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Chapter 1: The Nature of Strategic Management Flashcards

1
Q

Define Strategic Management

A
  • The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.
  • This is used synonymously with the
    term strategic planning in this course.
  • This is used to refer to strategy formulation, implementation, and evaluation, with strategic planning referring only to strategy formulation.
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2
Q

The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an
organization to achieve its objectives.

A

Strategic Management

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3
Q

This is used synonymously with the
term strategic planning in this course.

A

Strategic Management

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4
Q

This is used to refer to strategy formulation, implementation, and evaluation, with strategic planning referring only to strategy formulation.

A

Strategic Management

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5
Q

Strategic Management is an art and science of formulating, implementing, and evaluating of what?

A

cross-functional decisions that enable an
organization to achieve its objectives.

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6
Q

Strategic Management is an art and science of formulating, implementing, and evaluating cross-functional decisions that enable?

A

an organization to achieve its objectives.

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7
Q

Strategic management is used synonymously with the term?

A

strategic planning in this course.

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8
Q

Sometimes the term strategic management is used to?

A

refer to strategy formulation, implementation, and evaluation, with strategic planning referring only to strategy
formulation.

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9
Q

Sometimes the term strategic management is used to refer to strategy formulation, implementation, and evaluation, with strategic planning referring only to?

A

strategy formulation.

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10
Q

This is the company’s game plan

A

Strategic plan

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11
Q

A strategic plan is a company’s?

A

game plan.

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12
Q

Define strategic plan

A
  • A strategic plan is a company’s game plan.
  • A strategic plan results from tough managerial choices among numerous good alternatives, and it signals commitment to specific markets, policies, procedures, and
    operations.
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13
Q

A strategic plan results from?

A

tough managerial choices among numerous good alternatives, and it signals commitment to specific markets, policies, procedures, and
operations.

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14
Q

A strategic plan results from tough managerial choices among numerous good alternatives, and?

A

it signals commitment to specific markets, policies, procedures, and operations.

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15
Q

Draw the Strategic Management Model

A

Chapter 10: Business Ethics, Environmental Sustainability, and Social Responsibility
- Feedback Loop

  • Business Vision and Mission Chapter 2
  • The External Assessment Chapter 3
  • The Internal Assessment Chapter 4
  • Strategies in Action Chapter 5
  • Strategy Analysis and Choice Chapter 6
  • Implementing Strategies: Management and Marketing Issues Chapter 7
  • Implementing Strategies: Finance and Accounting Issues Chapter 8
  • Strategy Evaluation and Governance Chapter 9
  • Chapter 11: Global and International Issues
  • Strategy Formulation (4 boxes)
  • Strategy Implementation (2 boxes)
  • Strategy Evaluation (1 box)
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16
Q

What are the questions that consist in the Strategic Management Model?

A
  • Where are we now?
  • Where do we want to go?
  • How are we going to get there?
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17
Q

Provide the Stages of Strategic Management

A
  1. Strategy formulation
  2. Strategy implementation
  3. Strategy evaluation
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18
Q

Define Strategy Formulation

A

– developing a vision and mission
– identifying an organization’s external opportunities and
threats
– determining internal strengths and weaknesses
– establishing long-term objectives
– generating alternative strategies
– choosing particular strategies to pursue

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19
Q

Provide the Strategy Formulation Decisions

A
  • What new businesses to enter
  • What businesses to abandon
  • Whether to expand operations or diversify
  • Whether to enter international markets
  • Whether to merge or form a joint venture
  • How to avoid a hostile takeover
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20
Q

Define Strategy Implementation

A
  • requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources
    so that formulated strategies can be executed
    – often called the action stage
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21
Q

This is often called the action stage

A

Strategy Implementation

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22
Q

Strategy Implementation is often called as the?

A

action stage

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23
Q

This requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources
so that formulated strategies can be executed

A

Strategy Implementation

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24
Q

Strategy Implementation requires a firm to establish what?

A

annual objectives, devise policies, motivate employees, and allocate resources
so that formulated strategies can be executed

