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MGT 499 || Chapter One Summary
MGT 499 || Chapter One Summary
17
Business
Undergraduate 4
01/14/2019

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Term
What is to maximize the returns that shareholders receive from holding shares in the company?
Definition
The major goal of companies.
Term
What is pursuing strategies that result in high sustained profitability and profit growth?
Definition
How managers maximize shareholder value.
Term
What can be measured by the return that it makes on the capital invested in the enterprise?
Definition
Profitability of a company.
Term
What can be measured by the growth in earnings per share?
Definition
Profit growth of a company.
Term
What are determined by strategies managers adopt?
Definition
Profitability and Profit Growth.
Term
When does a company have competitive advantage over its rivals?
Definition
When it is more profitable and has greater profit growth than the average for all firms in the industry.
Term
When does a company have sustained competitive advantage?
Definition
When it is able to maintain above-average performance over a number of years.
Term
Who are responsible for the overall performance of an organization, or one of its major self-contained divisions?
Definition
General Managers
Term
What is a General Manager's overriding strategic concern?
Definition
The health of the total organization under their direction.
Term
Who are responsible for a particular business function or operation?
Definition
Functional Managers
Term
Functional Managers may lack general management responsibilities, but they make up for it in what?
Definition
Important strategic roles.
Term
What stress that organization strategy is the outcome of a rational planning process?
Definition
Formal Strategic Planning
Term
What are the following?:

1. Defining the mission, vision and major goals of the organization.

2. Analyzing the external and internal environments of the organization.

3. Choosing a business model and strategies that align an organization's strengths and weaknesses with external environmental opportunities and threats.

4. Adopting organizational structures and control systems to implement the organization's chosen strategies.
Definition
Major components of the strategic management process.
Term
What can emerge from deep within an organization in the absence of formal plans as lower-level managers respond to unpredicted situations?
Definition
Strategy
Term
If cognitive biases are allowed to intrude into the decision-making process, what might happen?
Definition
In spite of systematic planning, companies may adopt poor strategies.
Term
What are the following?:

1. Devil's Advocacy

2. Dialectic Inquiry

3. Outside view
Definition
Techniques for enhancing the effectiveness of strategic decision making.
Term
What are the following?:

1. Vision

2. Eloquence and Consistency

3. Ability to craft a business model

4. Commitment

5. Being well informed

6. Willingness to delegate and empower

7. Political Astuteness

8. Emotional Intelligence
Definition
Key attributes possessed by good leaders of the strategy-making process.
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