BUAD 453 FINAL EXAM QUESTIONS AND ACCURATE ANSWERS
Strategy ANSWER a set of related actions that managers take to improve their firm's
performance
Strategic leadership ANSWER generating competitive advantage through the effective
management of the strategy-making process.
Strategy formulation ANSWER choosing strategies after analyzing an organization's
external and internal environment
Strategy implementation ANSWER putting strategy into action
Shareholder Value ANSWER Returns that shareholders make from buying shares in a
company
Profitability - ANSWER The return a company makes on the capital invested in the
enterprise
Profit growth - ANSWER The increase in net profit over time
Competitive advantage - ANSWER The achieved advantage over rivals when a
company's profitability is greater than the average profitability of firms in its industry
Sustained competitive advantage - ANSWER The company's strategies enable it to
maintain above-average profitability for a number of years
Business model - ANSWER The conception of how strategies should work together as a
whole to enable the company to achieve competitive advantage
, General Managers - ANSWER Managers who bear responsibility for overall performance
of the company or for one of its major, self-contained subunits or divisions
Functional Managers - ANSWER managers responsible for supervising a particular
function; that is a task, an activity, or an operation such as accounting, marketing, R&D,
information technology, or logistics
Multidivisional company - ANSWER A company that competes in several different
businesses and has created a separate, self-contained division to manage each.
Business unit - ANSWER A self-contained division that provides a product or service for
a particular market
Mission - ANSWER The purpose of the company, or a statement of what the company
strives to do.
Vision - ANSWER The articulation of a company's desired achievements of future state.
Values - ANSWER A statement of how employees should conduct themselves and their
business to help achieve the company mission
SWOT Analysis - ANSWER The comparison of strengths, weaknesses, opportunities,
and threats
Scenario planning - ANSWER Formulating plans that are based upon "what-if" scenarios
about the future
Escalating commitment - ANSWER A cognitive bias that occurs when decision makers,
have already committed significant resources to a project, commit even more resources
after receiving feedback that the project is failing
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