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Strategic Management

Midterm Exam Study Guide (Chapters 1-6)

1.Competitive Advantage

2.Innovation

3.Sustainability-

4.Emphasis Of strategic management-Long term

5.Strategic Management within a small organization-informal and irregular

6.Response(s) To performance gap-objective, strategy, policies

7.Corporate Mission-description of completive advantage

8.Basic Elements of the strategic management process-environmental scanning, evaluation, And dissemntaling information to external and internal

9.SWOT

10.Types Of Board of Directors members- phantom, rubber stamp, minimal, nominal. Active, Catalyst

11.Lead director- (Catalyst)Assign by the CEO and makes decision of operation of the Company

12.Sarbanes-Oxley Act- Protect shareholder, whistle blowers, financial statement

13.When Can directors be held personally liable for harm done to the corporation?DUE CARE

14.Transformational Leader- Leaders who provide change and movement, vision

15.Milton Friedman comments a business’s only responsibility- Fundamentally Subsersive Doctrine (social change)

16.Approaches To ethical behavior

17.Role Relativism- social roles

18.Code Of conduct that regulates supplier behavior

19.Archie Carroll’s four responsibilities- Legal, economic, ethical, and discretionary

20.Moral Relativism- Socail, personal, and cultural

21.Primary Stakeholders- customers, employees, creditors, investors

22.Ethics Definition- behavior of profession, occupation, and trade

23.Brainstorming

24.Extrapolation

25.Bargaining Powers of buyers- Large buy, backward integration,

26.Bargaining Powers of suppliers- able to raise price and reduce quality of purchase goods

27.Consolidated industry- differentiate product from it competition

28.Diversity

29.Functions Of corporate cultures- Itensity and Intergration

30.VRIO- (Value, rareness, imatiablity, Organization)- factors that are strengths

31.Cost Leadership

32.Differentiation- VIRO

33.Competitive Strategies- changing product Price VS quality

34.Cooperative Strategy- Working with other firms to get a competive advatage

35.“stuck In the middle”- low performance

36.Strategic Rollup- quickly consolidate

37.Strategic Management Model

38.Characteristics Of the planning mode of strategic formulation

39.Corporate Governance

40.Milton’s Arguments against social responsibility- maximize profit and stay in the game

41.Global Industry

42.Multi-domestic Industry

43.Attributes Of corporate culture

44.Differentiation Strategy- differentiating you from competitors

45.Corporate Strategy

46.Stewardship Theory- Manager being responsible

47.Competitive Strategy

48.Moore’s Law- integrated circuit doubles

49.Standard Operating procedure-strategic, emergency, disasters, and events

50.Board Of Directors participation (i.E. Active, nominal, etc.)

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