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32 Cards in this Set
- Front
- Back
True or false For any organization to operate and effectively focus it’s effort on certain task and avoid going astray or Deviate away from target - a sense of direction needs to be set and some set guidelines have to be established and observe in the minds of founders leaders and managers though some are put in writing |
TRUE |
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It is the art and science of formulating implementing and evaluating cross functional decisions that enable organization to achieve its objectives |
Strategic management |
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True or false Strategic Management is used differently with the terms strategic planning |
False Strategic Management is used synonymously with the terms strategic planning
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Used to refer to strategy formulation implementation and evaluation |
Strategic management |
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This word is referring only to strategy formulation |
Strategic planning |
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A company’s game plan |
Strategic plan |
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Results from tough managerial choices among numerous good alternatives and it’s signals commitment to specific markets, policies, procedures and operations |
Strategic plan |
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What are the three stages of the strategic management |
1. strategy formulation 2. strategy implementation 3. Strategy evaluation |
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6 things under strategy formulation |
• developing a vision and mission •Identifying an organizations external opportunities and threats •Determining internal strengths and weaknesses • establishing long-term objectives • generating alternatives • choosing particular strategies to pursue |
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This requires a firm to establish annual objective’s device policies motivate employees and allocate resources that formulated strategies can be executed |
Strategy implementation |
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• an organization’s controllable activities That are performed especially well or poorly Specific results that and we can you Tatian six to achieve• determined relative to competitors |
Internal strengths and internal weaknesses |
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determining which strategies are not working well |
Strategy evaluation |
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Three fundamental activities in strategy evaluation |
1. Reviewing external and internal factors that are the basis for current strategies 2. measuring performance 3.taking corrective actions |
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Strategies |
Strategies |
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Any resource a firm possesses that rival firms desire |
Competitive advantage |
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True |
True |
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Answers the question “what do we want to become?” |
Vision statement |
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Answers the question “what is our business?” |
Mission statements |
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True or false strategic management does not allow an organization to be more proactive but rather reactive |
false |
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• an organization’s controllable activities That are performed especially well or poorly • determined relative to competitors |
Internal strengths and internal weaknesses |
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Specific results that an organization seeks to achieve in pursuing it’s basic mission more than one year |
Long-term objectives |
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The means by which long-term objectives will be achieved |
Strategies |
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May include geographic expansion, diversification, acquisition, product development, market penetration, retrenchment, divestiture, liquidation and joint ventures |
Strategies |
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True |
True |
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Should be established at the corporate, divisional and functional levels in the large organization |
annual objectives |
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The means by which annual objectives will be achieved |
Policies |
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Strategy evaluation |
Strategy evaluation |
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True or false strategic management does not allow an organization to be proactive but rather reactive |
false |
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Any activity A firm does especially well compared to activities done by rival firms |
Competitive advantage |
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And you resource a firm possesses that rival firms desire |
Competitive advantage |
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True or false Low performing firms tend to do systematic planning to prepare for future fluctuations in the external and internal environmentIt’s one of the reason why some firms do not have strategic planning |
High performing firms tend to do systematic planning to prepare for future fluctuations in the external and internal environment |
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Economic, social,cultural, demographic, environmental, political, Legal, governmental, Technological and competitive trends and events that could significantly benefit or harm an organization |
External opportunities and threats |