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25
Define Strategy Evaluation
Determining which strategies are not working well
26
Determining which strategies are not working well
Strategy Evaluation
27
What are the Three fundamental activities in the Strategy Evaluation?
1. reviewing external and internal factors that are the bases for current strategies 2. measuring performance 3. taking corrective actions
28
What is Competitive Advantage?
- any activity a firm does especially well compared to activities done by rival firms, or – any resource a firm possesses that rival firms desire
29
any activity a firm does especially well compared to activities done by rival firms
Competitive Advantage
30
any resource a firm possesses that rival firms desire
Competitive Advantage
31
Finish this sentence: A firm must ________________________
A firm must strive to achieve sustained competitive advantage.
32
Define Strategists
– Individuals most responsible for the success or failure of an organization – Help an organization gather, analyze, and organize information
33
Strategists are most responsible for the?
success or failure of an organization.
34
Strategists help an organization to?
gather, analyze, and organize information.
35
What is Vision Statements?
A vision statement answers the question “What do we want to become?”
36
A vision statement answers the question of?
“What do we want to become?”
37
What is Mission statement?
A mission statement answers the question “What is our business?”
38
A mission statement answers the question of?
“What is our business?”
39
Define External Opportunities and Threats
economic, social, cultural, demographic, environmental, political, legal, governmental, technological, and competitive trends and events that could significantly benefit or harm an organization
40
– 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
41
Define Internal Strengths and Internal Weaknesses
– an organization’s controllable activities that are performed especially well or poorly – determined relative to competitors
42
an organization’s controllable activities that are performed especially well or poorly
Internal Strengths and Internal Weaknesses
43
Define Long-Term Objectives
– specific results that an organization seeks to achieve in pursuing its basic mission. – long-term means more than one year – should be challenging, measurable, consistent, reasonable, and clear
44
Long-Term Objectives are a specific results that an organization seeks?
to achieve in pursuing its basic mission.
45
long-term means?
more than one year
46
Long-Term Objectives should be?
challenging, measurable, consistent, reasonable, and clear
47
Define Strategies
– the means by which long-term objectives will be achieved – may include geographic expansion, diversification, acquisition, product development, market penetration, retrenchment, divestiture, liquidation, and joint ventures
48
Strategies includes?
geographic expansion, diversification, acquisition, product development, market penetration, retrenchment, divestiture, liquidation, and joint ventures
49
Draw The Basic SWOT Matrix Format
The Basic SWOT Matrix Format: SW O T
50
Define Annual objectives
– short-term milestones that organizations must achieve to reach long-term objectives – should be measurable, quantitative, challenging, realistic, consistent, and prioritized – should be established at the corporate, divisional, and functional levels in a large organization
51
Annual objectives are short-term milestones that organizations?
Annual objectives are short-term milestones that organizations must achieve to reach long-term objectives
52
These are short-term milestones that organizations must achieve to reach long-term objectives
Annual objectives
53
Annual objectives should be?
Annual objectives should be measurable, quantitative, challenging, realistic, consistent, and prioritized
54
Annual objectives should be established at?
Annual objectives should be established at the corporate, divisional, and functional levels in a large organization
55
Define Policies
the means by which annual objectives will be achieved
56
The means by which annual objectives will be achieved
Policies
57
Provide the Benefits of Strategic Management
- Strategic management allows an organization to be more proactive than reactive in shaping its own future; - It allows an organization to initiate and influence (rather than just respond to) activities-and thus to exert control over its own destiny.
58
Draw the figure about the benefits to a firm that does strategic planning
- Enhanced Communication 1. Dialogue 2. Participation - Impoved/Deeper Understanding 1. Of other's view 2. Of the firm is doing/planning that way - Greater Commitments 1. To achieve its objectives 2. To implement Strategies 3. To work hard - Results 1. All managers and employee are on a mission to make the firm succeed.
59
Provide the Financial Benefits
- Organizations using strategic-management concepts show significant improvement in sales, profitability, and productivity compared to firms without systematic planning activities. - High-performing firms tend to do systematic planning to prepare for future fluctuations in their external and internal environments
60
Provide the Nonfinancial Benefits
* Enhanced awareness of external threats * Improved understanding of competitors’ strategies * Increased employee productivity * Reduced resistance to change * Clearer understanding of performance-reward relationships
61
Why Some Firms Do No Strategic Planning
* No formal training in strategic management * No understanding of or appreciation for the benefits of planning * No monetary rewards for doing planning * No punishment for not planning * Too busy “firefighting” (resolving internal crises) to plan ahead * View planning as a waste of time, since no product/service is made * Laziness; effective planning takes time and effort; time is money * Content with current success; failure to realize that success today is no guarantee for success tomorrow * Overconfidence * Prior bad experience with strategic planning done sometime/somewhere
62
Provide the 14 Pitfalls in Strategic Planning
* Using strategic planning to gain control over decisions and resources * Doing strategic planning only to satisfy accreditation or regulatory requirements * Too hastily moving from mission development to strategy formulation * Not communicating the plan to employees, who continue working in the dark * Top managers making many intuitive decisions that conflict with the formal plan * Top managers not actively supporting the strategic-planning process * Not using plans as a standard for measuring performance * Delegating planning to a “planner” rather than involving all managers * Not involving key employees in all phases of planning * Not creating a collaborative climate supportive of change * Viewing planning as unnecessary or unimportant * Viewing planning activities as silos comprised of independent parts * Becoming so engrossed in current problems that insufficient or no planning is done * Being so formal in planning that flexibility and creativity are stifled
63
What is the difference between military and business strategy?
- Business strategy is formulated, implemented, and evaluated with an assumption of competition. - Military strategy is based on an assumption of conflict. - Both business and military organizations must adapt to change and constantly improve to be successful
64
This is formulated, implemented, and evaluated with an assumption of competition.
Business strategy
65
This is based on an assumption of conflict.
Military strategy
66
Provide the Excerpts from Sun Tzu’s The Art of War Writings
- Strategic planning is a matter of vital importance to the state: a matter of life or death, the road either to survival or ruin. Hence, it is imperative that it be studied thoroughly - Know your enemy and know yourself, and in a hundred battles you will never be defeated - Skillful leaders do not let a strategy inhibit creative counter- movement
67
Provide the Examples of Employability Skills From Using Text
* Critical thinking * Collaboration * Knowledge application and analysis * Business ethics and social responsibility * Information technology * Data literacy
68
Draw the figure about How to Gain and Sustain Competitive Advantage
Check in the PPT if you're correct

Strategic Management (4 decks)

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