Exam (elaborations)
BPL 5100 Chapters 1-6 Exam Questions and Answers
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BPL 5100 Chapters 1-6 Exam Questions and Answers
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BPL 5100 Chapters 1-6 Exam Questionsand Answers
Studying the total business enterprise/Broad topics (Chapter 1) - Answer -
Environmental Forces:
Macro-economic
Industry competitive
Firm:
Managers/Strategists
Decisions and actions
Effective leadership
Resources
Capabilities
Org. culture
Strategy (Chapter 1) - Answer -Tactics the govern an individual to make wiser decisions
Goals of an organization (Chapter 1) - Answer -Firms manage their resources,
competitive environment effectively
while managing their resources
Competitive advantage - Answer -A strategic edge a firm has over its rivals. It has to
hold a dominant market position, resource capability, and sustainability
What are 5 indicators of a successful firm? - Answer -1. Profitability
2. Efficiency
3. The size of the firm
4. Innovation frequency
5. Survival
Diagram to be drawn (Chapter 1) - Answer -External Environment:
Macro Environment
Industry Environment
Mission, Analysis of the Context-->Internal Environment
Strategic Choice, Strategy Implementation, Strategic Control-->Feeback
, Reactive vs. Proactive approach (Chapter 1) - Answer -Strategies should be formulated
based on "organization-environment fit" using SWOT analysis.
Deliberate vs. Emergent approach (Chapter 1) - Answer -Carefully planned strategic
alternatives ignores the fact that a planned strategy could
overlooked lucrative strategies
Strategic leadership (Chapter 1) - Answer -Process of creating well considered tactics to
communicate a vision for an organization while motivating staff for change
Mission Statement (Chp. 2) - Answer -An overall vision that particular firm tries to
capture to the overall market
Well-Stated Mission (Chp. 2) - Answer -Clear focus on strategic decisions and
acceptable to insiders and outsiders of the firm.
Having one is useful, because employees have a purpose to follow and decision making
is clearer.
They can change if they don't follow the vision and has to be acceptable to all.
4 components of a mission (Chp. 2) - Answer -1. Task
2. Vision
3. Values/Beliefs
4. Goals/Objectives
Categories of stakeholders (Chp. 2) - Answer -1. Employees
2. Managers
3. Stockholders
4. Customers
5. Communities
6. Suppliers
Primary and Secondary Stakeholders (Chp. 2) - Answer -Primary:
Shareholders
Management
Partners
Secondary:
Banks
Government
Competitors
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