UNIT I - Overview of SM

Question 1

consists of the
analyses, decisions, and actions that an organization undertake to create and sustain competitive advantage

Answer 1

Strategic management

Question 2

The Strategic Management Process

Answer 2

PHASE I STRATEGIC ANALYSIS
- Goal Analysis (Vision and mission analysis)
- External Analysis:
- External Environment
- Industry Analysis
- Internal Analysis
PHASE II STRATEGY FORMULATION PHASE III STRATEGY IMPLEMENTATION
PHASE IV STRATEGIC EVALUATION AND CONTROL

Question 3

Definition of Strategic Management. Strategic goal formulation/analysis (vision, mission, strategic objectives)

Answer 3

Analysis

Question 4

Definition of Strategic Management. Two types of analysis

Answer 4

Internal and External

Question 5

Definition of Strategic Management. What industries should we compete in?

Answer 5

Decisions

Question 6

Definition of Strategic Management. How should we compete in those industries?

Answer 6

Decisions

Question 7

Definition of Strategic Management. Implementation of strategy

Answer 7

Actions

Question 8

Definition of Strategic Management. Allocation of resources

Answer 8

Actions

Question 9

Definition of Strategic Management. Domestic vs international operations

Answer 9

Decisions

Question 10

Definition of Strategic Management. Design the organization to bring intended strategies to reality.

Answer 10

Actions

Question 11

Strategic Management is an an approach in creating ________ and _________ and to cope up with _______ and _______ world.

Answer 11

competitive advantages (CA)
sustain competitive advantages (SCA)
external forces
trends in V U C A (volatile, uncertain, complex and ambiguous)

Question 12

the strategic edge gained over rivals through delivering superior value.

Answer 12

Competitive advantage

Question 13

How to Manage the VUCA World? Volatility; _____, Uncertainty; ______, Complexity;_____, Ambiguity;_____

Answer 13

Vision, Understanding, Clarity, Agility

Question 14

the “advanced work” that must be done in developing relevant and effective strategies.

Answer 14

Strategic Analysis

Question 15

major function in strategic planning.

Answer 15

1. Formulating Organizational Goals and Objectives

Question 16

Monitoring and analyzing the impact of external forces to identify opportunities and threats

Answer 16

2. External Analysis

Question 17

assessing the activities, resources, and capabilities of an organization to uncover its strengths and value-creating activities.

Answer 17

3. Internal Analysis

Question 18

the intangible assets that contribute to competitive advantage and overall value.

Answer 18

4. Assessing an Organization’s Intellectual Assets

Question 19

designing strategies to create and sustain competitive advantage

Answer 19

Strategy formulation

Question 20

refers to the ideas, decisions, and actions that enable a firm to succeed.

Answer 20

Strategy

Question 21

overarching framework that guides an organization’s long- term direction

Answer 21

Strategy

Question 22

art of aligning an organization’s resources and competencies to gain a competitive advantage, and adapt to the evolving environment.

Answer 22

Strategy

Question 23

organizational decisions are determined only by analysis

Answer 23

Intended strategy

Question 24

organizational decisions that are determined by both analysis and unforeseen environmental developments, unanticipated resource constraints, and/or changes in managerial preferences.

Answer 24

Realized strategy

Question 25

Three Levels of Strategy

Answer 25

Corporate Business Functional *International

Question 26

Factors under corporate level strategy

Answer 26

Stability Growth Retrenchment Integration Internationalization

Question 27

Factors under business level strategy

Answer 27

Cost leadership Differentiation Focused

Question 28

Factors under functional level strategy

Answer 28

R&D Human Resources Finance Accounting Production

Question 29

Strategy formulation. What business to compete in?

Answer 29

Corporate level strategy

Question 30

Strategy formulation. How businesses can be managed to achieve synergy to create more value by working together, rather than operating as stand-alone businesses.

Answer 30

Corporate level strategy

Question 31

addresses the issue of how to compete in a given business/industry to attain a competitive advantage.

Answer 31

Business level strategy

Question 32

focused on the execution of a strategy

Answer 32

Functional level strategy

Question 33

Strategy formulation. -building a strong organization through organizational design

Answer 33

Functional level strategy

Question 34

Strategy formulation. -Supportive organizational culture

Answer 34

Functional level strategy

Question 35

Strategy formulation. -Strategic and ethical leadership

Answer 35

Functional level strategy

Question 36

the systematic process of assessing the effectiveness of a strategic plan by measuring and comparing actual organizational performance against predetermined objectives.

Answer 36

Strategy evaluation

Question 37

timely corrective actions, improve resource allocation, and enhance decision-making to achieve desired performance outcomes.

Answer 37

Strategy evaluation

Question 38

continuous process of evaluating and monitoring the implementation of strategic plans to ensure that organizational goals and objectives are achieved.

Answer 38

Strategic control

Question 39

It focuses on identifying deviations, analyzing their causes, and taking corrective actions to address them.

Answer 39

Strategic control

Question 40

Key attributes of strategic management

Answer 40

1. Strategic management is directed toward overall organizational goals and objectives, not just a single functional area. 2. Strategic management includes multiple stakeholders when making decisions. 3. SM requires incorporating both short-term as well as long-term perspectives. 4. SM involves recognition of trade-offs between effectiveness and efficiency.

Question 41

means tailoring actions to the needs of the organization rather than wasting effort

Answer 41

effectiveness

Question 42

doing the right thing

Answer 42

effectiveness

Question 43

means performing actions at a low cost relative to a benchmark

Answer 43

efficiency

Question 44

doing things right

Answer 44

efficiency

Question 45

doing more with less inputs (human resources, financial, physical, information, time, innovation etc)

Answer 45

efficiency

Question 46

refers to the relationships among various participants in determining the direction and performance of a corporation.

Answer 46

Corporate governance

Question 47

a firm’s strategy for recognizing and responding to the interests of all its salient stakeholders.

Answer 47

Stakeholders’ engagement

Question 48

(led by the CEO) the key in setting the tone for the empowerment of employees.

Answer 48

Management

Question 49

are individuals, entities, or institutions that own shares or equity in a company.

Answer 49

Shareholders

Question 50

elected representatives of the shareholders are charged with ensuring that the interests and motives of the management are aligned with those of the owners.

Answer 50

BOD