Strategic Management Process Overview

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What are the three main steps involved in the Strategic Management Process?

Strategy Formulation, Strategy Implementation, Strategy Evaluation

Define the organization's mission, vision, and values in the context of strategy formulation.

Mission: What the organization does; Vision: What the organization hopes to achieve; Values: How managers and employees should conduct themselves.

Why is understanding competitive advantage important in Strategic Management?

To develop a framework for planning strategically and to focus on how it is acquired and sustained.

What does the Strategic Management Process aim to develop?

A framework for thinking ahead. Signup and view all the answers

What does Strategy Implementation involve?

Putting the formulated strategy into action. Signup and view all the answers

What type of statement provides the purpose and direction of an organization?

Mission Statement Signup and view all the answers

What are opportunities in the external environment analysis?

Events and trends that create chances to improve performance Signup and view all the answers

Define threats in the external environment analysis.

Events and trends that undermine an organization's performance Signup and view all the answers

What does PESTEL analysis stand for in the context of general environment analysis?

Political, Economic, Social, Technological, Environmental, Legal Signup and view all the answers

List the components of Porter's 5 Forces Model used in industry environment analysis.

Threat of new entrants, Threat of substitute products, Power of buyers, Power of suppliers, Rivalry among businesses Signup and view all the answers

What is the outcome of strategy formulation?

Results in a plan of action Signup and view all the answers

What is the term used to describe when team members shift their attention away from the task to focus on relationships?

Relationship focus Signup and view all the answers

Name one personal quality or skill that employers value according to the NACE 2007 Job Outlook Survey.

Communication skills (verbal and written) Signup and view all the answers

What is the term for the belief that individuals control their own destiny and actions?

High internal locus of control Signup and view all the answers

Why is having a high internal locus of control considered desirable in the workplace?

Take responsibility for their actions, take initiative, take control of difficult situations with confidence Signup and view all the answers

What does the term 'Emotional Labour' refer to?

The effort, planning, and control needed to express organizationally desired emotions Signup and view all the answers

Can you provide an example of Emotional Labour in the workplace?

Managing emotions as expected in the workplace Signup and view all the answers

What is the purpose of strategy implementation in the Strategic Management Process?

Carrying out the plan and moving the organization towards successful completion. Signup and view all the answers

What is the main focus of strategy evaluation in the Strategic Management Process?

Measuring progress against objectives and taking corrective action. Signup and view all the answers

What is the essence of strategic thinking?

Defining how people think about, assess, view, and create the future. Signup and view all the answers

What distinguishes a Deliberate Strategy from an Emergent Strategy?

Deliberate Strategy is preconceived with a specific purpose, while an Emergent Strategy lacks a preconceived plan or specific objective. Signup and view all the answers

Why is it important for individuals to develop strategic thinking skills?

To effectively assess situations, anticipate solutions, and plan for the future. Signup and view all the answers

What is the significance of being flexible in the context of strategy implementation?

To adapt to changing circumstances and feedback received. Signup and view all the answers

What is emotional labour higher when a job requires?

Frequent and long duration display of emotions, displaying a variety of emotions, displaying more intense emotions Signup and view all the answers

According to Maslow's Hierarchy of Needs, what is the primary motivator for individuals?

The next higher need in the hierarchy becomes the primary motivator as a lower one gets satisfied Signup and view all the answers

What distinguishes self-actualization from other needs in Maslow's Hierarchy?

It is considered a growth need because it continues to develop even when fulfilled Signup and view all the answers

Why does self-actualization stand out in Maslow's Hierarchy of Needs?

It is the exception to the need fulfillment process Signup and view all the answers

What is the main concept behind Maslow's Hierarchy of Needs?

People are motivated to fulfill a higher need as a lower one is gratified Signup and view all the answers

How does Maslow's Hierarchy of Needs relate to human behavior in various pursuits?

It has been applied in almost every human pursuit, from marketing products to rehabilitating prison inmates Signup and view all the answers