Chapter #1 Flashcards
Situations in which the leader is the key force determining the organization’s success- or lack thereof.
Romantic View of Leadership
Situations in which external forces- where the leader has limited influence- determine the organization’s success.
External Control View of Leadership
The analyses, decisions, and actions of an organization undertakes in order to create and sustain competitive advantages.
Strategic Management
The ideas, decisions, and actions that enable a firm to succeed.
Strategy
A firm’s resources and capabilities that enable it to overcome the competitive forces in its industry(ies).
Competitive Advantage
Performing similar activities better than rivals.
Operational Effectiveness
Individuals, groups, and organizations that have a stake in the success of the organizations. These include owners, employees, customers, suppliers, and the community.
Stakeholders
Tailoring actions to the needs of an organization rather than wasting effort or “doing the right thing”.
Effectiveness
Performing actions at a low cost relative to a benchmark, or “doing things right”.
Efficiency
The challenge managers face of both aligning resources to take advantage of existing product markets and proactively exploring new opportunities.
Ambidexterity
Strategy in which organizational decisions are determined only by analysis.
Intended Strategy
Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments, unanticipated resource constraints, and/or changes in managerial preferences.
Realized Strategy
Study of firms’ external and internal environments, and their fit with organizational vision and goals.
Strategy Analysis
Decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain competitive advantage.
Strategy Formulation
Actions made by firms that carry out the formulated strategy, including strategic controls, organizational design, and leadership.
Strategy Implementation
The relationship among various participants in determining the direction and performance of corporations. The primary participants are the shareholders, the management, and the Board of Directors.
Corporate Governance
A firm’s strategy for recognizing and responding to the interests of all its salient stakeholders.
Stakeholder Management
The expectation that businesses or individuals will strive to improve the overall welfare of society.
Social Responsibility
Assessment of a firm’s financial, social, and environmental performance.
Triple Bottom Line
Organizational goals ranging from, at the top, those that are less specific yet able to evoke powerful and compelling mental images to, at the bottom, those that are more specific measurable.
Hierarchy of Goals
Organizational goals that evoke powerful and compelling mental images.
Vision
A set of organizational goals that identifies the purpose of the organization, its basis of competition, and competitive advantage.
Mission Statement
A set of organizational goals that are used to put into practice the mission statement and that are specific and cover a well-defined time frame.
Strategic Objectives
