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Business Pol Quiz 1

QuestionAnswer
What are the three things that influence firms performance? Firm effects (55% internal), Industry effects (20%), Other effects (25%)
What is strategy? Set of goal-oriented actions a firm takes to gain and sustain superior performance relative to competitors
What is strategic management? Process of formulating, implementing and evaluating decisions and actions that enable an organization to achieve its long-term objectives and maintain a competitive advantage
When did strategic management begin? Ancient times, mostly from military (Moses 1500 BC, Sun Tzu 400 BC, Trojan Horse, King Arthur)
When did strategic management become a field of study? Harvard MBA 1908, and individuals like Frederick Taylor and Henry Ford
What is a vision statement? Describes what the organization hopes to become in the future, articulates aspirations
What is a mission statement? States the reasons for an organizations existence, captures the identity and answers who are we
What is intended strategy? The planned strategy that a company intends to carry out
What is realized strategy? The strategy that comes from an intended plan and the influences of the outside world
What are the steps in the strategic management process? Understanding strategy and performance, Environmental and internal scanning, Strategy formulation, and Strategy implementation
What does the balanced scorecard do? Augments financial measures with other important metrics like customer measures, internal processes and learning and growth
What is the triple bottom line? Profit, people and planet
What defines leadership? Vision, influence and inspiration
What defines management? Planning, organizing and controlling
What is the difference between a level 5 leader and other levels? Prioritizes organization's success above personal success and exhibits and strong and unwavering will, they get the hard part of the day out of the way first
Created by: Erika.Meakins
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