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Business Capstone Test 1 Study Guide Solutions

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Business Capstone Test 1 Study Guide Solutions Scientific Management - ANSWER-focuses on applying superior principles over superior employees Strategic Management - ANSWER-helps answer why some firms outperform others To many, planning IS... - ANSWER-strategy Early management focused on... - A...

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  • November 3, 2024
  • 13
  • 2024/2025
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KaylinHoffman
Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




Business Capstone Test 1 Study Guide

Solutions


Scientific Management - ANSWER✔✔-focuses on applying superior principles over superior employees


Strategic Management - ANSWER✔✔-helps answer why some firms outperform others


To many, planning IS... - ANSWER✔✔-strategy


Early management focused on... - ANSWER✔✔-developing good policies


Today's competitive environment focuses on... - ANSWER✔✔-multiple strategies, rather than one "single

best way"


3 Factors that influence firm performance - ANSWER✔✔--Industry Membership


-Unique Organizational Resources


-Decision Making Ability of CEO, Top Management, etc.


Industry Membership - ANSWER✔✔--Factor that influences firm performance


-Most important environmental condition




Copyright © Stuvia International BV 2010-2024 Page 1/13

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




-Structural approach largely focuses on industry structure = attractiveness of external environment, not

firm


-AKA "Structure-Conduct-Performance"


Unique Organizational Resources - ANSWER✔✔--Factor that influences firm performance


-Resource-based model


Resource-Based Model - ANSWER✔✔-suggests that above-average returns for any firm is largely

determined by unique internal characteristics of the firm


Organizational Culture - ANSWER✔✔-set of ideologies, strategies, and core values shared throughout

firm and influences business conduct


Lifecycle of Strategies - ANSWER✔✔-Intended --> Emergent --> Realized


Intended Strategy - ANSWER✔✔--Company started selling something, then switched


-Wrigley's gum started as soap & baking powder


Firm has sustained competitive advantage when... - ANSWER✔✔-other firms try to copy their strategy


Vision - ANSWER✔✔-what organization hopes to become in future and company aspirations


Mission Statement - ANSWER✔✔-what business the organization is in and what they hope to accomplish

by being in it



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