MANA 4322 EXAM 1 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+
Two Perspectives of Leadership Ans✓✓✓romantic view and external
control
Romantic View Ans✓✓✓leader is key force in org's success
External Control Perspective Ans✓✓✓focus is on external factors that
may affect org's success
Strategic Management ("SM") Ans✓✓✓analyses, decisions, and actions
an org undertakes in order to create and sustain competitive advantages
Strategic Goals Ans✓✓✓vision, mission, and strategic objectives;
internal and external environment of the firm
Two Strategic Decisions Ans✓✓✓what industries should we compete
in? HOW should we compete in those industries?
Actions to Take in Strategic Management (SM) Ans✓✓✓allocate
necessary resources; design the org to bring intended strategies to reality
Two Fundamental Questions in SM Ans✓✓✓1. how should we compete
in order to create competitive advantages in the marketplace?
, 2. How can we create competitive advantages in the marketplace that are
unique, valuable, and difficult for rivals to copy/sub?
4 Key Attributes of SM Ans✓✓✓1. directs org toward overall goals and
objectives
2. includes multiple stakeholders in decision making
3. needs to incorporate short-term and long-term perspectives
4. recognizes trade-offs between efficiency and effectiveness
Stakeholders Ans✓✓✓individuals, groups, and orgs who have a "stake"
in success of the org: owners (shareholders in a publicly held corp.),
employees, customers, suppliers, and the community
Ambidexterity Ans✓✓✓challenge mangers face of BOTH aligning
resources to take advantage of existing product markets as well as
proactively exploring new opportunities
Individuals' Ambidextrous Behaviors Ans✓✓✓alert, brokers,
cooperative, and multitaskers
SM Process: Intended Strategy Ans✓✓✓decisions are determined by
ONLY analysis
ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+
Two Perspectives of Leadership Ans✓✓✓romantic view and external
control
Romantic View Ans✓✓✓leader is key force in org's success
External Control Perspective Ans✓✓✓focus is on external factors that
may affect org's success
Strategic Management ("SM") Ans✓✓✓analyses, decisions, and actions
an org undertakes in order to create and sustain competitive advantages
Strategic Goals Ans✓✓✓vision, mission, and strategic objectives;
internal and external environment of the firm
Two Strategic Decisions Ans✓✓✓what industries should we compete
in? HOW should we compete in those industries?
Actions to Take in Strategic Management (SM) Ans✓✓✓allocate
necessary resources; design the org to bring intended strategies to reality
Two Fundamental Questions in SM Ans✓✓✓1. how should we compete
in order to create competitive advantages in the marketplace?
, 2. How can we create competitive advantages in the marketplace that are
unique, valuable, and difficult for rivals to copy/sub?
4 Key Attributes of SM Ans✓✓✓1. directs org toward overall goals and
objectives
2. includes multiple stakeholders in decision making
3. needs to incorporate short-term and long-term perspectives
4. recognizes trade-offs between efficiency and effectiveness
Stakeholders Ans✓✓✓individuals, groups, and orgs who have a "stake"
in success of the org: owners (shareholders in a publicly held corp.),
employees, customers, suppliers, and the community
Ambidexterity Ans✓✓✓challenge mangers face of BOTH aligning
resources to take advantage of existing product markets as well as
proactively exploring new opportunities
Individuals' Ambidextrous Behaviors Ans✓✓✓alert, brokers,
cooperative, and multitaskers
SM Process: Intended Strategy Ans✓✓✓decisions are determined by
ONLY analysis
