Strategic Management Chapter 1: Learning Outcomes

After studying this chapter, you will be able to ♦ Identify ______ decisions and behaviours within a firm.

♦ Acknowledge and appreciate the ______ of strategic management. And accept that all decisions need not be strategic.

Formulate Strategic Intent - Vision, Mission, Goals and ______. Analyse how each of these plays an important role in the development of an overall business strategy.

Describe strategic levels in organizations (Corporate, Business, Functional and Network of relation between three levels); and discuss the role each plays in final decision making and real execution of ______.

“The company without a strategy is willing to try ______.”

“Strategy is not the consequence of planning, but the opposite: it’s the ______ point.”

With increased competition, business management has acquired a ______ dimension.

All executives and professionals, including Chartered Accountants, working towards growth of businesses, must possess sound knowledge of concepts of ______ management.

The term ‘management’ is used in two senses, such as: (a) It is used with reference to a key group in an organisation in-charge of its ______.

An organisation becomes a unified functioning system when management systematically mobilises and utilises the diverse resources efficiently and ______.

The survival and success of an organisation depends to a large extent on the competence and character of its ______.

Management has to also facilitate organisational change and adaptation for effective interaction with the ______.

The term ‘Management’ is also used with reference to a set of interrelated functions and processes carried out by the management of an organisation to attain its ______.

These functions include Planning, Organising, Directing, Staffing and ______.

Management is an influence process to make things happen, to gain command over phenomena, to induce and direct events and people in a particular ______.

Managers formulate organisational goals, values and strategies, to cope with, to adapt and to adjust themselves with the behaviour and changes in the ______.