Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

MIDTERM > STRATEGIC MANAGEMENT > Flashcards

STRATEGIC MANAGEMENT Flashcards

1
Q

It is the strategic use of business’ resources to reach company goals and objectives.

A

STRATEGIC MANAGEMENT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

It requires reflection on the process and procedures within the organizational as well as external factors that may impact how the company functions.

A

STRATEGIC MANAGEMENT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

It includes setting objectives for the company, reviewing the organization’s internal structure, evaluating current strategies and confirming that strategies are implemented company-wide

A

STRATEGIC MANAGEMENT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

A STRATEGIC PLAN IS A ________

A

GAME PLAN

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

FOUR STAGES TO STRATEGIC MANAGEMENT

A
  1. ANALYSIS
  2. FORMATION
  3. EXECUTION
  4. EVALUATION
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Before planning a new strategic process, you must evaluate the current process to achieve your goal.

A

ANALYSIS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is working, What is not working, and What input from organization stakeholders can you gather?

A

ANALYSIS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

TWO TYPES OF ANALYSIS

A
  1. SWOT ANALYSIS
  2. PEST ANALYSIS
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

is a framework used to evaluate a company’s competitive position and to develop strategic planning

A

SWOT ANALYSIS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

assesses internal and external factors, as well as current and future potential.

A

SWOT ANALYSIS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

is a management method whereby an organization can assess major external factors that influence its operation in order to become more competitive in the market.

A

PEST ANALYSIS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

includes 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, and choosing particular strategies to pursue.

A

FORMATION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

This is often called the “Action Stage” of strategic management. Implementing strategy means mobilizing employees and managers to put formulated strategies into action.

A

EXECUTION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Often considered to be the most difficult stage in strategic management, strategy implementation requires personal discipline, commitment, and sacrifice.

A

EXECUTION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

is the “FINAL STAGE” in strategic management. Managers desperately need to know when particular strategies are not working well; strategy evaluation is the primary means for obtaining this information.

A

EVALUATION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Three fundamental strategy evaluation activities are

A

:(1) Reviewing external and internal factors that are the bases for current strategies,
:(2) Measuring performance, and
:(3) taking corrective actions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Is an attempt both to duplicate what goes on in the mind of a brilliant, intuitive person who knows the business and to couple it with analysis.

A

STRATEGIC MANAGEMENT PROCESS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Is particularly useful for making decisions in situations of great uncertainty or little precedent.

A

INTUITION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Is helpful when highly interrelated variables exist or when it is necessary to choose from several plausible alternatives.

A

INTUITION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

How does strategic management work?

A

Strategic management can be either Perspective or Descriptive.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

means developing strategies in advance of an organizational issue. Leaders make decisions and expect employees to comply.

A

PERSPECTIVE STRATEGIC MANAGEMENT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

DESCRIPTIVE STRATEGIC MANAGEMENT

A

means putting strategies into practice when needed. Both methods of strategic management employ management theory and practices, leaders seek input and feedback from their subordinates.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

BENEFITS OF STRATEGIC MANAGEMENT TO COMPANIES

A
  1. COMPETITIVE ADVANTAGE
  2. ACHIEVING GOALS
  3. SUSTAINABLE GROWTH
  4. COHESICE ORGANIZATON
  5. INCREASED MANAGERIAL AWARENESS
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Gives businesses an advantage over competitors because its proactive nature means your company will always be aware of the changing market.

