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STRAT MANAGEMENT > MODULE 1-3 > Flashcards

MODULE 1-3 Flashcards

1
Q

the directing of activities toward the
accomplishment of corporate
objectives.

A

EXECUTIVE
LEADERSHIP

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2
Q

occurs when two firms share a director or when an executive of one firm sits on the board of a second firm.

A

direct interlocking directorate

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3
Q

Lower-priority
groups that affect or are affected by the
achievement of a firm’s objectives

A

Secondary stakeholders

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4
Q

BENEFITS OF STRATEGIC
MANAGEMENT

A

CREATING, ACQUIRING, AND TRANSFERRING
KNOWLEDGE
ITS BEHAVIOR

MODIFYING
ITS BEHAVIOR

REFLECT NEW
KNOWLEDGE
AND INSIGHTS.

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5
Q

a process of understanding the interaction of decisions and their impact upon the organization to gain an advantage

A

STRATEGIC DECISION MAKING

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6
Q

A decision-making mode that involves the systematic gathering of appropriate information for situation analysis,
the generation of feasible alternative strategies, and the rational selection of the most appropriate strategy.

A

Planning mode

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7
Q

a description of what the company is
capable of becoming. It is often communicated in the company’s mission and vision
statement

A

STRATEGIC
VISION

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8
Q

CARROLL’S FOUR
RESPONSIBILITIES
OF BUSINESS

A

Economic, Legal, Ethical, Philantropic

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9
Q

A decision-making mode characterized by reactive solutions to existing problems, rather than a proactive search for new opportunities.

A

Adaptive mode

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10
Q

INTERLOCKING DIRECTORATES

A

Direct and indirect interlocking directorates

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11
Q

STRATEGIC DECISION MAKING PROCESS

A

Evaluate current performance results

Review corporate governance

Scan and assess the external environment

Scan and assess the internal corporate environment

Analyze strategic SWOT factor

Generate, evaluate, and select the best alternative strategy

Implement the selected strategy
Evaluate implemented strategy

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12
Q

ROLE OF THE BOARD IN
STRATEGIC MANAGEMENT

A

Monitor, Evaluate and influence, Initiate and determine

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13
Q

Involved to a limited degree in the performance or review of selected key decisions, limited engagement in discussion and decision making

A

nominal participation

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14
Q

is the identification and evaluation of corporate stakeholders

A

STAKEHOLDER ANALYSIS

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15
Q

Degree of Involvement

A

Phantom, rubber stamp, minimal review, nominal participation, active participation and catalysts

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16
Q

A leader who
causes change and movement in an organizaztion by providing a strategic vision.

A

Transformational leader

17
Q

refers to the relationship of BOD, Top
management and Shareholders in
determining the direction and performance of the corporation

A

CORPORATE GOVERNANCE

18
Q

High level of engagement, approves, questions and makes decision

A

active participation

19
Q

THEORIES ABOUT INTERNAL & OUTSIDE BOD

A

Agency Theory
Stewardship Theory

20
Q

A high priority
group that affects or is affected by the
achievement of a firm’s objectives

A

Primary stakeholders

21
Q

The internationalization of markets and corporations

A

Globalization

22
Q

Formally reviews selected issues that officers bring to its attention, limited assessments on operation

A

minimal review

23
Q

BASIC MODEL OF STRATEGIC MANAGEMENT

A

ENVIRONMENTAL SCANNING
STRATEGY FORMULATION
STRATEGY IMPLEMENTATION
EVALUATION AND CONTROL

24
Q

takes the leading role

A

catalyst

25
Q

no active involvement, never knows what to do

A

Phantom

26
Q

CHALLENGES TO STRATEGIC MANAGEMENT

A

ENVIRONMENTAL SUSTAINABILITY AND GLOBALIZATION

27
Q

MINTZBERG MODES OF SDM

A

ENTREPRENEURIAL MODE
ADAPTIVE MODE
PLANNING MODE
LOGICAL INCREMENTALISM

28
Q

who said that “there is one and only social responsibility of business-to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game”

A

Milton Friendman

29
Q

a set of managerial decisions and
actions that determines the long run
performance of a corporation

A

STRATEGIC
MANAGEMENT

30
Q

RESPONSIBILITIES OF BOARD OF DIRECTORS

A
  1. Setting corporate strategy, overall direction, mission, or vision
  2. Hiring and firing the CEO and top management

3.Controlling, monitoring, or supervising top management

  1. Reviewing and approving the use of resources
  2. Caring for shareholder interests
31
Q

permits officers to make all decisions, lacks independence and critical thinking

A

Rubber stamp

32
Q

occurs when two corporations have
directors who also serve on the board of a third firm

A

indirect interlock

33
Q

A strategy made by
one powerful individual in which the focus is on opportunities, and problems are
secondary

A

Entrepreneurial mode

34
Q

A decision-making
mode that is a synthesis of the planning, adaptive, and entrepreneurial modes.

A

Logical incrementalism

STRAT MANAGEMENT (2 decks)

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