Entertainment Quiz / MGMT 3020 Chapter 2

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Can you name the MGMT 3020 Chapter 2?

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DefinitionAnswer
paying a person who has a relationship with the firm extra money for reasons other than his or her normal activities on the firm's behalf
includes all internal and external relationships that help the firm provide value to customers and ultimately to its other stakeholders
buying up more stores instead of focusing on your own logistics
(component of strategic plan) statement describing the firm's 'dna'
focus on the short-term financial outcomes
provides a framework for evaluating the simultaneous use of financial controls and strategic controls
necessary to ensure that standards are met and that employees do not misuse the firm's resources
(component of strategic plan) which defines the firm's core intent and the business or businesses in which it intends to operate
the group of managers charged with the responsibility to develop and implement the firm's strategies
includes the knowledge and skills of those working for the firm
DefinitionAnswer
inability of the firm to respond effectively to new, low cost competitive challanges or to a significant shift in consumer valuation of product features
encourages employees to identify and exploit new opportunities
choosing the best CFO for the job
creating new products instead of focusing on manufacturing
Two components of strategic plans
Basis for a firm's competitive advantages and strategies
Developing a vision for the firm designing strategic actions to achieve this vision, and empowering others to carry out those strategic actions
CEO of what company said 'you must out-think the competition?'
focus on the content of strategic actions rather than on their outcomes

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