Entertainment Quiz / MGMT 3020 Chapter 2

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Can you name the MGMT 3020 Chapter 2?

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DefinitionAnswer
buying up more stores instead of focusing on your own logistics
includes all internal and external relationships that help the firm provide value to customers and ultimately to its other stakeholders
Developing a vision for the firm designing strategic actions to achieve this vision, and empowering others to carry out those strategic actions
Two components of strategic plans
choosing the best CFO for the job
(component of strategic plan) statement describing the firm's 'dna'
creating new products instead of focusing on manufacturing
(component of strategic plan) which defines the firm's core intent and the business or businesses in which it intends to operate
focus on the content of strategic actions rather than on their outcomes
focus on the short-term financial outcomes
DefinitionAnswer
CEO of what company said 'you must out-think the competition?'
the group of managers charged with the responsibility to develop and implement the firm's strategies
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 the knowledge and skills of those working for the firm
encourages employees to identify and exploit new opportunities
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
inability of the firm to respond effectively to new, low cost competitive challanges or to a significant shift in consumer valuation of product features
Basis for a firm's competitive advantages and strategies

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