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Chapter 1 MGMT

The text addresses two perspectives of leadership as well as their implications. These two perspectives are
Romantic and external control
A CEO made a lot of mistakes such as committing errors in assessing the market and competitive conditions and improperly redesigning the organization into numerous business units. Such errors led to significant performance declines. According to the text, this example illustrates the __________ perspective of leadership.
Romantic
According to the text, the strategic management process entails three ongoing processes:
Analyses, decisions, and actions
Management innovations such as total quality, benchmarking, and business process reengineering cannot lead to sustainable competitive advantage because
every company is trying to implement them and hence it does not make a company different from others.
The “organizational versus individual rationality” perspective suggests that
what is best for a functional area may not be best for the organization.
The four key attributes of strategic management include the idea that
strategy must be directed towards overall organizational goals and objectives.
The four key attributes of strategic management include all of the following EXCEPT:
emphasis on the attainment of short-term objectives
“Effectiveness” is often defined as
doing the right thing
All of the following are ambidextrous behaviors EXCEPT:
intensely focusing on one’s own responsibilities and maximizing the output of one’s department in an organization.
According to Henry Mintzberg, the realized strategies of a firm
are a combination of deliberate and emergent strategies
According to Henry Mintzberg, decisions following from a firm’s strategic analysis are its
intended strategy
__________ may be considered the “advance work” that must be done in order to effectively formulate and implement strategies.
Strategy analysis
__________ involves ensuring proper strategic controls and organizational designs.
Strategy implementation
The three participants in corporate governance are
the shareholders, board of directors, and management
While working to prioritize and fulfill their responsibilities, members of an organization’s board of directors should
represent the interests of the shareholders.
Members of Boards of Directors are
elected by the shareholders as their representatives
An organization is responsible to many different entities. In order to meet the demands of these groups, organizations must participate in stakeholder management. Stakeholder management means that
interests of the stockholders are not the only interests that matter
Stakeholders are
individuals, groups, and organizations who have a stake in the success of the organization.
Outback Steakhouse has developed a sophisticated quantitative model and found that there were positive relationships between employee satisfaction, customer satisfaction, and financial results. According to the text, this is an example of __________
stakeholder symbiosis.
There are several perspectives of competition. One perspective is zero-sum thinking. Zero-sum thinking means that
one can only gain at the expense of someone else.
Managers should do more than just focus on short-term financial performance. One concept that helps managers do this is stakeholder symbiosis. This means that
stakeholders are dependent on each other for their success
Crowdsourcing can be defined as
tapping the latent talent of the online crowd
Firms must be aware of goals other than short-term profit maximization. One area of concern should be social responsibility which is
the expectation that business will strive to improve the overall welfare of society.
According to the text, the “triple bottom line” approach to corporate accounting includes three components:
financial, environmental, and social.
Many organizations have a large number of functional areas with very diverse, and sometimes competing, interests. Such organizations will be most effective if
functional areas work together to attain overall goals
Strategy formulation and implementation is a challenging ongoing process. To be effective, it should involve
-the CEO and the board of directors,
-the board of directors, CEO, and CFO,
-line and staff managers.
— all of these —
The text argues that a strategic perspective in an organization should be emphasized
throughout the organization
Peter Senge, of MIT, recognized three types of leaders. __________ are individuals that, although having little positional power and formal authority, generate their power through the conviction and clarity of their ideas.
Internal networkers
Peter Senge, of MIT, recognized three types of leaders. __________ champion and guide ideas, create a learning infrastructure, and establish a domain for taking action
Executive leaders
Leadership is a necessary (but not sufficient) condition for organizational success. Leaders should emerge at which level(s) of an organization?
throughout the organization
The hierarchy of organizational goals is in this order (least specific to most specific):
vision statements, mission statements, strategic objectives.
Vision statements are used to create a better understanding of the organization’s overall purpose and direction. Vision statements
evoke powerful and compelling mental images.
Effective vision statements include
a brief statement of the company’s direction
Examples of __________ include: “To be the happiest place on earth” (Disneyland), and “Restoring patients to full life” (Medtronic).
vision statements
WellPoint Health Network states: “WellPoint will redefine our industry: through a new generation of consumer-friendly products that put individuals back in control of their future.” This is an example of a
vision statement.
In contrast to an organization’s vision, its mission should
encompass both the purpose of the company as well as the basis of competition.
An organization’s mission statement and vision statement set the overall direction of the organization. Strategic objectives
operationalize the mission statement.
Successful organizations are effective in motivating people. Employees work best when
they are striving toward specific goals
Fortune Brands states they will “cut corporate overhead costs by $30 million a year.” This is an example of a
financial strategic objective.
“We want to be the top-ranked supplier to our customers.” (PPG) This is an example of a
nonfinancial strategic objective.
In large organizations, conflicts can arise between functional areas. In order to resolve these conflicts, strategic objectives
help resolve conflicts through their common purpose

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