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BPL 5100 Practice QUIZ 1 | Questions And Answers Latest {} A+ Graded | 100% Verified
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BPL 5100 Practice QUIZ 1 | Questions And Answers Latest {} A+ Graded | 100% Verified
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BPL 5100 Practice QUIZ 1 | Questions And Answers Latest {2024- 2025} A+ Graded |100% Verified
Two Perspectives of Leadership - External Control Perspective and Romantic View
External Control Perspective - External forces determine the organization's success (economic
downturns)
Romantic View - Leader is the key force in organization's success
Strategic Management - The analysis, decisions, and actions of a business that have the goal of creating
sustainable competitive advantages.
Analysis - • Strategic goals (vision, mission, strategic objectives)
• Internal and external environment
Decisions - Formulation - • What industries should we compete in?
• How should we compete in those industries?
Actions - Implementation of strategy - • Allocate necessary resources
• Design the organization to bring intended strategies to reality
Strategy - The ideas, decisions, and actions that enable a firm to succeed.
Competitive Advantage - A firm's resources and capabilities that enable it to overcome the competitive
forces in its industry(ies).
Operational Effectiveness - Performing similar activities better than rivals
, Stakeholders - Individuals, groups, and organizations that have a stake in the success of the organization.
• These include owners (shareholders in a publicly held corporation), employees, customers, suppliers,
and the community at large.
Effectiveness - Tailoring actions to the needs of an organization rather than wasting effort, or "doing the
right thing."
Efficiency - Performing actions at a low cost relative to a benchmark, or "doing things right."
Ambidexterity - The challenge managers face of both aligning resources to take advantage of existing
product markets as well as proactively exploring new opportunities
Intended Strategy - Strategy in which organizational decisions are determined only by analysis.
Realized Strategy - Strategy in which organizational decisions are determined by both analysis and
unforeseen environmental developments, unanticipated resource constraints, and/or changes in
managerial preferences
Strategy Analysis - Study of firms' external and internal environments, and their fit with organizational
vision and goals
Strategy formulation - Decisions made by firms regarding investments, commitments, and other aspects
of operations that create and sustain competitive advantage.
Strategy implementation - Actions made by firms that carry out the formulated strategy, including
strategic controls, organizational design, and leadership.
Corporate Governance - The relationship among various participants in determining the direction and
performance of corporations.
The primary participants are
(1) the shareholders
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