strategic management reviewer Flashcards

1
Q

A continuous process of strategy creation with a primary objectives of achieving & maintaining better alignment of corporate policies, priorities, & success.

A

Strategic management

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2
Q

Methodical study of variables that exist in both internal and external environments.

A

Strategic analysis

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3
Q

Deliberately bringing together the right resources for the right market at the right time.

A

Strategic decision-making

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4
Q

Developing or designing strategies on the business and corporate levels.

A

Strategy formulation

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5
Q

Employing the crafted strategies to achieve organizational goals and objectives.

A

Strategy implementation

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6
Q

The application of an appropriate monitoring and feedback system.

A

Strategic control

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7
Q

The capability of an organization to possess relevant and related knowledge, abilities, foresight, and systems thinking.

A

Strategic Intelligence

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8
Q

The cognitive process of competently and analytically weighing factors and arriving at critical decisions in the context for the current milieu of which an organization is part.

A

Strategic thinking

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9
Q

The ability of an organization to produce a particular good or service at lower marginal and opportunity costs than its competitors.

A

Comparative advantage

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10
Q

The ability of any business or company to utilize its resources optimally and sustainably for the maximum performance and productivity.

A

Organizational competitiveness

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11
Q

The accomplishment of a high level of productivity that is characterized by efficiency in the context of lean and quantifiable management.

A

Strategic performance

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12
Q

It is a generic approach.

A

Strategic management

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13
Q

A distinct and focused approach.

A

Strategic planning

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14
Q

It is defined as a continuous, repetitive, and competitive process of setting the goals and objectives that an organization aims to attain, defining the means to achieve them, and assessing the best way to realize them in the context of the prevailing environment.

A

Strategic planning

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15
Q

Types of strategic plans:

A
  • Medium/long range plan
  • Annual/yearly plan
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16
Q

It describes the major factors or forces that affect the organization’s long-term objectives, strategies, and resources required.

A

Medium/long range plan

17
Q

Describes the organization’s present situation, its goals and objectives, strategies, monitoring mechanisms, and the budget for the year ahead.

A

Annual/yearly plan

18
Q

An inspirational statement of what The organization hopes to achieve at some point in the future. It is the image of what an organization desires to achieve.

A

Organizational vision

19
Q

Defines the current purpose of an organization, and answers what the organization does, for whom it is done, and how it does what it does.

A

Mission statement

20
Q

Provide organizations focus and directions.

A

Goals

21
Q

Move organizations to action. Because it have to be attained, organizations are motivated to function and perform toward their vision.

A

Goals

22
Q

Develop in organizations the trait of persistence.

A

Goals

23
Q

Need to be clearly defined and formulated, carefully chosen, specific, and definite.

A

Objectives

24
Q

Immediate or short-term

A

Objectives

25
Q

Prioritized into a hierarchy of objectives

A

Objectives

26
Q

Need to be realistic and attainable. Flexible, consistent, and strategic.

A

Objectives

27
Q

Need to be measurable over time.

A

Objectives

28
Q

Inherent roots of motivation within an individual, organization, community, or nation.

A

Values

29
Q

It includes other variables such as the organization’s dreams, aspirations, interests, expectations, philosophies, leadership and management styles and ethical practices.

A

Value system

30
Q

The regular repetitive patterns of attitudes and behavior exhibited by employees of an organization.

A

Organizational climate

31
Q

A wide range of social phenomena, including an organization’s customary dress, language, behavior, beliefs, values, symbols of status and authority, myths, ceremonies and rituals, and modes of deference and subversion.

A

Organizational culture