Corporate governance - Answer-the processes, customs, policies, and procedures of a firm as well as the governing body that is responsible for its direction, management, and control
Governing body - Answer-Responsible for a firm's direction, management, and control; includes the board of directo...
BMGT 481 Exam 1 Questions and
Answers
Corporate governance - Answer-the processes, customs, policies, and procedures of a
firm as well as the governing body that is responsible for its direction, management, and
control
Governing body - Answer-Responsible for a firm's direction, management, and control;
includes the board of directors, corporate shareholders, and Top Management Teams
Top management team - Answer-The group of people (part of the governing body) that
often dominates the entire decision-making process of a firm.
Vision statement - Answer-A statement by a company that expresses "what a firm wants
to be"
Mission statement - Answer-A statement by a company that clarifies "What a firm does"
Strategy - Answer-A firm's "how-to" plan for fulfilling the organization's mission and
accomplishing its goals and objectives.
Strategic competitiveness - Answer-The development of unique business competencies
that, at least on a short-term basis, enable the firm to perform activities more effectively
and efficiently that rivals.
Sustainable competitive advantage - Answer-A firm's method for continuously
performing its value generating activities more effectively and efficiently than its rivals.
Above average returns - Answer-Returns that exceed what investors would normally
expect or achieve on similar risk investments.
Business level strategy - Answer-Strategy focusing on the direct consumer
Conglomerate level strategy - Answer-Strategy focusing on buying and selling
subsidiary businesses
Resource based view - Answer-View of firm performance that assumes that
management competency combined wit ha unique set of firm resources and capabilities
will be the chief determinant in the ability to provide above average returns to investors.
Industrial organizational view - Answer-A view of firm performance that assumes that
the industry in which a firm competes is the primary determinant in the ability to grow
and provide above average returns to investors.
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