Strategic Leadership

Question 1

The ability to anticipate, envision, maintain flexibility, and empower others to create strategic change as necessary

Answer 1

strategic leadership

Question 2

Change resulting from selecting and implementing a firm’s strategies

Answer 2

strategic change

Question 3

Composed of the individuals responsible for making certain the firm uses the strategic management process, especially to select and implement strategies

Answer 3

top management team

Question 4

Composed of individuals with different functional backgrounds, experiences, and education

Answer 4

heterogenous top management team

Question 5

Consists of a firm’s opportunities for managerial positions and the qualified employees within it

Answer 5

internal managerial labour market

Question 6

Collection of management career opportunities and the qualified people who are external to the organization in which the opportunities exist

Answer 6

external managerial labour market

Question 7

Involves specifying the vision and the strategy to achieve the vision

Answer 7

determining strategic direction

Question 8

Refers to the knowledge and skills of a firm’s entire workforce. From the perspective of human capital, firms view employees as a capital resource requiring continuous investment

Answer 8

human capital

Question 9

Involves relationships inside and outside the firm that help in efforts to accomplish tasks that create value for stakeholders

Answer 9

social capital

Question 10

A tool firms, including family-owned firms, use to determine if they are achieving an appropriate balance when using strategic and financial controls as a means of positively influencing performance

Answer 10

balanced scorecard