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Test review - Test 1 Review Staggered board(53 many...

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Test 1 Review Staggered board: (53) : many corporations whose directors serve terms of more than one year divides the board into classes and staggers the elections so that only a portion of the board stands for election each year. Agency theory : A theory stating that problems arise in corporations because the agents (top mgmt) are not willing to bear responsibility for their decisions unless they own a substantial amount of stock in the corporation. Triggering events for strategic change : is something that acts as a stimulus for a change in strategy. Some possible triggering events are: new CEO, external intervention, threat of change in ownership, performance gap, strategic inflections point/ Evaluating position, what should you ask yourself Emphasis of strategic mgmt Strategy implementation 21 : a process by which strategies and policies are put into action through the development of programs, budgets and procedures. This process might involve changes within the overall culture, structure, and/or management system of the entire organization. Except when such drastic corporatewide changes are needed, however, the implementation of strategy is typically conducted by middle- and lower-level managers, with review by top management. Sometimes referred to operational planning, strategy implementation often involves day-to-day decisions in resources allocation. Product differentiation 111: corporations such as Proctor & Gamble and General Mills, which manufacture products such as Tide and Cheerios, create high entry barriers through their high levels of advertising and promotions.
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Discretionary responsibilities : are purely voluntary obligations a corporation assumes. Examples are philanthropic contributions, training the hard-core unemployed, and providing day care centers. The difference between ethical and discretionary responsibilities is that few people expect an organization to fulfill discretionary responsibilities, whereas many expect an organization to fulfill ethical ones. Willingness to reject unfamiliar or neg info 108 : strategic myopia Sarbanes Oxley protects? 55 : this act was designed to protect shareholders from the excesses and failed oversight that characterized failures at Enron, TyCo, etc. Brainstorming : the process of proposing ideas in a group without first mentally screening them.
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