Strategic Management Concepts Quiz

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Strategic Withdrawal Exiting or retreating from a particular market, industry, or business segment. 181.Strategic Resource Allocation Assigning resources to activities and projects that align with an organization's ______.

strategy

Strategy Formulation The process of developing a ______ that aligns with an organization's goals.A long-term advantage over competitors that is difficult to replicate.

strategy

Synergy The combined and additional value generated by the integration of different ______ elements.

business

Tactical Planning Short-term planning that involves specific actions to implement the overall ______.

strategy Signup and view all the answers

Total Quality Management (TQM) A management philosophy focusing on continuous improvement to achieve customer ______.

satisfaction Signup and view all the answers

Strategic Thinking: A cognitive ______ that involves the generation and application of unique business insights.

process Signup and view all the answers

Strategic Group Mapping: Visual ______ of the competitive positions of companies in an industry.

representation Signup and view all the answers

Strategic Factor Markets: The ______ where firms obtain inputs to develop and implement strategies.

arenas Signup and view all the answers

Strategic Inflection Point: A ______ when an organization must change its strategy to succeed in the future.

moment Signup and view all the answers

Strategic Initiative: A specific ______ or project designed to help achieve an organization's strategic goals.

action Signup and view all the answers

Strategic Management Accounting: Using ______ information for strategic decision-making.

accounting Signup and view all the answers

Strategic Group Mapping is a tool that visualizes the competitive positions of different companies in an ______.

industry Signup and view all the answers

Strategic Intent is a clear and challenging vision that guides an organization's ______.

strategic choices Signup and view all the answers

Strategic Issues Management involves identifying and addressing critical issues that may affect an organization's ______.

strategy Signup and view all the answers

Strategic Planning Model is a framework that outlines the key steps in the strategic ______ process.

planning Signup and view all the answers

Strategic Leadership is the ability of leaders to effectively guide and influence an organization's ______.

strategy Signup and view all the answers

Strategic Profile is the combination of an organization's strategy, structure, and competitive ______.

environment Signup and view all the answers

A long-term advantage over competitors that is difficult to replicate is known as ______.

sustainable competitive advantage Signup and view all the answers

Synergy is the combined and additional value generated by the integration of different business ______.

elements Signup and view all the answers

Short-term planning that involves specific actions to implement the overall strategy is known as ______ Planning.

Tactical Signup and view all the answers

Total Quality Management (TQM) is a management philosophy focusing on continuous improvement to achieve ______ satisfaction.

customer Signup and view all the answers

Vertical Integration involves owning and controlling different stages of the production or ______ process.

distribution Signup and view all the answers

A dedicated space where leaders and teams gather to focus on strategic planning and decision-making is called a ______ Room.

War Signup and view all the answers

Strategic Thinking: The ability to see the big picture, identify trends, and make informed decisions. 120.__________ Options Alternatives an organization considers when making strategic decisions.

Strategic Signup and view all the answers

Strategic Thrust: The primary focus or direction of an organization's ________.

strategy Signup and view all the answers

Strategic Vision: A compelling image of an organization's future that guides strategic ________.

decisionmaking Signup and view all the answers

Strategy Evaluation: Assessing the effectiveness of a strategy in achieving organizational ________.

objectives Signup and view all the answers

Strategy Map: A visual representation of an organization's strategy, linking ________ and initiatives.

objectives Signup and view all the answers

Strategy Execution: The successful implementation of a chosen strategy to achieve organizational ________.

goals Signup and view all the answers

Strategic Management Concepts Quiz

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Questions and Answers

Strategic Withdrawal Exiting or retreating from a particular market, industry, or business segment. 181.Strategic Resource Allocation Assigning resources to activities and projects that align with an organization's ______.

Strategy Formulation The process of developing a ______ that aligns with an organization's goals.A long-term advantage over competitors that is difficult to replicate.

Synergy The combined and additional value generated by the integration of different ______ elements.

Tactical Planning Short-term planning that involves specific actions to implement the overall ______.

Total Quality Management (TQM) A management philosophy focusing on continuous improvement to achieve customer ______.

Strategic Thinking: A cognitive ______ that involves the generation and application of unique business insights.

Strategic Group Mapping: Visual ______ of the competitive positions of companies in an industry.

Strategic Factor Markets: The ______ where firms obtain inputs to develop and implement strategies.

Strategic Inflection Point: A ______ when an organization must change its strategy to succeed in the future.

Strategic Initiative: A specific ______ or project designed to help achieve an organization's strategic goals.

Strategic Management Accounting: Using ______ information for strategic decision-making.

Strategic Group Mapping is a tool that visualizes the competitive positions of different companies in an ______.

Strategic Intent is a clear and challenging vision that guides an organization's ______.

Strategic Issues Management involves identifying and addressing critical issues that may affect an organization's ______.

Strategic Planning Model is a framework that outlines the key steps in the strategic ______ process.

Strategic Leadership is the ability of leaders to effectively guide and influence an organization's ______.

Strategic Profile is the combination of an organization's strategy, structure, and competitive ______.

A long-term advantage over competitors that is difficult to replicate is known as ______.

Synergy is the combined and additional value generated by the integration of different business ______.

Short-term planning that involves specific actions to implement the overall strategy is known as ______ Planning.

Total Quality Management (TQM) is a management philosophy focusing on continuous improvement to achieve ______ satisfaction.

Vertical Integration involves owning and controlling different stages of the production or ______ process.

A dedicated space where leaders and teams gather to focus on strategic planning and decision-making is called a ______ Room.

Strategic Thinking: The ability to see the big picture, identify trends, and make informed decisions. 120.__________ Options Alternatives an organization considers when making strategic decisions.

Strategic Thrust: The primary focus or direction of an organization's ________.

Strategic Vision: A compelling image of an organization's future that guides strategic ________.

Strategy Evaluation: Assessing the effectiveness of a strategy in achieving organizational ________.

Strategy Map: A visual representation of an organization's strategy, linking ________ and initiatives.

Strategy Execution: The successful implementation of a chosen strategy to achieve organizational ________.

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