Strategic Management Lesson 1
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Questions and Answers

Which of the following is not one of the 5 P's of strategy according to Henry Mintzberg?

  • Plan
  • Ploy
  • Profit (correct)
  • Pattern

    • What is the Greek word for 'strategic'?

    strategos

    The 'Pattern' in the 5 P's refers to the company's standing in the market.

    False

    What are the short term plans referred to in strategic management?

    <p>Tactics</p> Signup and view all the answers

    Which of the following is a benefit of strategic management?

    <p>Increased managerial awareness</p> Signup and view all the answers

    What is the first step in the 5 Process of Strategic Management?

    <p>Identifying Direction</p> Signup and view all the answers

    SWOT analysis in strategic management looks at which of the following?

    <p>Both A and B</p> Signup and view all the answers

    Feasibility refers to the study of creating new businesses.

    <p>True</p> Signup and view all the answers

    What does globalism refer to?

    <p>Globalization as an ideology</p> Signup and view all the answers

    Which of the following is NOT one of the core claims of globalism?

    <p>Globalization leads to isolationism.</p> Signup and view all the answers

    What is cultural globalization?

    <p>Adoption of cultures from other countries.</p> Signup and view all the answers

    Name one example of economic globalization.

    <p>Dropshipping or Overseas Filipino Workers (OFWs)</p> Signup and view all the answers

    What facilitates technological globalization?

    <p>Internet</p> Signup and view all the answers

    Globality and globalization denote the same concept.

    <p>True</p> Signup and view all the answers

    Globalization is characterized by thick economic, political, and cultural ______.

    <p>interconnections</p> Signup and view all the answers

    Which framework does NOT represent the different aspects of globalization?

    <p>Economic nationalism</p> Signup and view all the answers

    Study Notes

    Strategic Management Fundamentals

    • Derived from the Greek word "strategos," referring to planning to compete against enemies.
    • Involves long-term planning, typically spanning 5-10 years.
    • Differentiates between strategies (long-term) and tactics (short-term).
    • Focuses on the art and science of formulating and evaluating actions to achieve organizational objectives.

    5 P's of Strategy by Henry Mintzberg

    • Plan: Develop a concrete plan aimed at achieving success.
    • Ploy: Tactics designed to outsmart competitors to become a market leader, defined as the entity with the highest market share.
    • Pattern: Identify consistent behaviors that attract attention, such as limited editions or seasonal sales.
    • Position: Understanding the organization's standing in the market, encompassing both business reputation and physical location.
    • Perspective: Considering the viewpoints of stakeholders, including their mindset and predictions regarding future trends.

    Benefits of Strategic Management

    • Competitive Advantage: Fosters healthy competition and can enhance market share.
    • Achieving Goals: Facilitates the accomplishment of strategic objectives.
    • Sustainable Growth: Provides a realistic framework for tracking progress towards long-term targets.
    • Cohesive Organization: Promotes unity and coordinated efforts within the organization.
    • Increased Managerial Awareness: Encourages leaders to focus on the company’s long-term future.

    Distinction Between Feasibility and Strategic Management

    • Feasibility: Involves studying the potential for creating a new business.
    • Strategic Management: Focuses on analyzing and enhancing existing businesses.

    5 Processes of Strategic Management

    • Identifying Direction: Establishing a clear mission, vision, goals, and objectives.
    • Analyzing Resources:
      • Internal Factors: Assessing internal strengths and weaknesses that the organization can control.
      • External Factors: Identifying external opportunities and threats that are uncontrollable by the organization.
    • Forming Strategies: Create strategies based on analytical frameworks like SWOT (Strengths, Weaknesses, Opportunities, Threats) and PESTEL (Political, Economic, Social, Technological, Environmental, Legal).
    • Implementing Strategies: Actioning the developed plan to execute strategic initiatives.
    • Evaluating Strategies: Assessing the effectiveness of implemented strategies to ensure alignment with objectives.

    Globalization Overview

    • Historical progression from colonialism to imperialism to globalization.
    • Globalization involves interconnectivity transcending nation-states.

    Globalization Definitions

    • A concept defined by a cluster of economic and political frameworks shaped by international political economy interests.
    • Globality represents a future social condition marked by dense economic and cultural connections, rendering political borders and economic barriers irrelevant.

    Globalism Ideology

    • Globalization viewed as an ideology promoting international integration.
    • Five core claims of globalism include:
      • Globalization as a liberating force promoting global integration.
      • Perception of globalization as inevitable and irreversible.
      • Absence of centralized authority governing globalization.
      • Benefits of globalization purportedly accessible to all.
      • Globalization is seen as a means to enhance democracy worldwide.

    Aspects of Globalization

    • Cultural Globalization: Adoption of foreign cultures, exemplified by Westernized practices and cuisine such as samgyupsal.

    • Economic Globalization: Focus on the trade of goods and services, illustrated by trends like dropshipping and overseas Filipino workers (OFWs).

    • Political Globalization: Strengthened relationships between countries, as seen through organizations like ASEAN (Association of Southeast Asian Nations).

    • Technological Globalization: Emphasis on advanced technology that facilitates communication and information transmission, exemplified by the internet.

    • Financial Globalization: Growing use of digital financial services, including platforms like GCash, e-wallets, and PayMaya.

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    Description

    Dive into the fundamentals of strategic management with this engaging quiz. Explore key concepts like the 5 P's of strategy as outlined by Henry Mintzberg and the importance of long-term planning. Test your understanding of tactics and strategies for achieving business objectives.

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