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BPL 5100 Chap 1 & 2 Exam Questions and Answers
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BPL 5100 Chap 1 & 2 Exam Questions and Answers
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BPL 5100 Chap 1 & 2 Exam Questionsand Answers
two perspectives of leadership - Answer -romantic view and external control perspective
External Control Perspective - Answer -External forces determine the organization's
success
Romantic View of Leadership - Answer -situations in which the leader is the key force
determining the organization's success - or lack thereof
Strategic Management - Answer -the analyses, decisions, and actions an organization
undertakes in order to create and sustain competitive advantages. Strategic
management is the study of why some firms outperform others.
Two Fundamental Questions - Answer -How should we compete in order to create a
competitive advantage in the marketplace?
How can we create competitive advantages in the marketplace that are unique,
valuable, and difficult for rivals to copy or substitute?
Key Attributes of Strategic Management - Answer -1. Directs the organization 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
ambidexterity - Answer -the challenge managers face of both aligning resources to take
advantage of existing product markets as well as proactively exploring new
opportunities
Intended Strategy - Answer -strategy in which organizational decisions are determined
only by analysis
Realized Strategy - Answer -strategy in which organizational decisions are determined
by both analysis and unforeseen environmental developments, unanticipated resource
constraints, and/or changes in managerial preferences
, Strategy Analysis - Answer -study of firms' external and internal environments, and their
fit with organizational vision and goals
strategy formulation - Answer -decisions made by firms regarding investments,
commitments, and other aspects of operations that create and sustain competitive
advantage
strategy implementation - Answer -actions made by firms that carry out the formulated
strategy, including strategic controls, organizational design, and leadership
Corporate Governance - Answer -is the relationship among various participants in
determining the direction and performance of corporations.
Primary participants:
Shareholders
Management (led by the Chief Executive Officer)
The Board of Directors (BOD
Stakeholder Management - Answer -processes to identify the people, groups, or
organizations, that could impact or be impacted by the project, analyze their
expectations and impact, and develop strategies for engaging them and managing
conflicting interests
Two views of stakeholder management - Answer -zero sum and symbiosis
zero-sum - Answer -view of stakeholder management is rooted, in part, in the traditional
conflict between workers and management, leading to the formation of unions and
sometimes ending in adversarial union - management negotiations and long bitter
strikes. The stakeholder challenges facing Walmart is an example of this. However,
organizations can achieve mutual benefit through stakeholder symbiosis. The example
given is how P&G considered the needs of consumers, shippers, wholesalers, and
environmentalists when developing a liquid concentration for cleaning powder. This
product breakthrough led not only to a change in consumer shopping habits, but also a
revolution in industry supply chain economics. Leading companies are increasingly
realizing that learning to partner with governments and communities, suppliers and
customers, and even long-term rivals, is essential for dealing with big, complex
problems. Stakeholder groups do not have to be in conflict with each other.
Symbiosis - Answer -Stakeholders are dependent upon each other for success & well-
being.
Stakeholders receive mutual benefits.
Social Responsibility - Answer -is the expectation that businesses or individuals will
strive to improve the overall welfare of society.
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