A

COMPETITIVE ADVANTAGE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Helps keep goals achievable by using a clear and dynamic process for formulating steps and implementation.
ACHIEVING GOALS
26
Has been shown to lead to more efficient organizational performance, which leads to manageable growth.
SUSTAINABLE GROWTH
27
Necessitates communication and goal implementation company-wide. An organization that is working in unity towards a goal is more likely to achieve the goal.
COHESIVE ORGANIZATION
28
Means looking toward the company’s future.
INCREASED MANAGERIAL AWARENESS
29
If managers do this consistently, they will be more aware of industry trends and challenges. By implementing strategic planning and thinking, they will be better prepared to face future challenges.
INCREASED MANAGERIAL AWARENESS
30
Anything that a firm does especially well compared to rival firms. Something that a firm can do that a rival cannot do, or something that a firm owns that rival firms desire
COMPETITIVE ADVANTAGE
31
The individuals who are most responsible for the success or failure of an organization
STRATEGIST
32
They help the organization gather, analyze, and organize information.
STRATEGIST
33
answers the question “What do we want to become?”
VISION STATEMENT
34
answers the question “What is our business?”
MISSION STATEMENT
35
Refers to economic, social, cultural, demographic. Environmental, political, legal, governmental, technological, and competitive trends and events that could significantly benefit or harm an organization in the future.
EXTERNAL OPPORTUNITIES AND THREATS
36
: Organization’s controllable activities that are performed especially well or poorly. : Superiority or deficiency relative to competitors
INTERNAL STRENGTHS AND WEAKNESSES
37
Specific results that an organization seeks to achieve in pursuing its basic mission
LONG-TERM OBJECTIVES
38
Short term milestone that organizations must achieve to reach long-term objectives
ANNUAL OBJECTIVES
39
Potential actions that require top management decisions and large amount of the firm’s resources for achieving the objectives
STRATEGIES
40
Includes guidelines, rules, and procedures established to support efforts to achieve stated objectives
POLICIES
41
THREE IMPORTANT QUESTION TO ANSWER IN DEVELOPING A STRATEGIC PLAN
- Where are we now? - Where do we want to go? - How are we going to get there?
42
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
STRATEGIC MANAGEMENT
43
is a forward-looking declaration that defines what an organization aspires to become in the future.
VISION STATEMENT
44
It serves as a strategic guide for decision-making, employee motivation, and stakeholder engagement.
VISION STATEMENT
45
KEY CHARACTERISTICS OF A GOOD VISION STATEMENT
1. INSPIRING & ASPIRATIONAL 2. FUTURE-FOCUSED 3. CONCISE & MEMORABLE 4. ALIGNED WITH COMPANY RULES
46
HOW TO CREATE A VISION STATEMENT
Step#1: Define the Company’s Purpose Step#2: Envision the Future Step#3: Choose Effective Words Step#4: Refine & Finalize
47
Ask: Why does the company exist beyond making profits? | Identify core values that guide the organization.
Step#1: Define the Company’s Purpose
48
:Consider where the company wants to be in 5-10 years : Imagine the ideal impact on customers, employees, and society.
Step#2: Envision the Future
49
: Use powerful, positive, and action-oriented words: Future Focused, Impact Driven, Emotionally Engaging
Step#3: Choose Effective Words
50
: Ensure that statement is clear, simple, and memorable :Test it by asking: Does this inspire? Does this set a clear direction?
Step#4: Refine & Finalize
51
HOW TO EVALUATE A VISION STATEMENT
1. FUTURE-ORIENTED 2. INSPIRATIONAL 3. CONCISE & CLEAR 4. UNIQUE 5. ALIGNED WITH VALUES 6. FLEXIBLE AND ADAPTIVE
52
WHY DOES A VISION STATEMENT CHANGE?
Industry Disruptions: Market & Consumer Changes: Expansion & Growth: Crisis or Rebranding:
53
NINE ESSENTIAL COMPONENTS
CUSTOMERS PRODUCTS OR SERVICES MARKETS TECHNOLOGY CONCERN FOR SURVIVAL, GROWTH, AND PROFITABILITY PHILOSOPHY SELF-CONCEPT CONCERN FOR PUBLIC IMAGE CONCERN FOR EMPLOYEES
54
Who are the firm’s customers?
CUSTOMERS
55
What are the firm’s major products or services?
PRODUCTS OR SERVICES:
56
Geographically, where does the firm compete?
MARKETS
57
Is the firm technology current?
TECHNOLOGY
58
Is the firm committed to growth and financial soundness?
CONCERN FOR SURVIVAL, GROWTH, AND PROFITABILITY
59
What are the basic beliefs, values, aspirations, and ethical priorities of the firm?
PHILOSOPHY
60
What is the firm’s distinctive competence or major competitive advantage?
SELF-CONCEPT
61
Is the firm responsive to social, community, and environmental concern?
CONCERN FOR PUBLIC IMAGE
62
Are employees a valuable asset of the firm?
CONCERN FOR EMPLOYEES
63
Focuses on identifying and evaluating trends and events beyond the control of a single firm
EXTERNAL AUDIT
64
It reveals key opportunities and threats confronting an organization so that managers can formulate strategies to take advantage of the opportunities and avoid or reduce the impact of threats.
EXTERNAL AUDIT
65
not aimed at developing an exhaustive list of every possible factor that could influence the business; rather, it is aimed at identifying key variables that offer actionable responses.
EXTERNAL AUDIT
66
Key External Forces
1. ECONOMIC FORCES 2. SOCIAL, CULTURAL, DEMOGRAPHIC, AND NATURAL ENVIRONMENT FORCES 3. POLITICAL, GOVERNMENTAL AND LEGAL FORCES 4. TECHNOLOGICAL FORCES 5. COMPETITIVE FORCES
67
advocates that external industry factors are more important than internal factors in a firm achieving competitive advantage.
INDUSTRIAL ORGANIZATION VIEW
68
entails firms striving to compete in attractive industries, avoiding weak or faltering industries, and gaining a full understanding of key external factor relationships within that attractive industry.
THE INDUSTRIAL ORGANIZATION (I/O) VIEW
69
THE EXTERNAL FACTOR EVALUATION (EFE) MATRIX
Allow strategists to summarize and evaluate economic, social, cultural, demographic, environmental, political, governmental, legal, technological, and competitive information.
70
Identifies a firm’s major competitors and its particular strengths and weaknesses in relation to a sample firm’s strategic position.
THE COMPETITIVE PROFILE MATRIX
71

MIDTERM (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions