Globus Exam1 2022/2023 with Complete Solution

strategic management - ANSWER integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage strategy - ANSWER the set of goal-directed actions a firm takes ...

strategic management - ANSWER integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage strategy - ANSWER the set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors good strategy - ANSWER enable a firm to achieve superior performance relative to its competitors. Consisted of 1) a diagnosis of the competitive challenge. 2) a guiding policy to address the competitive challenge. 3) a set of coherent actions to implement a firm's guiding policy competitive advantage - ANSWER superior performance relative to other competitors in the same industry or the industry average sustainable competitive advantage - ANSWER outperforming competitors or the industry average over a prolonged period of time competitive disadvantage - ANSWER under performance relative to other competitors in the same industry or the industry average competitive parity - ANSWER performance of two or more firms at the same level vision - ANSWER a statement about what an organization ultimately wants to accomplish; captures the company's aspirations mission - ANSWER Description of what an organization actually does—the products and services it plans to provide, and the markets in which it will compete. core values statement - ANSWER statement of principles to guide an organization as it works to achieve its vision and fulfill its mission, for both internal conduct and external interactions; it often includes explicit ethical considerations organizational core values - ANSWER ethical standards and norms that govern the behavior of individuals within a firm or organization Product-Oriented Vision Statements - ANSWER defines a business in terms of a good or service provided customer oriented vision statement - ANSWER defines a business in terms of providing solutions to customer needs AFI strategy framework - ANSWER A model that links three interdependent strategic management tasks—analyze, formulate, and implement—that, together, help managers plan and implement a strategy that can improve performance and result in competitive advantage. 1) explains and predicts differences in firm performance 2)helps managers formulate and implement a strategy that can result in superior performance Strategic Leadership - ANSWER executives' use of power and influence to direct the activities of others when pursuing an organization's goals upper-echelons theory - ANSWER A conceptual framework that views organizational outcomes—strategic choices and performance levels—as reflections of the values of the members of the top management team. strategy formulation - ANSWER concerns the choice of strategy in terms of where and how to compete strategy implementation - ANSWER concerns the organization, coordination, and integration of how work gets done Corporate Strategy - ANSWER concerns questions relating to where to compete in terms of industry, markets, and geography Business Strategy - ANSWER concerns the question of how to compete. Three generic business strategies are available: cost leadership, differentiation, or value innovation. Funtional Strategy - ANSWER concerns the question of how to implement a chosen business strategy Leadership Pyramid - ANSWER A conceptual framework of leadership progression with five distinct, sequential levels. 1) highly capable individual: makes productive contributions through motivation, talent, knowledge, and skills 2) contributing team members: uses high level of capability to work effectively with others in order to achieve team objectives 3) competent manager: is efficient and effective in organizing resources to accomplish stated goals and objectives. Does things right