MGT 4 Internal Assessment Flashcards
“Weak Leadership can wreck the soundest strategy”
Sun Tzu
“Great Spirits have always encountered violent opposition from mediocre minds”
Albert Einstein
“The Idea is to concentrate our strength against our competitor’s greatest weakness”
Bruce Henderson
“The difference between now and five years ago is that information systems had limited function, you weren’t betting your company on it, now you are”
William Gruber
Jeff Bezos’s strategic plan for Amazon
Make it into “The Wal-Mart of the internet”
A ____ can be defined as a business that gets a _______ by featuring links to outside e-commerce sites on their own website.
Marketing Affiliate gets a Sales Commission
“It is not possible in a strategic management text to review in depth all the material presented in courses such as ………”
That’s the statement, It might appear in a true or false
A firm’s strengths that can’t be easily matched or imitated by competitors are called
Distinctive Competencies
“The process of an internal audit closely parallels the process of performing an external audit”
That’s the statement, It might appear in a true or false
“Compared to the external audit, the process of performing an internal audit provides more opportunity for participant’s to understand how their jobs, departments, divisions fit into the org”
That’s the statement, It might appear in a true or false
What may be the most important word in management?
Communication
According to ____, a task force of managers from different units of the organization, supported by staff, should be charged with determining the (amount), most important strengths and weaknesses that should influence the future of the org
William King, 10-20 most important strengths and weaknesses
This exemplifies the complexity of relationships among the functional areas of business.
Financial Return Analysis
What does RBV mean?
Resource Based View
What is RBV?
It contends that the internal resources of a firm are more valuable than external factors.
Who concluded that the internal audit is more important than the external one?
Robert Grant
3 all-encompassing categories of internal resources?
Physical Resources
Human Resources
Organizational Resources
Org Resources are firm structure, planning, IS, etc.
The basic premise of RBV is that the mix, type, amount, and nature of a firms internal resources should be considered first and foremost.
That’s the statement, It might appear in a true or false
For a resource to be valuable it must be either:
- Rare
- Hard to imitate
- Not easily substitutable
Also called as Empirical Indicators
One cannot say with any degree of certainty that either external/internal factors is more important to gaining and maintaining competitive advantage.
That’s the statement, It might appear in a true or false
What can be defined as “A pattern of behavior that has been developed by the org as it learns to cope with its problems of external adaptation and internal integration, and that has worked enough to teach new members how to think and feel”
Organizational Culture
Cultural Products include what?
Values, Beliefs, Metaphors, etc.
How can an Org culture compare to an individual’s personality?
They compare in a sense in that no 2 orgs have the same culture and no 2 individuals have the same personality
What did Lorsch conclude?
He concluded that culture can inhibit strategic management in 2 basic ways.
1. Managers forget the significance of external conditions
2. When a particular culture works in the past, they believe it’ll work in the future.
