Unit 11.14

Question 1

Strategy begins with management’s…

Answer 1

diagnosis of the firm’s competitive challenges and management’s vision of a future for the firm

Question 2

Three most common strategic management processes

Answer 2

1) Traditional
2) Scenario Based Planning
3) Strategy as planned emergence

Question 3

Traditional Top-Down Approach

Answer 3

Analysis -> Formulate -> Implement

Question 4

External Analysis

Answer 4

Environmental trends and actions of industry players that impact the firm’s markets and operations

Question 5

Internal Analysis

Answer 5

The firms resources and business model and fit to the evolving environmental conditions and competitor strategies

Question 6

SWOT

Answer 6

Strengths, weaknesses, opportunities, threats framework to formulate business strategies

Question 7

SWOT is a…

Answer 7

synthesis of the external and internal analysis

Question 8

Formulation

Answer 8

Metrics and controls processes are identified for assessing strategy implementation progress and effectiveness

Question 9

Implementation

Answer 9

• Strategy constantly communicated throughout the organization
• Funding and other resources approved and mobilized
• As plans are being executed: performance is measured and reviewed, corrective action taken

Question 10

Dominant logic

Answer 10

When senior management shares a consensus opinion about what has worked in the past, and that it will continue to work well in the future
- Leads to failure to think in creative ways about future market possibilities