3.

What is a top management team, and how does it affect a firm’s performance and its abilities to
innovate and make appropriate strategic changes?
A top management team is comprised of the key managers who are responsible for
formulating and implementing the organization’s strategies. They should work effectively as a
team in order to implement strategies successfully. A kind of top management team which is a
heterogeneous top management team with varied expertise and knowledge can draw on multiple
perspectives when evaluating alternative strategies and building consensus would make it difficult
to work effectively as a team.