Chap 3 Management overview

Question 1

is responsible for implementing strategies, ideas, goals or organizational challenges can come from any member of the company.

Answer 1

upper management

Question 2

Prominent thinkers in the field include the , sometimes referred to as the founding father of management studies.

Answer 2

Peter Drucker,

Question 3

TYPES OF STRATEGIC MANAGEMENT

Answer 3

SWOT analysis
Balanced Scorecard

Question 4

A _ _is one of the types of strategic management frameworks used by organizations to build and test their business strategies.

Answer 4

SWOT analysis

Question 5

A _ _ identifies and compares the strengths and weaknesses of an organization with the external opportunities and threats of its environment.

Answer 5

SWOT analysis

Question 6

The _process helps leaders determine whether the organization’s resources and abilities will be effective in the competitive environment within which it has to function and to refine the strategies required to remain successful in this environment.

Answer 6

SWOT

Question 7

What does your organization do better than your competition?

Answer 7

STRENGTHS

Question 8

What does your organization need to improve upon?

Answer 8

WEAKNESSES

Question 9

What market trends could lead
to increased sales?

Answer 9

OPPORTUNITIES

Question 10

What are the advantages competitors have
over your organization?

Answer 10

THREATS

Question 11

Strategic management helps keep goals achievable by using a clear and dynamic process for formulating steps and implementation.

Answer 11

Achieving goals:

Question 12

Strategic management has been shown to lead to more efficient organizational performance, which leads to manageable growth.
.

Answer 12

Sustainable growth:

Question 13

-Strategic management communication and goal implementation company-wide.
-An organization that is working in unison towards a goal is more likely to achieve that goal. .

Answer 13

Cohesive organization:

Question 14

Strategic management means looking toward the company’s future. If managers do this consistently, they will be more aware of industry trends and challenges. By implementing strategic planning and thinking, they will be better prepared to face future challenges.

Answer 14

Increased managerial awareness:

Question 15

is based around an organization’s clear understanding of its mission; its vision for where it wants to be in the future; and the values that will guide its actions.

Answer 15

Strategic management

Question 16

t/f The process of StraMA requires a commitment to strategic planning, a subset of business management that involves an organization’s ability to set both short- and long-term goals.

Answer 16

True

Question 17

Strategic management can be either

Answer 17

prescriptive or descriptive.

Question 18

means developing strategies in advance of an organizational issue.

Answer 18

Prescriptive strategic management

Question 19

means putting strategies. into practice when needed.

Answer 19

Descriptive strategic management.

Question 20

is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives.

Answer 20

Strategic management

Question 21

Strategic management gives businesses an advantage over competitors because its proactive nature means your company will always be aware of the changing market.

Answer 21

Competitive advantage:

Question 22

benefits of strategic management

Answer 22

competitive advantage
achieving Goals
sustainable growth
cohesive organization
increased managerial awareness

Question 23

A is a comprehensive evaluation of all the strengths, weaknesses, opportunities and threats of the strategy you compose.

Answer 23

SWOT analysis

Question 24

t/f There are internal (strengths and weaknesses) and external (opportunities and threats) factors, you need to consider when conducting a SWOT analysis to help evaluate what variables can and cannot be changed in your strategic planning.

Answer 24

true

Question 25

The is a strategic management system that translates the vision and strategy of an organization into operational objectives and measures.

Answer 25

Balanced Scorecard

Question 26

Objectives and measures are developed for each of four perspectives:

Answer 26

the financial perspective,
the customer perspective,
the process perspective and
the learning and growth perspective.

Question 27

The offers a measurement and management system that links strategic objectives to comprehensive performance indications.

Answer 27

balance scorecard

Question 28

‘t/f The balance scorecard translates an organization’s mission and strategy into operational objectives and performance measures or four different perspectives:

Answer 28

True

Question 29

describes the economic consequences of actions taken in the other three perspectives.

Answer 29

The financial perspective

Question 30

defines the customer and market segments in which the business unit will compete.

Answer 30

b) The customer perspective

Question 31

describes the internal processes needed to provide value for customers and owners.

Answer 31

internal business process perspective

Question 32

defines the capabilities that an organization needs to create long-term growth and improvement.

Answer 32

The learning and growth (infrastructure) perspective

Question 33

The learning and growth (infrastructure) perspective is concerned with three major enabling factors:

Answer 33

employee capabilities,
information systems capabilities, and employee attitudes (motivation, empowerment and alignment).

Question 34

-establishes the long- and short-term financial performance objectives.

-is concerned with the global financial consequences of the other three perspectives

Answer 34

a. The Financial Perspective

Question 35

The financial perspective has three strategic themes:

Answer 35

revenue growth,
cost reduction, and
asset utilization.

Question 36

is the source of the revenue component for the financial objectives.

-This perspective defines and selects the customer and market segments in which the company chooses to compete.

Answer 36

b. Customer Perspective

Question 37

are the means for creating customer and shareholder value.

• entails the identification of the processes needed to achieve the customer and financial objectives.

Answer 37

c. Process Perspective

Question 38

is the source of the capabilities that enable the accomplishment of the other three perspectives’ objectives.

Answer 38

d. Learning and Growth (Infrastructure) Perspective

Question 39

The learning and growth perspective has three major objectives:

Answer 39

increase employee capabilities;
increase motivation, empowerment, and alignment; and
increase information systems capabilities.

Question 40

BASIC PRINCIPLES THAT CAN HELP STRATEGIC MANAGEMENT TO BE SUCCESSFUL

Answer 40

-Creating a Unique Strategic Position for the Proposition
-Consider the Availability or Potential Availability of Resources
-Understand the Importance of Values and Incentives
-Gain People’s Emotional Commitment to the Strategy
- Be open to strategies ideas wherever they originate
- keep the strategy flexible