ELECT 3 - FILL IN THE BLANK

Question 1

Strategic management as a framework that evolves around the idea of __________________________ (2004)

Answer 1

Shaping the destiny of an organization, Williamson, jenkins

Question 2

Strategic management as referring to the entire process of __________________ that relates to its environment

Answer 2

Strategic decision-making

Question 2

Strategic management is a wide concept and encompasses all functions and thus it seeks to integrate knowledge and experience gained in various ___________________

Answer 2

Functional areas of management

Question 3

It enables one to understand and make sense of the complex interaction that takes place between different ___________

Answer 3

Functional Areas

Question 4

There are many ______________ and __________, which strategic management deals with.

Answer 4

Constraints and complexities

Question 5

________ is a blueprint of the organizational activities which are repetitive / routine in nature, while ____________ is concerned with those organizational decisions which have not been dealt / faced before in same form.

Answer 5

Policy, Strategy

Question 6

Policy formulation is responsibility of ______ _______ _____________, while strategy implementation is basically done by ________ ______ ________ment.

Answer 6

Top level management & Middle level Management

Question 7

Policy deals with _______________ essential for effective and efficient running of an organization, while strategy deals with _________________

Answer 7

routine / daily activities & strategic decisions.

Question 8

________________ determine the grand direction upon which an entity will embark. Always, strategy precedes action. The object of strategy is to bring about advantageous conditions within which action will occur.

Answer 8

Strategic decisions

Question 9

In the _______________, this means positioning forces for best advantage and judging precisely the right moment to
attack or withdraw.

Answer 9

military context

Question 10

It requires _______________ thinking as managers need to consider future scenarios that may or may not happen.

Answer 10

out-of-the-box

Question 11

This is called strategic decision making, where decisions are made according to a company’s __________________.

Answer 11

goals or mission

Question 12

______________________ process is a course that teaches how top management use decision making process and associated tools to implement long terms goals and objectives.

Answer 12

Strategic decision making

Question 13

A ________________ is an elected group of individuals that represent shareholders. The board is a governing body that typically meets at regular intervals to set policies for corporate management and oversight.

Answer 13

board of directors