Unit 1 - Strategic Management Process Flashcards
In the strategic management cycle, which step comes before measuring performance?
Implementing strategies
In the strategic management cycle, which step follows the development of objectives?
Create and choose strategies
The strategic management steps are often done _________.
simultaneously
Generally, a mission statement explains:
how a firm will make its vision a reality.
“To make people happy” is an example of a(n) _________.
vision statement
What is the first step in establishing a strategic position?
Vision statement
A PESTEL analysis is a useful tool for managers when performing strategic analysis because it reveals:
technological opportunities that exist for a business.
Managers learning about the conditions their business will operate in is part of __________.
strategic analysis
Porter’s Five Forces model can be used by company decision makers as a _________.
strategic analysis tool
What does the BCG Matrix provide to management decision makers?
A quick picture of which business units are doing well and which are not
What is a grand strategy commonly pursued during an economic expansion?
Growth strategy
A business-level strategy may include __________.
cost leadership
What type of manager engages in tactical planning?
A mid-level manager
Why do managers set goals?
It is part of the planning process.
What is a plan?
An action to achieve a specific goal
Your company has asked you to measure the success of an innovation strategy.
What information should you measure?
Number of new products launched. The product differentiation table in the materials identifies number of product launches as one of the performance measures.
You have been successfully managing a department at your company for a year after implementing changes required by the company’s chief executive officer (CEO).
Why has the CEO now required you to provide an evaluation of the impact of these changes?
Checking to see if success is happening is as important as making business plans in the first place.
