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Leadership Z370 Midterm ICore exam with correct answers.
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Leadership Z370 Midterm ICore examwith correct answers
2 important concepts for effective mgmt of human assets: - correct answer -1. Setting a
course/direction/vision for company (Leadership):
... Setting mission, goals & strategy
2. Execution of ^^ (MGMT)
... Organizing and motivating people to enact strategy
... creating systems and facilitating change
Leadership is...
The process of organizational leadership is: - correct answer -enacting an organizations strategy through
its people
1. Determine mission and core values
2. set strategy
3. set objectives to meet strategy
4. execute strategy
5. monitor and change course when necessary
How do organizations create more value than competition? - correct answer -1. better product or
service (Quality)
OR...
2. Lower cost
Accomplish BOTH by..
Organizing and Managing their people...
,Mission Statement V.S. Vision Statement - correct answer -Mission statement : explains why the firm
Exists
Vision statement : what the firm wants to become
sets firm apart from comp., provides direction and decision making guidance, uses distinctive language
mission/vision statements - correct answer -1. Defines core tasks:
... what work is important/why?, what defines good work?
2. Guides the firm's culture
.... Defines employee norms and the way they interact with customers and each other
3. Contribute to firms success:
.... creates consistent experience, defines behaviors to enact strategy.
EX.Southwest:
the mission of southwest is dedication to the HIGHEST QUALITY of CUSTOMER SERVICE delivered with a
sense of WARMTH and FRIENDLINESS
Effective mission statement characteristics - correct answer -Graphic
feasible
memorable
relevant for goal-setting
guidance for employee decisions
Ineffective mission statement charateristics - correct answer -Vague
Bland
Uninspiring
Could apply to any company
,Strategy Def.: - correct answer -Theory of how to gain competitive advantage, based on knowledge of:
........Marketplace/industry/customers
........firms capabilities and resources
*create value while remaining profitable
*deciding what to do/not to do
*making long term commitments
Strategy somewhere between differentiation and Low-Cost Leadership
Strategic Plan - correct answer -lays out a company's future direction, performance targets, and strategy
- makes up the first three tasks of the strategic management process
Strategic Vision .... Vision Statement - correct answer -describes managements aspirations for the
FUTURE and delineates the company's strategic course and long term direction
- points an org. in a particular direction, charts a strategic path for it to follow in prepping for the future,
and builds commitment to the future course of action
- should be distinctive and specific, can be stated in 1-2 paragraphs and can be explained in 5-10min
-Effective ones are: Graphic, Focused, Feasible, Memorable, relevant for goal setting
Mission Statement - correct answer -Describes the purpose and PRESENT business
-Who we are, what we do, why are we here
-Should: 1) identify their products/services 2) specifies the buyer needs that it seeks to satisfy and the
customer groups it services 3) gives the company its own identity
-should be brief, have concrete language, and links to core values
Monitoring and changing course if Necessary... - correct answer -Balanced Score-Card (p. 8)
*Check 4 elements to make sure are BALANCED WITH corp. VISION and STRATEGY.
, Financial performance, internal business processes, learning&growth, customer experience.
Values - correct answer -the beliefs, traits, and behavioral norms that a company personnel are
expected to display
- most companies list 4-8 core values
-define what is considered important
Functions of organizational structure: - correct answer -1. enables members to take on a wide variety of
activities according to a DIVISION OF LABOR that has defined specialization, standards and departments
of tasks and functions...
2. Allows members to Coordinate their Activities under Integrated Mechanisms like Hierarchical
Supervision, Rules/Procedures, and Training and Socialization.
3. defines Boundaries of the organization for its Interaction with the Environment and the Other
Organizations it interacts with.
Organization Structure - central concepts (formal) : - correct answer -1. DIVISION OF LABOR to enact
strategy:
how should work be divided among members of organization?
-decide on highly specialized jobs or not? ... leads to focus attention and develop skills, but increase
coordination costs
2. COORDINATION Mechanisms:
Need to coordinate the activities of employees: RULES, SUPERVISION, plans & budgets, meetings, task
forces...
3. Distribution of DECISION RIGHTS: Empower employees to make decisions appropriately...
Who gets to initiate, approve, implement and control various types of strategic decisions. Chain of
command
Ex. Sales manager knows most about customers and gets to make customer decisions...
4. Organizational BOUNDRIES: Manage information from external environment...
Making choices about relationship with other organizations and environments:
-Make vs buy, strategic alliances, can customers interact with manufacturers or just sales?
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