STRATEGIC MANAGEMENT

Question 1

It is a process which includes the setting of company objectives, the analysis of its internal & external environment, the creation , implementation, & monitoring of sustainable strategies that will
enable them to achieve the desired competitive advantage.

Answer 1

Strategic Management

Question 2

can be defined as the art
and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.

Answer 2

Strategic Management

Question 3

focuses on integrating management, marketing, finance/accounting, production/operations, research
and development, and information systems to achieve organizational success

Answer 3

Strategic Management

Question 4

“Without a strategy, an organization is like a ship without a rudder, going around in circles. It’s like a tramp; it has no place to go.”

Answer 4

Joel Ross and Michael Kam

Question 5

At this stage, managers must have acquired information related to the effectiveness of a particular strategy so that appropriate adjustment
can be made.

Answer 5

Strategy Evaluation

Question 6

We must remember that the business environment keeps on changing and the business organization must do the same.

Answer 6

Strategy Evaluation

Question 7

Three fundamental strategy-evaluation
activities:

Answer 7

1.reviewing external and internal factors that are
the bases for current strategies,

2. measuring performance,
3. taking corrective actions.

Question 8

are especially critical for a
successful strategy implementation.

Answer 8

Interpersonal skills

Question 9

hinges upon managers’ ability to motivate employees, which is
more an art than a science. Strategies formulated but not implemented serve no useful purpose.

Answer 9

strategy implementation

Question 10

Often considered to be the most difficult stage in strategic management, strategy implementation requires :

Answer 10

• personal discipline
• commitment
• sacrifice.

Question 11

have the authority to allocate resources necessary for implementation.

Answer 11

Managers

Question 12

Since no business organization has ____ we must select a strategy that will give the most benefit to the organization.

Answer 12

unlimited resources

Question 13

It is a process which includes the setting of company objectives, the analysis of its internal & external environment, the creation ,
implementation, & monitoring of sustainable strategies that will enable them to achieve the desired competitive advantage.

Answer 13

Strategic Management

Question 14

Strategies for Competitive Advantage

Answer 14

COST LEADERSHIP
DIFFERENTIATION
FOCUS

Question 15

a strategy where a company
projects itself as the cheapest manufacturer or provider of a
particular product or commodity in a competition.

Answer 15

Cost Leadership Strategy

Question 16

the strategy of creating a uniquely
different product.

Answer 16

Differentiation Strategy

Question 17

the strategy of offering a specialized service in a niche market

Answer 17

Focus Strategy

Question 18

are things an organization dose so well they can be viewed as providing a competitive advantage.

Answer 18

Core competencies

Question 19

to be better than competitors.

Answer 19

Competitive advantage

Question 20

a specific consumer target market with a specialized
offering.

Answer 20

Market Niche

Question 21

It is sometimes known as organizational analysis and is
concerned with identifying & developing an organization’s
resources, which includes their assets & competency, process,
skill, or knowledge.

Answer 21

Internal Environment Scanning

Question 22

does it provide competitive advantage?

Answer 22

Value

Question 23

do other competitors possess it?

Answer 23

Rareness

Question 24

Imitability: Is it costly for others to imitate?

Answer 24

Imitability

Question 25

Is the firm organized to exploit resource?

Answer 25

Organization

Question 26

the rate at which a firm’s underlying
resources & capabilities (core competency) depreciate or become obsolete.

Answer 26

Durability

Question 27

The rate at which a firm’s underlying
resources & capabilities can be duplicated by
others.

Answer 27

Imitability

Question 28

can be easily imitated to the
extent that it is transparent, transferable, & replicable.

Answer 28

core competency

Question 29

is a linked set of value-creating activities beginning with basic raw materials coming from suppliers, moving on to a series of
value- added activities involved in producing & marketing a product or
service, and ending with distributors getting the final goods into the
hands of the ultimate consumer.

Answer 29

Value chain

Question 30

Determining the strengths & weaknesses
of the business organization.

Answer 30

Internal Assessment

Question 31

group various organizational functions into product or regional
divisions.

Answer 31

Divisional Structure

Question 32

is a type of organizational structure in which individuals are grouped
via two operational frames.

Answer 32

matrix structure

Question 33

is a newer, less hierarchical organizational structure in which
individuals are grouped into teams.

Answer 33

Team Structure

Question 34

managers coordinate and control relationships with the firm that
are both internal and external.

Answer 34

Network Structure