BPL 5100 - Quiz 1 questions with correct solution
what is strategic management? -Correct Answer-the analyses, decisions, and actions an organization undertakes in order to create and sustain *competitive advantages*
elaboarate: analyses, decisions and acitons taken during stratregic management ...
BPL 5100 - Quiz 1 questions with correct
solution
what is strategic management? -Correct Answer-the analyses, decisions, and actions an organization
undertakes in order to create and sustain *competitive advantages*
elaboarate: analyses, decisions and acitons taken during stratregic management -Correct Answer-
analyses: analyzing the strategic goals (vision, mission)
decisions: what industries should we compete in? how should we compete in those industries?
actions: implementing their strategies
what are the attributes of strategic management? (4) -Correct Answer-1. directs the org towards oveall
goals/obj
2.inlcudes multiple stakeholders in deicison making
3.needs to incorporate *short and long term perspectives*
4.recog trade-offs between effciency and effectiveness
what is opeartional effectiveness -Correct Answer-performing simliar acitivies *better* than rivals
ex: benchmarking, business process reegineering
strategic management can be referred to as the study of why some firms outperform others (T/F) -
Correct Answer-T
operationsal effectiveness leads to sustainable competitve advantages (T/F) -Correct Answer-F
, operational effectiveness is doing what everyone else is doing
to gain a sustainable competitve advantage, you must be *different*
*different* = strategy
strategy is all about being different (T/F) -Correct Answer-T
what are the 3 key strategic management processess? -Correct Answer-strategic analysis
straegic formulation
strategic implementaion
strategic analysis (3) -Correct Answer-you have to analyze
1. goals and obj of the firm
2. external and internal eviornment
3. intellectual assets
strategy formulation (3) -Correct Answer-1. business level
2. corporate level
3. international
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