Strategic Management: Creating Competitive Advantages Leadership Perspectives and Turnaround Elements
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Questions and Answers

What is the main challenge that managers face when practicing ambidexterity?

  • Ignoring efficiency in favor of effectiveness
  • Focusing solely on internal environment analysis
  • Aligning resources for existing product markets only
  • Balancing short-term and long-term perspectives (correct)

    • In the strategic management process, what is the difference between intended and realized strategy?

  • Intended strategy focuses on long-term goals, while realized strategy prioritizes short-term gains.
  • Intended strategy is based on analysis only, while realized strategy considers unforeseen environmental factors. (correct)
  • Intended strategy does not involve resource constraints, while realized strategy does.
  • Intended strategy is static, while realized strategy is dynamic.

    • What behavior is associated with individuals who exhibit ambidextrous behaviors?

  • Avoiding cooperation with others
  • Seeking out opportunities beyond their job scope (correct)
  • Being complacent within the confines of their own jobs
  • Resisting changes in managerial preferences

    • Which level of a firm is responsible for developing strategy formulation?

    <p>Board of Directors</p> Signup and view all the answers

    What does corporate governance refer to in the context of strategic management?

    <p>The relationship among participants determining corporate direction and performance</p> Signup and view all the answers

    What are the two fundamental questions that strategic management aims to address?

    <p>How to compete in the marketplace effectively and sustain competitive advantages?</p> Signup and view all the answers

    What is a key attribute of strategic management?

    <p>Directing the organization toward overall goals and objectives</p> Signup and view all the answers

    Which perspective of leadership views the leader as the primary force behind an organization's success?

    <p>Romantic View</p> Signup and view all the answers

    In strategic management, what is the primary focus of the external control perspective?

    <p>External factors affecting organizational success</p> Signup and view all the answers

    According to Caplan's turnaround elements mentioned in the text, what is one action taken to create competitive advantages?

    <p>Reducing advertising budgets</p> Signup and view all the answers

    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.

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    Description

    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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