Podcast
Questions and Answers
What are the three stages of the Strategic-Management Process?
What are the three stages of the Strategic-Management Process?
What does strategy formulation include?
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?
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?
What is the purpose of strategic planning?
Signup and view all the answers
What does long-range planning focus on?
What does long-range planning focus on?
Signup and view all the answers
What is involved in strategy implementation?
What is involved in strategy implementation?
Signup and view all the answers
What is strategy evaluation?
What is strategy evaluation?
Signup and view all the answers
What is competitive advantage?
What is competitive advantage?
Signup and view all the answers
Who are strategists?
Who are strategists?
Signup and view all the answers
What is sustained competitive advantage?
What is sustained competitive advantage?
Signup and view all the answers
What are annual objectives?
What are annual objectives?
Signup and view all the answers
What is empowerment?
What is empowerment?
Signup and view all the answers
What is environmental scanning?
What is environmental scanning?
Signup and view all the answers
What are external opportunities?
What are external opportunities?
Signup and view all the answers
What are external threats?
What are external threats?
Signup and view all the answers
What are internal strengths?
What are internal strengths?
Signup and view all the answers
What are internal weaknesses?
What are internal weaknesses?
Signup and view all the answers
What is intuition?
What is intuition?
Signup and view all the answers
What are long-term objectives?
What are long-term objectives?
Signup and view all the answers
What are mission statements?
What are mission statements?
Signup and view all the answers
What are policies?
What are policies?
Signup and view all the answers
What are retreats?
What are retreats?
Signup and view all the answers
What is the Strategic-Management Model?
What is the Strategic-Management Model?
Signup and view all the answers
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
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.
