Podcast
Questions and Answers
What are examples of tangible assets?
What are examples of tangible assets?
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?
What does human capital refer to?
What does human capital refer to?
Which factor is NOT part of a PEST analysis?
Which factor is NOT part of a PEST analysis?
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What is the focus of an environmental scanning process?
What is the focus of an environmental scanning process?
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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?
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What is an example of an intangible asset?
What is an example of an intangible asset?
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In a PEST analysis, which factor is NOT typically considered?
In a PEST analysis, which factor is NOT typically considered?
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What are some elements of the internal environment in strategic management?
What are some elements of the internal environment in strategic management?
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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?
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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?
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What do simple rules for successful SWOT analysis recommend differentiating between?
What do simple rules for successful SWOT analysis recommend differentiating between?
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Which of the following is NOT a component of the PEST analysis?
Which of the following is NOT a component of the PEST analysis?
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What is the purpose of analyzing the internal factors of an organization?
What is the purpose of analyzing the internal factors of an organization?
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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?
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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?
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What is the purpose of an organization's mission statement?
What is the purpose of an organization's mission statement?
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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?
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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?
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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?
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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?
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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?
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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
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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.
