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Important Short Questions and Answers: Strategies

Business Science - Strategic Management - Strategies - Important Short Questions and Answers: Strategies

STRATEGIES

 

1. What is Emotional Intelligence?

 

Emotional intelligence is a mix of psychological attributes that many strong and effective leaders possess. They are

 

                     Self Awareness- the ability to understand one‘s own moods emotions and

 

drivers, as well as their effect on others.

 

                     Self Regulation-the ability to control or re-direct disruptive impulses or moods, that is to think before acting.

 

                     Motivation: a passion for work that goes beyond money or status and a propensity to pursue goals with energy and persistence.

 

                     Empathy: understanding the feelings and viewpoints of subordinates and taking those into account when making decisions.

 

                     Social skills: Friendliness with a purpose.

 

2. What is Organizational inertia?

 

Organizational inertia is the inability of the organization to adapt in a timely manner to new circumstances. This is on of the major reason that companies are often so slow to respond to new competitive conditions organizational inertia is complex and has a number of underlying causes. One source is he power and influence of individual managers another source is the existing allure of the organization.

 

3. What is Competitive intelligence?

 

Competitive intelligence means gathering of information about the competitors. 4. Define Policy?

 

A policy is a broad guideline for decision making that links the formulation of strategy with its implementation. Companies use form make decisions and take actions that support the corporations missions, objectives and strategies.

 

5. What is Budget?

 

A budget is a statement of a corporations programs in terms of dollars. Ic, in monetary terns. On planning and control, a budge lists the detailed cost of each program.

 

6. What is strategy formulation?

 

Strategy formulation is the development of long range plans for the effective management of environment opportunities and threats, taking into consideration corporate strengths and weaknesses. It includes defining the corporate Mission, specifying achievable objectives developing strategic and scatting policy guide lines.

 

7. What is a Mission?

 

An organization‘s mission is its purpose or the reason for its existence a well conceived mission statement defines the fundamental unique purpose that sets a company apart from other forms of its type and identifies the scope of the company‘s operation interns of products offered and markets served. It puts into words not only what the company is now but, what it wants to become.

 

8. What are objectives?

 

Objectives are the end results of planned activity they state what is to be accomplished by when and should be quantified of possible. The achievement of corporate objectives should result in the fulfillment of the corporation‘s mission.

 

9. What is Evaluation and control?

 

Evaluation and control is the process by which corporate activities and performance results are monitored so that actual performances can be companied with desired performance. Manager at all levels use resulting information to take corrective action and resolve problems.

 

10. What are the Responsibilities of the Board of Directors?

 

Setting corporate strategy, overall direction mission or vision

 

Succession: baring and firing the CEO and top management

 

Controlling, monitoring, or supervising top management.

 

Reviewing and approving the use of resources.

 

Caring for stockholder interests

 

11. What are the responsibilities of the CEO?

 

Provide exclusive leadership and a strategic vision

 

   Manage the strategic planning process CEO articulates a strategic vision for the

 

corporation. CEO not only communication high performance standards, but also shows,

 

• Confiding in the followers abilities to meet these standards.

 

12. What are the four responsibilities of business?

 

Economic responsibility

 

Legal Responsibility

 

Ethical Responsibility

 

Discretionary Responsibility

 

13. What is a strategic type?

 

Strategic type is a category of firms based on a common strategic orientation and a combination of structure, culture and processes consistent with that strategy. There are 4 strategic types. Defenders, prospectors, Analyzers and Reactors.

14. What is a defender?

 

Defenders are Romanics with a limited product line. Those fours on improving the officered of their existing operations they won‘t try to innovate in new areas.

 

15. What are prospectors?

 

Prospectors are companies with fairly broad product line those fours on product innovation and market opportunities. This sales orientation makes them somewhat inefficient. They tend to emphasis inactivity over efficiency.

 

16. What are analyzers?

 

Analyzers are companies that operate in at least different product market areas, one stable and one variable. In the stable area efficiency is emphasized. In the variable area innovation is emphasized.

 

17. What are reactors?

 

Reactors are companies that lack a consistent strategy-structure-culture relationship. Their responses to environment presumes fend to be piece-meal strategic changes.

 

18. How do resources determine competitive advantage?

 

Identify and classify the firm‘s resources in terms of strengths and weaknesses.

 

Combine the firm‘s strengths into specific capabilities-these are core competitive

 

   Appraise the profit potential of their resources and competencies in terms of their

 

potential for sustainable. Competitive advantaged the ability to harvest the profits resulting from the use of these resources and capabilities.

 

• Select the strategy that best exploits the firm‘s resources and competencies relative to external opportunities.

 

• Identify resource gaps and invest in upgrade weaknesses.

 

19. What is durability?

 

Durability is the rate at which firms underlying resources and capabilities depreciate or become obsolete. New technology can make a companies are competency obsolete or irrelevant.

 

 

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