Strategic Management Midterm Exam Study Guide
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Strategic Management Midterm Exam Study Guide (Chapters 1-6)
- Competitive advantage
- Innovation
- Sustainability
- Emphasis of strategic management - Long term
- Strategic management within a small organization - informal and irregular
- Response(s) to performance gap - objective, strategy, policies
- Corporate mission - description of competitive advantage
- Basic elements of the strategic management process - environmental scanning, evaluation, and disseminating information to external and internal
- SWOT
- Types of Board of Directors members - phantom, rubber stamp, minimal, nominal, active, catalyst
- Lead director - (Catalyst) Assign by the CEO and makes decision of operation of the company
- Sarbanes-Oxley Act - Protect shareholder, whistle blowers, financial statement
- When can directors be held personally liable for harm done to the corporation? DUE CARE
- Transformational leader - Leaders who provide change and movement, vision
- Milton Friedman comments a business’s only responsibility - Fundamentally Subversive doctrine (social change)
- Approaches to ethical behavior
- Role relativism - social roles
- Code of conduct that regulates supplier behavior
- Archie Carroll’s four responsibilities - Legal, economic, ethical, and discretionary
- Moral relativism - Social, personal, and cultural
- Primary stakeholders - customers, employees, creditors, investors
- Ethics definition - behavior of profession, occupation, and trade
- Brainstorming
- Extrapolation
- Bargaining powers of buyers - Large buy, backward integration
- Bargaining powers of suppliers - able to raise price and reduce quality of purchase goods
- Consolidated industry - differentiate product from it competition
- Diversity
- Functions of corporate cultures - Intensity and Integration
- VRIO - (Value, rareness, imitability, Organization) - factors that are strengths
- Cost leadership
- Differentiation - VIRO
- Competitive strategies - changing product Price VS quality
- Cooperative strategy - Working with other firms to get a competitive advantage
- “stuck in the middle” - low performance
- Strategic rollup - quickly consolidate
- Strategic Management Model
- Characteristics of the planning mode of strategic formulation
- Corporate governance
- Milton’s arguments against social responsibility - maximize profit and stay in the game
- Global industry
- Multi-domestic industry
- Attributes of corporate culture
- Differentiation strategy - differentiating you from competitors
- Corporate strategy
- Stewardship theory - Manager being responsible
- Competitive strategy
- Moore’s Law - integrated circuit doubles
- Standard operating procedure - strategic, emergency, disasters, and events
- Board of Directors participation (i.e. active, nominal, etc.)