Strategic Management Concepts Quiz

Week 1 Lecture Presentation: Strategic Management

• Strategic management is crucial for organizations to achieve and maintain a competitive advantage in a global business environment.
• The course covers various strategic management areas including strategy formulation, competitive and industry analysis, evaluation of strategic choices, and strategic surveillance and controls.
• The course aims to equip participants with the knowledge and skills to apply strategic management principles in their work environments.

Course Rationale

• Effective management of organizations is essential for gaining and maintaining competitive advantage within the global business environment.
• The course focuses on strategic management areas such as strategy formulation, competitive and industry analysis, evaluating strategic choices, and strategic supervision and controls.

Course Description

• Introduces essential principles of strategic management.
• Equips participants to understand and apply steps to develop a strategic management perspective in their work environments.
• Develops appreciation for strategic management's importance for the effective and successful management of business activities.
• Focuses on providing a clear, motivating, strategic vision for an organization.

Teaching Strategies

• Lectures
• Class discussions
• Group activities
• Case studies
• Presentations
• Handouts

Assessment

• Online Delivery: Pre-mid Module Quiz/DQ (5%), Case Studies/Assignments (15%), Group Project & Presentation (15%/5%)(20%), Mid-Module Exam (20%), End of Module Exam (including Case Studies & Essays) (40%)
• Total: 100%

Learning Resources

• Recommended Textbook: David, F. (2017). Strategic Management: A competitive advantage approach, concepts and cases (16th Ed).
• Suggested Readings: Pearce II, J.A, Robinson Jr. R.B. (2012). Strategic management: Formulation, implementation and control. McGraw-Hill Education. Rothaermel, F., McDonnough, R. (2012). Strategic management: Concepts and cases. McGraw-Hill Education.
• Other resources: Journals of Strategic Management, Harvard Business Review, books, periodicals, business magazines, handouts, newspaper articles, etc.

Week 2 Lecture Presentation: Introduction to Strategic Management

• Explains the strategic management process.
• Emphasizes the importance of integrating analysis and intuition in strategic management.
• Defines and provides examples of key strategic management terms.
• Discusses strategy formulation, implementation, and evaluation activities.

Week 2 Lecture Presentation: Key Terms

• Strategists: individuals most responsible for the success or failure of an organization.
• Strategic management: Gaining and Maintaining Competitive Advantage, a concept that deals with anything a firm does uniquely compared to other firms
• Vision Statement: a short statement that describes the desired future of an organization, often considered the first step in strategic planning.
• Mission Statement: an enduring purpose that sets an organization apart from similar firms, identifying its product/market scope.
• Opportunities & Threats (External): economic, social, cultural, demographic, environmental, political, legal, governmental, technological, and competitive trends that affect an organization's success.
• Strengths & Weaknesses (Internal): Factors under the organization's control
• Long-Term Objectives: Mission-driven pursuit of specific results extending beyond one year.
• Strategies: The means by which long-term objectives are achieved.
• Annual Objectives: Short-term, measurable, and quantitative steps towards long-term objectives.
• Policies: Guidelines, rules, and procedures supporting objective achievement.
• Strategic Control: A framework to monitor implementation and make the necessary adjustments.
• Continuous Improvement: Encourages proactive managerial efforts to improve processes.
• Social Responsibility: Actions undertaken by an organization to improve the well-being of living things.
• Sustainability: A firm's operations and actions to preserve the natural environment rather than harming it.
• Corporate Social Responsibility: Business' responsibility to serve society and stakeholders in addition to financial interests.

Week 3 Lecture Presentation: Formulation: The Business Vision & Mission

• Importance of vision and mission statements in strategic management, establishing a clear direction.
• Steps in developing a compelling mission statement.
• Components of a mission statement, including defining the product/service, market, and technology.
• Vision and mission statements' value in guiding a firm's strategies
• Significance of Company philosophy, public image, and self-concept to stakeholders' commitment
• Role of the board of directors, and the concept of agency theory.

Week 4 Lecture Presentation: External Assessment

• Macro environmental forces affect strategic management.
• Tools and techniques (SWOT, SLEPT, 5-forces model) for external environment analysis
• Sources of external information, including published and unpublished sources and the role of the internet
• Importance of staying informed on rapidly changing and complex environmental forces for effective planning and success
• The four perspectives of an external analysis – (1) environmental scanning (2) industry analysis (3) macroenvironmental analysis, and (4) Competitive analysis
• Key questions for industry analysis and defining industry boundaries.
• Defining Competitive Factors, factors of Intensity of Rivalry, Barriers to Entry, Threat of Substitutes and Bargaining power of suppliers and buyers

Week 6 Lecture Presentation: The Global Environment & Environmental Forecasting

• Importance of globalizing a business.
• Four main strategic orientations for global firms.
• Complexity of the global environment and related control challenges.
• Strategic issues and demands from stakeholders in global markets (with a focus on foreign governments.)
• Distinction between multi-domestic and global industries and the relative factors.
• Methods of business forecasting, both qualitative and quantitative approaches.

Test your knowledge on the essential concepts of strategic management and mission statements. This quiz covers the roles of CEOs, levels of strategy, and the importance of clear mission statements in organizations. Evaluate your understanding of strategic management principles and practices.