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Strategy Test 1
Chpt 1, 2, 3, 4, 5, 11
13
Management
Undergraduate 4
02/16/2016

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Cards

Term
A good strategy consists of...
Definition
AFI framework: Analysis, formulation, implementation
Term
Analysis
Definition
Diagnosis of the competitive advantage
Term
Formulation
Definition
Guiding policy to address the competitive challenge
Term
Implementation
Definition
Set of coherent actions to implement the firm's guiding policy
Term
Competitive advantage
Definition
Superior performance relative to other competitors in the same industry or the industry average
Term
Industry effects
Definition
Firm performance attributed to the industry structure in which a firm competes
Term
Firm effects
Definition
Firm performance attributed to the actions managers take
Term
Black swan events
Definition
Profound impact of a highly improbable and unexpected event
Term
Three important stakeholder attributes
Definition
Power, legitimacy, urgency
Term
Strategic leadership
Definition
Executives’ use of power and influence to direct assets in the pursuit of an organization’s goals
Term
Strategic management process
Definition
Process employed by strategic leaders to conceive and implement a strategy, which leads to sustainable competitive advantage
Term
Strategic leadership
Definition
the behaviors and styles of executives that influence others to achieve the organization’s vision and mission
Term
Upper-echelons theory
Definition
Framework that views organizational outcomes – strategic choices and performance levels – as reflections of top management values, who interpret situations through their unique perspective lens
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