CHAPTER 2

Question 1

describes how managers conceive of
and implement a strategy that can lead to a sustainable competitive advantage.

Answer 1

Strategic Management Process

Question 2

INTEGRAL PARTS OF THE STRATEGIC MANAGEMENT PROCESS

Answer 2

Planning, Monitoring, Analyzing, Assessing

Question 3

is a fundamental step where organizations define their vision, and mission, set objectives, and develop strategies to achieve those objectives.

Answer 3

Planning

Question 4

is the process of tracking the implementation of the strategic plan. It involves keeping a close eye on key performance Indicators (KPIs), and other relevant metrics to ensure that activities align with the strategic goals. This allows the organizations to identify deviations from the plan in real time.

Answer 4

Monitoring

Question 5

the process of analyzing data and information related to market trends, competitor actions, and internal performance. (For example, market research, competitor analysis, and financial analysis)

Answer 5

Analyzing

Question 6

the process of assessing the performance and impact of their strategies against predetermined objectives. This assessment involves analyzing financial results, and customer satisfaction. It helps determine whether the strategic plan needs adjustment or if it has successfully achieved its goals.

Answer 6

Assessing

Question 7

A _________ is an inspirational statement of an idealistic future of a
company.

Answer 7

Vision Statement

Question 8

Vision Statement, This focuses on tomorrow and Answers the Question.

Answer 8

“What do you want to become /achieve?”

Question 9

A brief description of why a company or organization exists.

Answer 9

Mission Statement

Question 10

This focuses on today, this answers the question.

Answer 10

“What business are you in?”

Question 11

MISSION STATEMENT IS ALSO CALLED:

Answer 11

(1) Creed Statement
(2) Statement of Purpose
(3) Statement of Philosophy
(4) Statements of Beliefs
(5) Statement of Business Principles
(6) A Statement Defining Our Business

Question 12

CHARACTERISTICS OF MISSION STATEMENT

Answer 12

1. Concise
2. Clear
3. Inspiring
4. Focus on Purpose
5. Values Alignment
6. Timelessness
7. Specificity
8. Stakeholder Inclusivity
9. Adaptable

Question 13

“A vision is ______; a mission is actionable,”

Answer 13

aspiration