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Exam 1 BUAD 453 questions with verified answers
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Exam 1 BUAD 453 questions with verified answers
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Exam 1 BUAD 453Strategic Management - correct answer ✔✔Examines how actions and events involving top executives,
firms, and industries influence a firms' success or failure.
Plan - correct answer ✔✔carefully crafted set of steps that a firm intends to follow to be successful
Scenario Analysis - correct answer ✔✔idea that plans are wrong because the forecasts are usually off.
Ploy - correct answer ✔✔a specific move designed to outwit or trick competitors
Pattern - correct answer ✔✔the degree of consistency in a firms strategic actions.
Position - correct answer ✔✔a firm's place in the industry relative to its competitors.
Perspective - correct answer ✔✔how execs interpret the competitive landscape around them.
Intended Strategy - correct answer ✔✔strategy that an organization hopes to execute
Emergent Strategy - correct answer ✔✔Unplanned strategy that arises in response to unexpected
opportunities and challenges
Realized strategy - correct answer ✔✔strategy that an organization actually follows. Product of both
intended and realized strategies.
Deliberate strategy - correct answer ✔✔the parts of the intended strategy that an organization
continues to pursue over time.
Non-realized strategy - correct answer ✔✔parts of the intended strategy that are abandoned.
, Strategic Management Process - correct answer ✔✔Building a careful understanding of how the world is
changing and the knowledge of how those changes might affect a particular firm.
Vision - correct answer ✔✔What the organization aspires to become in the future.
Mission - correct answer ✔✔states the reasons for an organizations existence.
answers "who are we?"
Captures key elements of an organization's past and present.
SMART goals - correct answer ✔✔Specific
Measurable
Aggressive
Realistic
Time-bound
Organizational Performance - correct answer ✔✔how well an organization is doing at reaching its vision,
mission, and goals
Performance Measure - correct answer ✔✔a metric along which organizations can be gauged. (profits,
stock prices, sales)
Performance Referent - correct answer ✔✔Benchmark used to make sense of an organization's standing
along a performance measure.
Balanced Scorecard - correct answer ✔✔helps managers resist the temptation to fixate on financial
measures and instead monitor a diverse set of important measures.
an approach to assessing performance that targets managers attention to:
Financial
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