CSHSPMG 4680 Midterm Flashcards

Questions and Answers

What are the three stages of the Strategic-Management Process?

Market analysis

Strategy formulation (correct)

Strategy evaluation (correct)

Strategy implementation (correct)

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?

To exploit and create new and different opportunities for tomorrow. Signup and view all the answers

What does long-range planning focus on?

Optimizing the trends of today for tomorrow. Signup and view all the answers

What is involved in strategy implementation?

Establishing annual objectives, devising policies, motivating employees, and allocating resources. Signup and view all the answers

What is strategy evaluation?

The final stage in strategic management, which involves evaluating when particular strategies are not working well. Signup and view all the answers

What is competitive advantage?

Any activity a firm does especially well compared to activities done by rival firms. Signup and view all the answers

Who are strategists?

Individuals responsible for the success or failure of an organization, such as CEOs and executives. Signup and view all the answers

What is sustained competitive advantage?

Achieving this requires adapting to changes and effectively formulating, implementing, and evaluating strategies. Signup and view all the answers

What are annual objectives?

Short-term milestones that organizations must achieve to reach long-term objectives. Signup and view all the answers

What is empowerment?

The act of strengthening employees' sense of effectiveness by encouraging participation in decision making. Signup and view all the answers

What is environmental scanning?

The process of conducting research and gathering and assimilating external information. Signup and view all the answers

What are external opportunities?

Trends and facts that could significantly benefit an organization in the future. Signup and view all the answers

What are external threats?

Trends and facts that could significantly harm an organization in the future. Signup and view all the answers

What are internal strengths?

Controllable activities performed especially well by an organization. Signup and view all the answers

What are internal weaknesses?

Controllable activities that are performed especially poorly by an organization. Signup and view all the answers

What is intuition?

The power of knowing things without thinking; sharp insight. Signup and view all the answers

What are long-term objectives?

Specific results that an organization seeks to achieve in more than one year. Signup and view all the answers

What are mission statements?

Enduring statements of purpose that distinguish one business from other similar firms. Signup and view all the answers

What are policies?

Means by which annual objectives will be achieved, including guidelines and rules. Signup and view all the answers

What are retreats?

Formal meetings held off-premises to discuss and update a firm's strategic plan. Signup and view all the answers

What is the Strategic-Management Model?

A model that incorporates business ethics, social responsibility, and environmental considerations into strategic management. 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.

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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.