4. Strategic Management

Question 1

The implementation of strategies entails functional departments setting their respective … for the medium and short term.

Answer 1

Objectives

Question 2

The strategic management process consists of four phases, namely?

Answer 2

1. Strategic analysis
2. Strategy formulation
3. Strategy implementation
4. Strategic control

Question 3

The … tool are used by managers to help them achieve the company mission.

Answer 3

Balanced scorecard (BCS)

Question 4

What are the four measures on the balance scorecard tool?

Answer 4

1. Financial performance
2. Internal business performance
3. Learning & growth performance
4. Customer service

Question 5

What are the two strategies used in organisations?

Answer 5

1. Generic strategies

2. Grand strategies

Question 6

… are the core ideas about how organisations can best compete in the marketplace.

Answer 6

Generic strategies

Question 7

… are overall corporate-level strategies of growth and decline.

Answer 7

Grand strategies

Question 8

… involves determining the current position of the organisation that entails the formulation of a vision, mission and analysis of the management environment.

Answer 8

Strategic analysis

Question 9

… involves monitoring the implementation of the strategic plan.

Answer 9

Strategic control

Question 10

… are those actions you take in order to realize your vision or mission.

Answer 10

Strategies

Question 11

… formulation entails setting long-term goals and formulating corporate goals and business strategies.

Answer 11

Strategy

Question 12

(1)… can be determined in the internal environment; (2)… can be determined in the external environment.

Answer 12

(1) Strengths & Weaknesses

(2) Opportunities & Threats