BPL 5100 Midterm exam questions with verified answers
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Course
BPL 5100
Institution
BPL 5100
BPL 5100 Midterm exam questions with verified answers
Strategic management -Correct Answer-the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantage
Strategy -Correct Answer-ideas. decisions, and actions that enable a firm to succeed. (...
BPL 5100 Midterm exam questions with
verified answers
Strategic management -Correct Answer-the analysis, decisions, and actions an organization undertakes in
order to create and sustain competitive advantage
Strategy -Correct Answer-ideas. decisions, and actions that enable a firm to succeed. (Analyze,
formulate, implementate, evaluate)
Levels of strategy -Correct Answer-1. corporate (where we going, businesses?)
2. competitive (how are we going to compete?)
3. Functional (resources/capabilities)
Effective Strategic leadership -Correct Answer-1. set vision
2. exploiting core competencies
3. develop human capital
4. creating strong org. culture
5. balanced controls
6. ethical practices
Competitive advantage -Correct Answer-a firm's resources and capabilities that enable it to overcome
the competitive forces in its industry
Strategic Competitiveness -Correct Answer-1. internal org: What a firm can do (challenge: managers face
uncertainty, proprietary tech, changes in economic & politics, societal values, environment)
2. External envir: firm might do
Core Competence -Correct Answer-Unique set of lasting capabilities that a co. relies on to achieve
competitive adv. and add value (must be: Valuable, rare, costly-to-imitate, non-substitutable
capabilities).
, Operational effectiveness -Correct Answer-performing similar activities better than rivals
External control view of leadership -Correct Answer-situations in which external forces- where the leader
has limited influence determine the organization's success
Romantic view of leadership -Correct Answer-situations in which the leader is the key force determining
the organization's success -or lack thereof
4 Key attributes of Strategic Management -Correct Answer--Directs the organization toward overall goals
and objectives
-Includes multiple stakeholders in decision-making
-Needs to incorporate sh-term l-term perspectives
-Recognizes trade-offs between efficiency and effectiveness.
Effectiveness -Correct Answer-Tailoring actions to the needs of an organization rather than wasting
effort, or "doing the right thing".
Efficiency -Correct Answer-Perfoeming actions at a low cost relative to a benchmark, or "doing things
right"
Ambidexterity -Correct Answer-The challenge managers face of both aligning resources to take
advantage of existing product markets and proactively exploring new opportunities.
Strategic management process -Correct Answer-Strategy analysis, strategy formulation, and strategy
implementation.
Intended Strategy -Correct Answer-In which organization decisions are determined only by analysis.
Realized Strategy -Correct Answer-In which organization decisions are determined by both analysis and
unforeseen environmental developments, unanticipated resources constraints, and/or changes in
managerial preferences.
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