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Questions and Answers
Match the following stages in strategic management with their descriptions:
Strategy formulation = Developing a vision and mission Strategy implementation = Establishing objectives, policies, motivating employees, allocating resources Strategy evaluation = Final stage in strategic management Strategists = Individuals most responsible for the success or failure of an organization
Match the following key terms in strategic management with their definitions:
Competitive advantage = Gaining and maintaining competitive advantage Vision and mission statements = Answers the question 'What do we want to become?' External opportunities and threats = Refer to economic, social, cultural, demographic factors Internal strengths and weaknesses = Controllable activities done well or poorly
Match the following statements about strategic management with their authors:
Peter Drucker's view on strategic management = Prime task is thinking through the overall mission of a business Edward Deming's quote on data = 'In God we trust. All others bring data'
Study Notes
Strategic Management Definition
- Strategic management is the art and science of formulating, implementing, and evaluating strategies to achieve organizational goals.
Strategic Management Stages
- The three stages of strategic management are:
- Strategy Formulation: developing a vision and mission, and setting objectives
- Strategy Implementation: establishing annual objectives, devising policies, motivating employees, and allocating resources
- Strategy Evaluation: monitoring and assessing the progress of organizational goals
Key Terms in Strategic Management
- Competitive Advantage: gaining and maintaining an edge over competitors
- Strategists: individuals responsible for the success or failure of an organization
- Vision and Mission Statements: answers the question "What do we want to become?"
- External Opportunities and Threats: economic, social, cultural, and demographic factors that affect the organization
- Internal Strengths and Weaknesses: controllable activities that affect organizational performance
- Long-term Objectives: achieving the organization's basic mission
- Strategies: long-term objectives to be achieved
- Annual Objectives: short-term milestones to achieve long-term objectives
- Policies: guidelines for achieving annual objectives
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Description
Test your knowledge on the fundamentals of strategic management including strategy formulation, implementation, and evaluation. Learn about developing vision and mission statements, setting objectives, and motivating employees.
