Ch. 1 Introducing the Concepts

Question 1

What are strategies? Describe the 3 components.

Answer 1

• an organization’s goal
• directed plans and actions
• aligning capabilities and resources with opportunities and threats in its environment

Question 2

What is strategic management?

Answer 2

• the process of analyzing the current situation
• developing strategies
• putting them into action
• evaluate, modify or change strategies as needed

Question 3

What are the 4 characteristics of strategic management

Answer 3

1. interdisciplinary (focused on the entire organization)
2. external focus (economy, competitors, market)
3. internal focus (capabilities & resources)
4. future-oriented

Question 4

Describe the 4 step process of strategic management

Answer 4

1. Situation analysis
2. Strategy formulation
3. Strategy implementation
4. Strategy evaluation

Question 5

What are the 6 key dimensions of leadership?

Answer 5

1. determining vision & mission
2. exploiting & maintaining core competencies
3. developing human capital
4. create & sustain organizational culture
5. ethical decisions/practices
6. appropriate balanced controls