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strategic management > chapter 1&2 > Flashcards

chapter 1&2 Flashcards

1
Q

Capstone course of all management and business subjects

A

Strategic Management

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2
Q

Gives preferential attention to planning

A

Strategic Management

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3
Q

Sets and defines the overall direction of a company

A

Top level management

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4
Q

Defines and directs the achievement of short and long term company goals and objectives

A

Strategic Management

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5
Q

Define their plans and directions according to the overall direction of the top level management

A

Middle and lower level managers

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6
Q

Forerunner of strategic management

A

Business Policy

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7
Q

Refers to the process of defining the long term goals of a company as determined by the members of the top level management

A

Business Policy

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8
Q

Performs planning, analysing, staffing, directing and controlling with equal importance

A

Manager

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9
Q

Determines the long run performance of a company.

A

Strategic Management

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10
Q

Includes environmental scanning, strategy formulation, strategy implementation, and evaluation and control

A

Strategic Management

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11
Q

David (2013) art and science of formulating, implementing and evaluation cross functional decisions

A

Strategic Management

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12
Q

Operationally refers to a management’s continuous rational process of defining long term direction of a company.

A

Strategic Management

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13
Q

Exploit and create new and different opportunities for tomorrow

A

Strategic Management

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14
Q

Refers to the development of long term goals and objectives of a company after conducting a thorough analysis of the various forces comprising its environment

A

Strategy Formulation

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15
Q

Wherein different strategic plans are put into action and are aligned with defines business programs, procedures, and budgets.

A

Strategy Implementation

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16
Q

Covers the structuring of organizational programs, assignment of monetary values.

A

Strategy Implementation

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17
Q

Wherein the operating performance of a company is monitored and evaluated, remedial action is made

A

Strategy Evaluation and Control

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18
Q

Top level managers simply require different departments and functional areas to prepare budgets and targets based on information generated within the company

A

Short Term Financial Planning Phase

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19
Q

the top-level management merely extends the time period of the planning process from one year to five years. Info and data used are still coming from within the company.

A

Medium Term Planning Phase

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20
Q

planning process is done by the top-level management who prepare strategic plans with little participation and inputs from the lower levels.

A

Strategic Planning Phase

21
Q

Various inputs and participation from different levels of management, units, and departments should be considered. Planning has to be decentralized.

A

Strategic Management Phase

22
Q

Known as environmental scanning, involves the gathering of relevant and reliable information and a thorough evaluation of the different forces comprising the external and internal environments of a company.

A

Strategy Analysis

23
Q

Determines sustainability issues that will reduce the impact of physical resources on a business

A

Physical Environment

24
Q

the critical surveillance and evaluation of events happening in the external environment that may influence the current position and future plans of a company.

A

Environmental Scanning

25
Q

Environmental process of tracking the environmental trends or sequence of events determined during an environmental scanning.

A

Environmental Monitoring

26
Q

a systematic process of collecting, analyzing, and interpreting information about business competitors. Intended to monitor the probable moves of competitors. Five forces of competition model.

A

Competitive Intelligence

27
Q

Greek word strategos, means generalship

A

Strategy

28
Q

Art of planning and directing larger military movements

A

Strategy

29
Q

Using available knowledge to document the intended direction of a business and the actionable step to reach its goals

A

Formulation

30
Q

Establish annual objectives, devise policies, motivate employees

A

Implementation

31
Q

Useful for making decisions in situations of great uncertainty or little precedent

A

Intuition

32
Q

Anything that the firm does especially well compare to rival firms

A

Competitive Advantage

33
Q

Individuals who are most responsible for the success or failure of an organization

A

Strategists

34
Q

What is our business? What do we want to become?

A

Vision & Mission Statement

35
Q

Economic, social,… that could significantly benefit or harm an organization in the future

A

External Opportunities and Threats

36
Q

The org’s controllable activities that are performed well or poorly

A

Internal Strengths and Weaknesses

37
Q

Objectives that are specific results that an org. seeks to achieve in pursuing basic mission

A

Long term objectives

38
Q

Means by which long term objectives will be achieved

A

Strategies

39
Q

Short term milestones that the org must achieve to reach long term objectives

A

Annual objectives

40
Q

Means by which annual objectives will be achieved

A

Policies

41
Q

Better sales, productivity

A

Financial Benefits

42
Q

Error Reduction

A

Non Financial Benefits

43
Q

Gathering relevant information from diverse sources

A

Data Collection

44
Q

Transforming raw data into meaningful insights through quati and quali techniques

A

Analysis

45
Q

Creating comprehensive profiles or competitors

A

Competitor Profiling

46
Q

Evaluating market dynamics, customer behaviors and trends

A

Market assessment

47
Q

Landforms, water bodies, climate, flora and fauna

A

Natural Elements

48
Q

Encompassing urban landscapes, buildings, transportation networks

A

Built Infrastructure

strategic management (2 decks)

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