportunities
Strategic Leadership
the ability to anticipate, envision, maintain flexibility, think strategically, and work with
others to initiate changes that will create a positive future for an organization
How do leaders make a difference for organizational performance?
create value for stakeholders, nurture and develop talent, champion the strategic
management process, develop and leverage external relationships, cultivate a global
mindset, drive competitive advantage
Romantic View of Leadership
Leader is the key force in organization's success
external control view of leadership
situations in which external forces - where the leader has limited influence - determine
the organization's success
How to create competitive advantage
cost leadership and differentiation
How to maintain competitive advantage
- Barriers to entry
- Barriers to exit
- Differentiated product
- Strong selling relationships
- Brand loyalty
Intended Strategy
strategy in which organizational decisions are determined only by analysis
Realized Strategy
, strategy in which organizational decisions are determined by both analysis and
unforeseen environmental developments, unanticipated resource constraints, and/or
changes in managerial preferences
Vision
evokes powerful and compelling mental images of a shared future
Mission
encompasses the organizations current purpose, bases of competition, and competitive
advantage
Strategic objectives
a set of organizational goals that are used to operationalize the mission statement and
that are specific and cover a well-defined time frame
Mission Statement
encompasses both the purpose of the company and the basis of competition and
competitive advantage
corporate level strategy
specifies actions a firm takes to gain a competitive advantage by selecting and
managing a group of different businesses competing in different product markets
business level strategy
a plan that indicates how a division intends to compete against its rivals in an industry
shareholder
A person who invests in a corporation by buying stock and is a partial owner
Stakeholders
the people whose interests are affected by an organization's activities
Key Players in Corporate Governance
Board of directors, CEO, senior executives, and shareholders
board of directors
a group of persons elected by the stockholders to manage a corporation
CEO
chief executive officer
senior executive
senior manager
knowledge-intensive
a company that needs a lot of expertise to make its products
Strategic Leaders
people located in different areas and levels of the firm using the strategic management
process to select strategic actions that help the firm achieve its vision and fulfill its
mission
Social Responsibility
the obligation of a business to contribute to society
Triple Bottom Line
assesses the financial, social, and environmental performance of a firm
Perceptual acuity
allows managers to sense what is coming.
importance of perceptual acuity
detecting early warning signals, keeping pace with changes in the external environment
can sustain a competitive advantage.
solution
Strategic management 3 steps
analysis, decisions, actions
Strategy
the ideas, decisions, and actions that enable a firm to succeed
Strategy characteristics
it is about choices and is focused on the future
Strategic management 3 steps key activities performed
Analysis: strategic goals (vision, mission, strategic objectives) and internal/external
environment.
Decisions:
Actions: resource allocation
Attributes of strategic management
-Directs the organization toward overall goals and objectives.
-Includes multiple stakeholders in decision making.
-Needs to incorporate short-term and long-term perspectives.
-Recognizes trade-offs between efficiency and effectiveness.
ambidexterity
the challenge managers face of both aligning resources to take advantage of existing
product markets as well as proactively exploring new opportunities
Strategic Leadership
the ability to anticipate, envision, maintain flexibility, think strategically, and work with
others to initiate changes that will create a positive future for an organization
How do leaders make a difference for organizational performance?
create value for stakeholders, nurture and develop talent, champion the strategic
management process, develop and leverage external relationships, cultivate a global
mindset, drive competitive advantage
Romantic View of Leadership
Leader is the key force in organization's success
external control view of leadership
situations in which external forces - where the leader has limited influence - determine
the organization's success
How to create competitive advantage
cost leadership and differentiation
How to maintain competitive advantage
- Barriers to entry
- Barriers to exit
- Differentiated product
- Strong selling relationships
- Brand loyalty
Intended Strategy
strategy in which organizational decisions are determined only by analysis
Realized Strategy
, strategy in which organizational decisions are determined by both analysis and
unforeseen environmental developments, unanticipated resource constraints, and/or
changes in managerial preferences
Vision
evokes powerful and compelling mental images of a shared future
Mission
encompasses the organizations current purpose, bases of competition, and competitive
advantage
Strategic objectives
a set of organizational goals that are used to operationalize the mission statement and
that are specific and cover a well-defined time frame
Mission Statement
encompasses both the purpose of the company and the basis of competition and
competitive advantage
corporate level strategy
specifies actions a firm takes to gain a competitive advantage by selecting and
managing a group of different businesses competing in different product markets
business level strategy
a plan that indicates how a division intends to compete against its rivals in an industry
shareholder
A person who invests in a corporation by buying stock and is a partial owner
Stakeholders
the people whose interests are affected by an organization's activities
Key Players in Corporate Governance
Board of directors, CEO, senior executives, and shareholders
board of directors
a group of persons elected by the stockholders to manage a corporation
CEO
chief executive officer
senior executive
senior manager
knowledge-intensive
a company that needs a lot of expertise to make its products
Strategic Leaders
people located in different areas and levels of the firm using the strategic management
process to select strategic actions that help the firm achieve its vision and fulfill its
mission
Social Responsibility
the obligation of a business to contribute to society
Triple Bottom Line
assesses the financial, social, and environmental performance of a firm
Perceptual acuity
allows managers to sense what is coming.
importance of perceptual acuity
detecting early warning signals, keeping pace with changes in the external environment
can sustain a competitive advantage.
