10 Questions
What is the main challenge that managers face when practicing ambidexterity?
Balancing short-term and long-term perspectives
In the strategic management process, what is the difference between intended and realized strategy?
Intended strategy is based on analysis only, while realized strategy considers unforeseen environmental factors.
What behavior is associated with individuals who exhibit ambidextrous behaviors?
Seeking out opportunities beyond their job scope
Which level of a firm is responsible for developing strategy formulation?
Board of Directors
What does corporate governance refer to in the context of strategic management?
The relationship among participants determining corporate direction and performance
What are the two fundamental questions that strategic management aims to address?
How to compete in the marketplace effectively and sustain competitive advantages?
What is a key attribute of strategic management?
Directing the organization toward overall goals and objectives
Which perspective of leadership views the leader as the primary force behind an organization's success?
Romantic View
In strategic management, what is the primary focus of the external control perspective?
External factors affecting organizational success
According to Caplan's turnaround elements mentioned in the text, what is one action taken to create competitive advantages?
Reducing advertising budgets
Study Notes
Ambidexterity Challenges
- The main challenge managers face when practicing ambidexterity is balancing exploration and exploitation.
Strategic Management Process
- Intended strategy refers to the planned course of action, while realized strategy is the actual course of action implemented.
- The difference between intended and realized strategy lies in the planned vs. actual course of action.
Ambidextrous Behaviors
- Individuals who exhibit ambidextrous behaviors are able to balance exploration and exploitation simultaneously.
Strategy Formulation
- The corporate level of a firm is responsible for developing strategy formulation.
Corporate Governance
- Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled.
Strategic Management Questions
- Strategic management aims to address two fundamental questions: what business should we be in, and how can we compete successfully in that business?
Strategic Management Attributes
- A key attribute of strategic management is its long-term focus.
Leadership Perspectives
- The trait theory perspective views the leader as the primary force behind an organization's success.
External Control Perspective
- The primary focus of the external control perspective is on the external environment and the factors that influence an organization's performance.
Caplan's Turnaround Elements
- One action taken to create competitive advantages is to refocus on core competencies, as mentioned in Caplan's turnaround elements.
Explore two perspectives of leadership - Romantic view and External Control Perspective, in the context of creating competitive advantages in Strategic Management. Learn about the elements of Caplan's turnaround strategy, including cost-cutting measures, cultural changes, and strategic refocusing.
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