Strategic Chapter 1 ☂️

Front 1

True or false

For any organization to operate and effectively focus it’s effort on certain task and avoid going astray or Deviate away from target - a sense of direction needs to be set and some set guidelines have to be established and observe in the minds of founders leaders and managers though some are put in writing

Back 1

TRUE

Front 2

It is the art and science of formulating implementing and evaluating cross functional decisions that enable organization to achieve its objectives

Back 2

Strategic management

Front 3

True or false

Strategic Management is used differently with the terms strategic planning

Back 3

False

Strategic Management is used synonymously with the terms strategic planning

Front 4

Used to refer to strategy formulation implementation and evaluation

Back 4

Strategic management

Front 5

This word is referring only to strategy formulation

Back 5

Strategic planning

Front 6

A company’s game plan

Back 6

Strategic plan

Front 7

Results from tough managerial choices among numerous good alternatives and it’s signals commitment to specific markets, policies, procedures and operations

Back 7

Strategic plan

Front 8

What are the three stages of the strategic management

Back 8

1. strategy formulation

2. strategy implementation

3. Strategy evaluation

Front 9

6 things under strategy formulation

Back 9

• developing a vision and mission

•Identifying an organizations external opportunities and threats

•Determining internal strengths and weaknesses

• establishing long-term objectives

• generating alternatives

• choosing particular strategies to pursue

Front 10

This requires a firm to establish annual objective’s device policies motivate employees and allocate resources that formulated strategies can be executed

Back 10

Strategy implementation

Front 11

• an organization’s controllable activities That are performed especially well or poorly

Specific results that and we can you Tatian six to achieve• determined relative to competitors

Back 11

Internal strengths and internal weaknesses

Front 12

determining which strategies are not working well

Back 12

Strategy evaluation

Front 13

Three fundamental activities in strategy evaluation

Back 13

1. Reviewing external and internal factors that are the basis for current strategies

2. measuring performance 3.taking corrective actions

Front 14

Strategies

Back 14

Strategies

Front 15

Any resource a firm possesses that rival firms desire

Back 15

Competitive advantage

Front 16

True

Back 16

True

Front 17

Answers the question

“what do we want to become?”

Back 17

Vision statement

Front 18

Answers the question “what is our business?”

Back 18

Mission statements

Front 19

True or false

strategic management does not allow an organization to be more proactive but rather reactive

Back 19

false

Front 20

• an organization’s controllable activities That are performed especially well or poorly

• determined relative to competitors

Back 20

Internal strengths and internal weaknesses

Front 21

Specific results that an organization seeks to achieve in pursuing it’s basic mission more than one year

Back 21

Long-term objectives

Front 22

The means by which long-term objectives will be achieved

Back 22

Strategies

Front 23

May include geographic expansion, diversification, acquisition, product development, market penetration, retrenchment, divestiture, liquidation and joint ventures

Back 23

Strategies

Front 24

True

Back 24

True

Front 25

Should be established at the corporate, divisional and functional levels in the large organization

Back 25

annual objectives

Front 26

The means by which annual objectives will be achieved

Back 26

Policies

Front 27

Strategy evaluation

Back 27

Strategy evaluation

Front 28

True or false

strategic management does not allow an organization to be proactive but rather reactive

Back 28

false

Front 29

Any activity A firm does especially well compared to activities done by rival firms

Back 29

Competitive advantage

Front 30

And you resource a firm possesses that rival firms desire

Back 30

Competitive advantage

Front 31

True or false

Low performing firms tend to do systematic planning to prepare for future fluctuations in the external and internal environmentIt’s one of the reason why some firms do not have strategic planning

Back 31

High performing firms tend to do systematic planning to prepare for future fluctuations in the external and internal environment

Front 32

Economic, social,cultural, demographic, environmental, political, Legal, governmental, Technological and competitive trends and events that could significantly benefit or harm an organization

Back 32

External opportunities and threats