Questions and Answers
What are the three stages of the Strategic-Management Process?
What does strategy formulation include?
Developing a vision and mission, identifying external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue.
What is strategic management?
The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.
What is the purpose of strategic planning?
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What does long-range planning focus on?
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What is involved in strategy implementation?
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What is strategy evaluation?
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What is competitive advantage?
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Who are strategists?
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What is sustained competitive advantage?
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What are annual objectives?
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What is empowerment?
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What is environmental scanning?
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What are external opportunities?
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What are external threats?
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What are internal strengths?
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What are internal weaknesses?
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What is intuition?
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What are long-term objectives?
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What are mission statements?
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What are policies?
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What are retreats?
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What is the Strategic-Management Model?
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Study Notes
Strategic Management Overview
- Strategic-Management Process: Involves three main stages - formulation, implementation, and evaluation of strategies.
- Strategic Management: Combines art and science to make decisions enabling organizations to meet objectives.
Strategy Formulation
- Includes: Developing vision and mission, identifying external opportunities and threats, assessing internal strengths and weaknesses, setting long-term objectives, generating alternatives, and selecting specific strategies.
Planning Concepts
- Strategic Planning: Focuses on creating new opportunities for future success.
- Long-Range Planning: Aims to optimize current trends for future application.
Implementation and Evaluation
- Strategy Implementation: Involves establishing annual objectives, motivating employees, and resource allocation for executing strategies effectively.
- Strategy Evaluation: Essential for assessing the effectiveness of strategies and determining necessary adjustments.
Competitive Edge
- Competitive Advantage: Relates to any activity or resource where a firm excels compared to rivals.
- Sustained Competitive Advantage: Achieved through continuous adaptation to changes and effective strategy management.
Objectives and Empowerment
- Annual Objectives: Short-term goals necessary for achieving long-term aspirations.
- Empowerment: Strengthening employees’ effectiveness through decision-making participation and rewarding initiative.
Environmental Factors
- Environmental Scanning: Research and assimilation of external information affecting the organization.
- External Opportunities: Trends that could benefit the organization, including economic, social, and technological factors.
- External Threats: Trends that could harm the organization, similarly spanning various domains.
Internal Assessments
- Internal Strengths: Controllable activities performed well by the organization in areas like finance and marketing.
- Internal Weaknesses: Controllable activities performed poorly, impacting overall performance.
Key Concepts in Management
- Intuition: The ability to understand without explicit reasoning, contributing to quick decision-making.
- Long-term Objectives: Set specific results to achieve over more than one year, aligned with vision and mission.
- Mission Statements: Enduring declarations that define the unique purpose of a business.
Strategic Policies
- Policies: Guidelines and procedures established to achieve annual objectives effectively.
Retreats and Model Development
- Retreats: Off-site meetings to discuss and innovate strategic plans, promoting a creative environment.
- Strategic-Management Model: Comprises the integration of business ethics, social responsibility, and environmental considerations in strategic development.
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Description
Prepare for your CSHSPMG 4680 midterm with this set of flashcards covering key concepts in strategic management. Learn the strategic-management process and the essential components of strategy formulation. Test your knowledge and deepen your understanding of the material.