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SEVI 3013 Exam 1 Rodeffer | 87 Questions with
100% Correct Answers | Verified | Latest Update
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
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
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. SWOT analysis - ✔✔a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats How is a SWOT analysis used? - ✔✔1) Gives high level view of a company's current status
- An indicator of a company's health in the current moment
**Strengths and Weaknesses exist currently; Opportunities and Threats are probabilities in the future environmental scanning - ✔✔surveillance of a firm's external environment to predict environmental changes and detect changes already under way environmental monitoring - ✔✔tracks evolution of environmental trends, streams of activities or trends from outside the organization competitive intelligence - ✔✔the process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed environmental forecasting - ✔✔-Predicts change and plausible projections about
- Direction of environmental change
Demographics examples - ✔✔age, gender, race, birth rates, immigration Sociocultural examples - ✔✔influence values, beliefs, and lifestyles of a society political/legal examples - ✔✔americans with disabilities act, environmental regulations, mandatory benefits economic examples - ✔✔interest rates, unemployment, consumer price index, trends in GDP, inflation, student loan forgiveness global examples - ✔✔changes in global trade, currency exchange rates Porter's Five Forces - ✔✔threat of entry, threat of substitute, supplier power, buyer power, and competitive rivalry
Buyer groups are powerful because - ✔✔purchasing standard products are in large volumes, profits are low and switching costs are few, backward integration is possible, buyers product quality is not affected by industry product. factors that impact the intensity of impact of each of the five forces - ✔✔economies of scale, production differentiation, switching costs IO Model - ✔✔Industrial Organization Model
- industry in which the firm chooses to compete will have a stronger influence on the firm's performance than the choices made my managers
- how the firm will reach above-average returns
- environment-centric view of business performance
- nature v. NURTURE
- basis for Porter's Five Forces Model substitute - ✔✔a good that can be used in place of another good
Primary activities in the value chain - ✔✔inbound logistics, operations, outbound logistics, marketing and sales, service inbound logistics - ✔✔are primarily associated with receiving, storing & distributing inputs to the product. warehousing and inventory control outbound logistics - ✔✔includes collecting, storing, & distributing the product or service to buyers Support activities in the value chain - ✔✔procurement, technology development, human resources, general administration
Characteristics of resources that can provide the basis for competitive advantage - ✔✔if they are valuable, rare, and hard to duplicate and if tangible, intangible, and organizational capabilities are combined. Tangible Resources - ✔✔assets that can be seen, touched, and quantified intangible resources - ✔✔difficult for competitors to account for or imitate, and are often embedded in unique routines and practices Organizational Capabilities - ✔✔Competencies or skills that a firm employs to transform inputs to outputs casual ambiguity - ✔✔impossible to explain what caused a resource to exist or how to re-create it
- internal business process
- learning and growth intellectual capital - ✔✔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 - ✔✔includes the individual capabilities, knowledge, skills, and experience of the company's employees and managers. social capital - ✔✔includes the network of relationships that individuals have throughout the organization.
explicit knowledge - ✔✔codified, documented, easily reproduced, and widely distributed tacit knowledge - ✔✔in the minds of employees, based on their experiences and backgrounds. social network - ✔✔A series of social relationships that links a person directly to others, and through them indirectly to still more people. closure relationships - ✔✔the degree to which all members of a social network have relationships with other group members bridging relationships - ✔✔relationships in a social network that connect otherwise disconnected people
Retaining Human Capital - ✔✔Retention mechanisms must prevent the transfer of valuable and sensitive information outside the organization: Help employees identify with an organization's mission and values Provide challenging work and a stimulating environment Offer financial and nonfinancial rewards & incentives Money is not the most important reason why people take or leave jobs social capital potential downside - ✔✔groupthink intellectual property rights - ✔✔are more difficult to define and protect than property rights for physical assets dynamic capabilities - ✔✔involve the capacity to anticipate, shape, and adapt to a volatile competitive landscape.
