BPL 5100 Chapters 1-6 || A+ GRADED
Studying the total business enterprise/Broad topics (Chapter 1) - Correct Answer Environmental Forces:
Macro-economic
Industry competitive
Firm:
Managers/Strategists
Decisions and actions
Effective leadership
Resources
Capabilities
Org. culture
Strategy (Chapter 1) - Correct Answer Tactics the govern an individual to make wiser decisions
Goals of an organization (Chapter 1) - Correct Answer Firms manage their resources, competitive
environment effectively
while managing their resources
Competitive advantage - Correct 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? - Correct Answer 1. Profitability
2. Efficiency
3. The size of the firm
4. Innovation frequency
5. Survival
,Diagram to be drawn (Chapter 1) - Correct Answer External Environment:
Macro Environment
Industry Environment
Mission, Analysis of the Context-->Internal Environment
Reactive vs. Proactive approach (Chapter 1) - Correct Answer Strategies should be formulated based on
"organization-environment fit" using SWOT analysis.
Deliberate vs. Emergent approach (Chapter 1) - Correct Answer Carefully planned strategic alternatives
ignores the fact that a planned strategy could
overlooked lucrative strategies
Strategic leadership (Chapter 1) - Correct Answer Process of creating well considered tactics to
communicate a vision for an organization while motivating staff for change
Mission Statement (Chp. 2) - Correct Answer An overall vision that particular firm tries to capture to the
overall market
Well-Stated Mission (Chp. 2) - Correct 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) - Correct Answer 1. Task
2. Vision
, 3. Values/Beliefs
4. Goals/Objectives
Categories of stakeholders (Chp. 2) - Correct Answer 1. Employees
2. Managers
3. Stockholders
4. Customers
5. Communities
6. Suppliers
Primary and Secondary Stakeholders (Chp. 2) - Correct Answer Primary:
Shareholders
Management
Partners
Secondary:
Banks
Government
Competitors
Corporate governance (Chp. 2) - Correct Answer The Board of Directors directs and steers the activities
of the corporation truthfully and ethically, through an objective an independent manner. Senior
managers are governed because they give an image of the firm
Agency theory/2 mechanisms (Chp. 2) - Correct Answer Aligns the interest of the agent with that of the
owner and/or evaluates/audits the agents
Stewardship theory (Chp. 2) - Correct Answer Managers are driven by their firms need to succeed and
survive (self-interest)
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