Study sets, textbooks, questions
Upgrade to remove ads
STRAT MGT EXAM 3 (CH. 11-13)
Terms in this set (31)
Effective organizational structure provides:
stability and flexibility
Concerned with examining the fit between:
What the firm might do (opportunities in its external environment).
What the firm can do (competitive advantages).
Accounting-based financial control measures include:
-return on investment
-return on assets
Market-based financial control measures include:
Economic Value added (EVA)
Strategy and structure have a ________________ relationship
Evolutionary Growth Pattern
1.) Simple Structrure
2.) Sales Growth
3.) Functional Structure
4.) Sales Growth
5.) Multidivisonal Structure
the owner-manager makes all major decisions and monitors all activities while the staff serves as an extension of the manager's supervisory authority
consists of a chief executive officer and a limited corporate staff, with functional line managers in dominant organizational areas such as production, accounting, marketing, R&D, engineering, and human resources
Strategic leadership requires the ability to: (3 things)
1. Anticipate and envision.
2. Maintain flexibility.
3. Empower others to create strategic change through selecting and implementing a firm's strategies as necessary.
-Multi-functional work involving working through others.
-Consideration of the entire enterprise rather than just a sub-unit.
-A managerial frame of reference.
Effective Strategic Leaders do these 6 things:
1. Manage the firm's operations effectively
2. Sustain a high performance over time
3. Make better decisions than their competitors
4. Make candid, courageous, pragmatic decisions
5. Understand how their decisions affect the internal systems of the firm
6. solicit feedback from others about their decisions and visions
Top Management Team
A group composed of the CEO, the president, and the heads of the most important departments. They are responsible for selecting and implementing the firm's strategies.
Higher Top Management team performance is achieved when:
the board of directors are more directly involved in shaping strategic decisions
When a CEO also holds the position of Chairman of the Board
Managerial Labor Market
The place where potential managerial candidates interact with companies. Employers compete to hire the best, and the workers compete for the best satisfying job.
the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization
personal characteristics that encourage or discourage entrepreneurial opportunities
the knowledge and skills for the firm's entire workforce are a capital resource that requires investment in training and development
relationships inside and outside the firm that help it accomplish tasks and create value for customers and stakeholders
involves taking entrepreneurial actions using a strategic perspective
the use or application of entrepreneurship within an established firm
conditions in which new goods or services can satisfy a need in the market
the act of creating or developing a new product or process
Process used to create a commercial product from an invention
The adoption of a similar innovation by different firms
values uncertainty in markets and seeks to continuously identify opportunities in those markets that can be pursued through innovation
a process in which firms creatively discover and exploit opportunities that are outside their domestic markets
the ability to anticipate, envision, maintain flexibility, think strategically, and work with others to initiate changes that will create a positive future for an organization
change brought about as a result of selecting and implementing a firm's strategies
Top Management Team
a group composed of the CEO, the COO, the president, and the heads of the most important departments
Heterogenous Top Management Team
composed of individuals with different functional backgrounds, experience, and education
Sets with similar terms
Chapter 12 Terms
Other sets by this creator
World Economic Systems Final
Poly Sci Final
Constitution Outline (Articles & Sections)
Poly Sci Exam 2
Other Quizlet sets
CRIME: Criminal Trial Process
Patho: Ch 5 Review Questions!
Growth of Cities and American Culture Chap 18 amsco
MF1002_2: Uso en la comunicación escrita del ámbit…