Strategic Management

Question 1

Strategic management

Answer 1

What manager do to develop the organization strategies

Question 2

Strategy

Answer 2

Decisions and actions that determine the long run performance of the organization

Question 3

Business model

Answer 3

How a company is going to make the money

Question 4

Focuses of the business model

Answer 4

1. Will value what the company is provading

2. the company can make qny money doing that

Question 5

Importance of the strategic management

Answer 5

1. It can make a differreence in how well an organization performs
2. manager face continually changing situatuons
3. Org. Are complex and diverse

Question 6

Strategic management process

Answer 6

Is a six step process that encompasses strategy planning, implementation, and evaluation

Question 7

Steps of strategic management process

Answer 7

Identify the organiazation’s current mission, doing an external analysis, doing an internal analysis, formulating strategies, implementing strategies, evaluating resoults

Question 8

Corporate strategy

Answer 8

Is one termines what businesses a company is in or wants to be in, and what to do with those businesses

Question 9

Mission

Answer 9

Purpose, why do you exis

Question 10

Opportunities

Answer 10

Positive trends in the external enfironment

Question 11

Threats

Answer 11

Negative trends in the external environment

Question 12

Components of a mission statement

Answer 12

Stakeholders. markets. concern for survival, growth and avieveing goals. Philosophy. Concer for public image. Products or services. Technology. Self-concept. Concern for employee. Making simple and clear and understandanle

Question 13

Types of corporate strategy

Answer 13

Growth, stability, renewal

Question 14

Resources

Answer 14

An organization assets are used to develop, manufacture and deliver product to its customer

Question 15

Capabilities

Answer 15

An organization skills and abilities in doing the work activities needed its business

Question 16

Core competenceies

Answer 16

The organization value creating capabilities that determine its competitive weapons

Question 17

Strengths

Answer 17

Any activities the organization, does well or any unique resources that has

Question 18

Weaknesses

Answer 18

Activities the organization, does not do well or resources it needs but does not posses

Question 19

Swot analysis

Answer 19

An analysis of the organization’s strengths, weaknesses, opportunities, and threats

Question 20

Corporate strategy: growth

Answer 20

When an organization expands the number of markets served or products offered

Question 21

Corporative strategy: type stability

Answer 21

A corporate strategy in which an organization continues to do what it is currently doing

Question 22

Corporative strategy: type renewal

Answer 22

Retrenchment: a short-run renewal strategy used for minor performance problems.
Turnaround: when an organization problems are more serious, more drastic actions

Question 23

Related diversification

Answer 23

A company combines with other companies in different, but related, industries

Question 24

Unrelated diversification

Answer 24

A company combines with firms in different and unrelated industries

Question 25

Corporate portafolio

Answer 25

Provides a frame work for understanding diverse business and helps managers establish priorities for allocating resources

Question 26

BCG matrix

Answer 26

2x2 matrix to identify which ones offered high potential and which were a drain on organization

Question 27

Strategic business unit (SBU)

Answer 27

The single independent business of an organization that formulate their own competitive strategy

Question 28

Five forces model

Answer 28

• threat of new entrants
• threat of substitutes
• bargaining power of buyers
• bargaining power of suppliers
• current rivalry

Question 29

Cost leadership strategy

Answer 29

A low-cost leader is highly efficient. Is kept to a minimun, and the firm does everything it can to cut cost

Question 30

Differentiation strategy

Answer 30

Offering unique products that are widely valued by customers

Question 31

Focus strategy

Answer 31

Involves a cost advantage or a differentiation advantage (cost focus, differentiation focus)

Question 32

Functional strategies

Answer 32

Which are the strategies used by an organization various functional departments to support the competitive advantage.