OTM 300 Exam 1 WITH CORRECT ANSWERS

OTM 300 Exam 1 WITH CORRECT
ANSWERS


Good Strategy - CORRECT ANSWERS ✔✔Acknowledges the challenges being
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faced and provides an approach to overcome them
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Bad Strategy - CORRECT ANSWERS ✔✔Ignores significant details, tries to
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accommodate many conflicting demands, falls back on language of broad
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goals
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Strategy - CORRECT ANSWERS ✔✔Not goal setting - It s discovering the
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critical factors in a situation and designing a way of coordinating and focusing
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actions to deal with those factors
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Triple Bottom Line - CORRECT ANSWERS ✔✔Economic prosperity,
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environmental prosperity, social prosperity
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Kernel of Good Strategy - CORRECT ANSWERS ✔✔Contains diagnosis (What is
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the problem), Guiding policy (set actions to overcome problem) and Set of
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coherent actions (doing the actions)
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Diagnosis - CORRECT ANSWERS ✔✔(Kernel of Good Strategy) Define or
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explain the nature of the challenge; Simplify the overwhelming complexity of
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reality by identifying certain aspects of the situation as critical
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, Guiding Policy - CORRECT ANSWERS ✔✔(Kernel of Good Strategy) Overall
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approach to cope with or overcome the obstacles - will also rule out other
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approaches; say what we will do, but also what we will not do
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Coherent Actions - CORRECT ANSWERS ✔✔(Kernel of Good Strategy) Steps
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that are coordinated to work together to accomplish guiding policy - strategy
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is visible action imposed on a system from centralized power
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External Perspectives on Strategy - CORRECT ANSWERS ✔✔Environmental
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factors influence strategic choices; compete in attractive industries, or make
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current industries more attractive
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Political, Economic, Socoiocultural, Technological, Environmental, Legal -
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CORRECT ANSWERS ✔✔PESTEL, external factors affecting strategy
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Michael Porter's 5 forces - CORRECT ANSWERS ✔✔Industry Competitors,
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New Entrants, Threat of Substitutes, Bargaining Power of Buyers, Bargaining
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Power of Sellers
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Internal Perspective on Strategy - CORRECT ANSWERS ✔✔Exploit our firms
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resources and capabilities to gain competitive advantage; Several types: of
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capabilities Process-based, Systems-based, Organization-based, Network-
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based (narrow to broad) \/| \/| \/|




Valuable, Rare, Inimitable, Non-substitutable, Exploitable - CORRECT
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ANSWERS ✔✔VRINE, which capabilities can lead to competitive advantage
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