SEVI 3013 Exam 1 Rodeffer Questions
and Answers
Strategic management 3 steps - ANS-analysis, decisions, actions
Strategy - ANS-the ideas, decisions, and actions that enable a firm to succeed
Strategy characteristics - ANS-it is about choices and is focused on the future
Strategic management 3 steps key activities performed - ANS-Analysis: strategic goals
(vision, mission, strategic objectives) and internal/external environment.
Decisions:
Actions: resource allocation
Attributes of strategic management - ANS--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 - ANS-the challenge managers face of both aligning resources to take
advantage of existing product markets as well as proactively exploring new
opportunities
Strategic Leadership - ANS-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? - ANS-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 - ANS-Leader is the key force in organization's success
external control view of leadership - ANS-situations in which external forces - where the
leader has limited influence - determine the organization's success
How to create competitive advantage - ANS-cost leadership and differentiation
How to maintain competitive advantage - ANS-- Barriers to entry
, - Barriers to exit
- Differentiated product
- Strong selling relationships
- Brand loyalty
Intended Strategy - ANS-strategy in which organizational decisions are determined only
by analysis
Realized Strategy - ANS-strategy in which organizational decisions are determined by
both analysis and unforeseen environmental developments, unanticipated resource
constraints, and/or changes in managerial preferences
Vision - ANS-evokes powerful and compelling mental images of a shared future
Mission - ANS-encompasses the organizations current purpose, bases of competition,
and competitive advantage
Characteristics that make a resource valuable - ANS-VRIN: valuable, rare, difficult to
imitate, non-substitutable
Resource-based view of the firm - ANS-- integrates two activities
1. an internal analysis of phenomena within a company
2. an external analysis of the industry and its competitive environment
intangible human resources - ANS-trust, experience, and capabilities of employees;
managerial skills, firm specific practices and procedures.
Balanced Scorecard - ANS-strategy implementation tool that harnesses multiple internal
and external performance metrics in order to balance financial and strategic goals
4 perspectives of balanced scorecard - ANS-1. financial
2. customer
3. internal business process
4. learning and growth
intellectual capital - ANS-is a measure of the value of a firms intangible assets. It is the
difference between a firms market value and book value.
reputation, employee loyalty and commitment, customer relationships, company values,
brand names, and the experience and skills of employees
human capital - ANS-includes the individual capabilities, knowledge, skills, and
experience of the company's employees and managers.
social capital - ANS-includes the network of relationships that individuals have
throughout the organization.
and Answers
Strategic management 3 steps - ANS-analysis, decisions, actions
Strategy - ANS-the ideas, decisions, and actions that enable a firm to succeed
Strategy characteristics - ANS-it is about choices and is focused on the future
Strategic management 3 steps key activities performed - ANS-Analysis: strategic goals
(vision, mission, strategic objectives) and internal/external environment.
Decisions:
Actions: resource allocation
Attributes of strategic management - ANS--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 - ANS-the challenge managers face of both aligning resources to take
advantage of existing product markets as well as proactively exploring new
opportunities
Strategic Leadership - ANS-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? - ANS-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 - ANS-Leader is the key force in organization's success
external control view of leadership - ANS-situations in which external forces - where the
leader has limited influence - determine the organization's success
How to create competitive advantage - ANS-cost leadership and differentiation
How to maintain competitive advantage - ANS-- Barriers to entry
, - Barriers to exit
- Differentiated product
- Strong selling relationships
- Brand loyalty
Intended Strategy - ANS-strategy in which organizational decisions are determined only
by analysis
Realized Strategy - ANS-strategy in which organizational decisions are determined by
both analysis and unforeseen environmental developments, unanticipated resource
constraints, and/or changes in managerial preferences
Vision - ANS-evokes powerful and compelling mental images of a shared future
Mission - ANS-encompasses the organizations current purpose, bases of competition,
and competitive advantage
Characteristics that make a resource valuable - ANS-VRIN: valuable, rare, difficult to
imitate, non-substitutable
Resource-based view of the firm - ANS-- integrates two activities
1. an internal analysis of phenomena within a company
2. an external analysis of the industry and its competitive environment
intangible human resources - ANS-trust, experience, and capabilities of employees;
managerial skills, firm specific practices and procedures.
Balanced Scorecard - ANS-strategy implementation tool that harnesses multiple internal
and external performance metrics in order to balance financial and strategic goals
4 perspectives of balanced scorecard - ANS-1. financial
2. customer
3. internal business process
4. learning and growth
intellectual capital - ANS-is a measure of the value of a firms intangible assets. It is the
difference between a firms market value and book value.
reputation, employee loyalty and commitment, customer relationships, company values,
brand names, and the experience and skills of employees
human capital - ANS-includes the individual capabilities, knowledge, skills, and
experience of the company's employees and managers.
social capital - ANS-includes the network of relationships that individuals have
throughout the organization.
