Strategic Management Quiz 01 Pt 1

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HYPERCOMPETITION

Back 1

a fundamental feature of the new economy

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HYPERCOMPETITION

Back 2

Occurs when product/service offerings and technologies are so new that standards become unstable and competitive advantage is not sustainable

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HYPERCOMPETITION

Back 3

is a condition whereby strategic maneuverings have escalated to bigger business exposure, more sophisticated marketing positioning,aggressive selling, and innovative products and services

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HYPERCOMPETITION

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It is a situation where both globalization and technology collaborate to create a heightened cut-throat situation

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STRATEGIC MANAGEMENT

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is a continuous process of strategy creation. It involves strategic processes like strategic analysis and decision-making, strategy formulation and implementation, and strategic control, with the primary objectives of achieving and maintaining better alignment of corporate policies, priorities, and success.

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STRATEGIC ANALYSIS

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consists of a systematic evaluation of variables currently existing in the external and internal environments.

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STRATEGIC DECISION MAKING

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is deliberately bringing together the right resources for the right markets at the right time

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STRATEGY FORMULATION

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is designing strategies on the business and corporate levels

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STRATEGY IMPLEMENTATION

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is employing these crafted strategies to achieve organizational set goals and objectives

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STRATEGIC CONTROL

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is the application of an appropriate monitoring and feedback system

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STRATEGIC INTELLIGENCE

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is the capability of an organization to possess relevant and related knowledge, abilities, foresight, and systems thinking such that it is able to assess its own strengths and vulnerabilities, the pressing challenges confronting the organization, as well as the trends and opportunities existing in the environment.

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STRATEGIC THINKING

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

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ORGANIZATIONAL COMPETITIVENESS

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

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COMPARATIVE ADVANTAGE

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

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STRATEGIC PERFORMANCE

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

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STRATEGIC PLANNING

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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 while measuring performance through set standards and periodically but continuously conducting reassessments.

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MEDIUM/LONG-RANGE PLAN

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prepared in the context of the coming three to five, ten, or more years; describes the major factors or forces that affect the organization's long-term objectives, strategies, and resources required

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ANNUAL/YEARLY PLAN

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short-term, succinctly describes the organization's present situation, its goals and objectives, strategies, monitoring its mechanisms, and the budget for the year ahead.

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ORGANIZATIONAL VISION

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an inspirational statement of what the organization hopes to achieve at some point in the future

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ORGANIZATIONAL VISION

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the image of what an organization desires to achieve

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ORGANIZATIONAL VISION

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short and succinct but carries an extraordinary force that will stir, motivate, and inspire employees to work and refocus toward its desired optimal future state

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MISSION STATEMENT

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defines the current purpose of an organization

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MISSION STATEMENT

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answers what the organization does, for whom it is done, and how it does what it does

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ORGANIZATIONAL GOALS

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are pursued on their respective purpose and direction. Goals are macro, encompassing in perspective and prospective in nature.

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OBJECTIVES

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are different from goals in that they are micro and specific in perspective

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STRATEGIC OBJECTIVES

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are, in general, externally focused

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MARKET STANDING

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Like desired share of the current and new markets

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INNOVATION

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Like development of new goods, services and of skills and methods required to supply them

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HUMAN RESOURCES

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like selection and development of employees

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FINANCIAL RESOURCES

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like identification of sources of capital and their uses

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PHYSICAL RESOURCES

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like equipment and facilities and their uses

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PRODUCTIVITY

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like efficient use of the resources relative to output

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SOCIAL RESPONSIBILITY

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like awareness and responsiveness to the effects on the community of the stakeholders

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PROFIT REQUIREMENTS

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like achievement of measurable financial well-being and growth

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VALUES

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vary from one organization to another inherent roots of motivation within an individual, an organization, a community, or a nation

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VALUES

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by nature, ingrained and more stable and enduring both intellectual and behavioral, serving as bases for the organization's actions and way of thinking

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BELIEFS

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are cognitive manifestations

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ATTITUDES

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are characteristically behavioral

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ORGANIZATIONAL CLIMATE

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

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ORGANIZATIONAL CLIMATE

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a measure of the health of an organization

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ORGANIZATIONAL CLIMATE

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manifests whether employees are happy, hard working, and motivated or otherwise; whether good interpersonal relationships exist between and among different levels of management; and whether the work environment is acceptable and conducive to productivity

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ORGANIZATIONAL CULTURE

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a system of knowledge and common values which can be exhibited and evaluated similarly by people even with different backgrounds and at different levels within the organization.

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ORGANIZATIONAL CULTURE

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more solid, stable, and long-term because it presents the organization's culture from its inception to where it is; showing how the culture of an organization evolved through the years