Podcast
Questions and Answers
What are examples of tangible assets?
What are examples of tangible assets?
- Knowledge, skills, capabilities
- Customer relationships, brand reputation, intellectual property
- Market share, patents, copyrights
- Production facilities, raw materials, financial resources (correct)
Which type of assets are the easiest to identify and often found on a firm's Balance Sheet?
Which type of assets are the easiest to identify and often found on a firm's Balance Sheet?
- Tangible assets (correct)
- Human assets
- Intangible assets
- Distribution assets
What does human capital refer to?
What does human capital refer to?
- The physical and financial assets of a company
- The number of employees, their skills, and motivation (correct)
- The knowledge and skills of employees
- The money needed to achieve the plan
Which factor is NOT part of a PEST analysis?
Which factor is NOT part of a PEST analysis?
What is the focus of an environmental scanning process?
What is the focus of an environmental scanning process?
Which of the following is NOT one of the three basic resources mentioned?
Which of the following is NOT one of the three basic resources mentioned?
What is an example of an intangible asset?
What is an example of an intangible asset?
In a PEST analysis, which factor is NOT typically considered?
In a PEST analysis, which factor is NOT typically considered?
What are some elements of the internal environment in strategic management?
What are some elements of the internal environment in strategic management?
According to the SWOT analysis rules, how should one differentiate between strength and opportunity?
According to the SWOT analysis rules, how should one differentiate between strength and opportunity?
Which component addresses the question 'What do we want to be?' in strategic management?
Which component addresses the question 'What do we want to be?' in strategic management?
What do simple rules for successful SWOT analysis recommend differentiating between?
What do simple rules for successful SWOT analysis recommend differentiating between?
Which of the following is NOT a component of the PEST analysis?
Which of the following is NOT a component of the PEST analysis?
What is the purpose of analyzing the internal factors of an organization?
What is the purpose of analyzing the internal factors of an organization?
Which of the following is NOT an example of a basic organizational structure?
Which of the following is NOT an example of a basic organizational structure?
Which of the following factors would be considered a socio-cultural factor in the PEST analysis?
Which of the following factors would be considered a socio-cultural factor in the PEST analysis?
What is the purpose of an organization's mission statement?
What is the purpose of an organization's mission statement?
Which of the following is NOT a component of the strategic management model presented in the text?
Which of the following is NOT a component of the strategic management model presented in the text?
What is the purpose of the 'evaluation and control' step in the strategic management model?
What is the purpose of the 'evaluation and control' step in the strategic management model?
Which of the following is an example of a technological factor in the PEST analysis?
Which of the following is an example of a technological factor in the PEST analysis?
What is the purpose of an organization's culture, according to the text?
What is the purpose of an organization's culture, according to the text?
Which of the following is NOT considered a resource in the internal analysis of an organization?
Which of the following is NOT considered a resource in the internal analysis of an organization?
Study Notes
Strategic Management Model
- Consists of Environmental Scanning, Strategy Formulation, Strategy Implementation, and Evaluation and Control
- External Societal Environment: General forces, PEST Analysis, Task (Industry), and Competitors
- Internal Structure: Chain of Command, Culture: Beliefs, Expectations, Values, and Resources: Assets, skills, competencies, knowledge
Environmental Scanning
- External Factors: PEST Analysis (Political, Economical, Socio-cultural, Technological)
- Internal Factors: Structure, Culture, Resources
- Strategy Formulation, Strategy Implementation, and Evaluation and Control
PEST Analysis
- Political Factors: Monopolies legislation, Environmental protection laws, Taxation policy, Employment laws, Government policy, Legislation
- Economical Factors: GDP Trends, Interest rates, Inflation, Money supply, Employment, Income, Energy availability and cost
- Socio-cultural Factors: Growth rate of Population, Age distribution of population, Distribution of income, Lifestyle changes, Levels of education
- Technological Factors: Total Government spending for R&D, New discoveries and innovations, Speed of technology transfer, Internet Availability, Information technology
Internal Factors
- Structure: Chain of Command, Basic Organizational Structures (Simple, Functional, Divisional, Strategic business units (SBU’s), Conglomerate structure)
- Culture: Collection of beliefs, expectations, and values shared by a corporation’s members and transmitted from one generation of employees to another
- Resources: Assets, skills, competencies, knowledge, Three Basic Resources (Tangible assets, Human Assets, Intangible assets)
Resources
- Tangible assets: physical and financial assets, can be found on a firm’s Balance Sheet
- Human Assets: number of employees, their skills, and motivation
- Intangible assets: cannot be seen or touched, often very important in creating competitive advantage
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on strategic management models, environmental analysis, strategy formulation, implementation, and evaluation. Topics include PEST analysis, chain of command, organizational culture, resources, vision, and mission.
