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A comprehensive course that equips individuals with the knowledge and skills to develop and execute effective business strategies, and competitive advantage.
Technological advancement can create new__ advantages that are more powerful than existing advantages.
Who are the individuals who are most responsible for the success or failure of an organization?
This level answers the question of how you are going to compete.
Strategy provides overall framework for guiding organizational thinking and action.
When someone has achieved status, privilege, or self-esteem througheffectively using an old system, he or she often sees a new plan as a threat.
__works well for firms that have a repeatable business model (eg. food outlets) that can be easily transferred into other markets.
Goals are the end results that the organization attempts to achieve.
The action stage of strategic management is called strategy formulation.
It is a method or plan chosen to bring about a desired future, such as achievement of a goal or a solution to a problem.
Igor Chandler is the Father of Strategic Management.
People may be uncertain of their abilities to learn new skills, of their aptitude with new systems, or of their ability to take on new roles.
It refers to the actions that managers have to take or do in order toensure that what has been set in the objective can be achieved.
Have a potential to be stars if successfully developed.
It is an economic term describing the existence of high start-up costs or other obstacles that prevent new competitors from easily entering an industry or area of business.
People know that power relationships are a key reality in organizational life.In many enterprises, if the top manager begins to advocate one alternative,the decision to choose it is soon unanimous.
According to __, strategy is organisation‘s pattern of response to its environment over a period of time to achieve its goals and mission.”
What are the Five (5) factors that support strategy implementation?
It is the framework used to evaluate a company's competitive position and to develop strategic planning.
Strategic Management serves as a foundation for all key decisions of the firm.
A statement, that provides a perspective of the means, which will lead the organization, reach the vision in the long run.
In this, some investments may be justified but major investments should be made with extreme caution.
It is the degree to which the company is able to use the same products and methods in other countries.
It focuses on providing a product or service that is perceived as being unique and hard to replicate.
It must be visible to everyone, and clearly identify how the departments, divisions, units and sections are organized, with the lines of authority and accountability clearly established.
___________ is the domain that the business hopes to dominate.
It can be defined as a group of techniques that assist strategists in making strategic decisions regarding individual products or businesses in a firm’s portfolio.
When companies decide to compete internationally, they should automatically use the same strategies that they used in local markets.
This takes Strategic Intent to an all-together new level by including the employee's emotions with the organization aspirations.
When an organization assumes success, it often fails to rewardsuccess. When failure occurs, then the firm may punish.
____________is used when a company treats the whole world as one market with little meaningful variation. The assumption is that one product can meet the needs of people everywhere.
Strategy Implementation ensures the long-term survival of the firm while coping with competition and surviving the dynamic environment.
It seeks to explain the business undertaken by the firm, with respect to the customer needs, target audience, and alternative technologies.
In the Directional Policy Matrix, the vertical axis is defined as__.
It states that Strategic Intent is differentiated because here in this case the employees are allied and they are convinced about the concept of Strategic Intent.
It is the dream of the business and an inspiration, base for the planning process.
When someone has achieved status, privilege, or self-esteem through effectively using an old system, he or she often sees a new plan as a threat.
Strategy is derived from the Greek word strategos, meaning military leader or general.
The translation of the strategy into action takes place here, and it details the firm's competitive tactics and initiatives.
Its four-quadrant framework indicates whether aggressive, conservative, defensive, or competitive strategies are most appropriate for a given organization.
__deals with acquisition of resources with which organizational goals can be achieved.
Which of the following is not a major attribute of strategic intent?
It has vital role in businesses by indicating current and potential opportunities or threats outside the company in its external environment.
If you have a particularly interesting and unique product or service that you sell to large domestic firms that are currently involved in foreign markets you may want to approach them to see if your product or service can be included in their inventory for international markets.
Need very little capital expenditure but return high levels of cash income. Can be used to finance the stars.
Selecting strategies based on analysis of an organization's external and internal environment.
This promise high returns so reinvest heavily to defend market share and position.
It is an analytical process of selection of the best suitable course ofaction to meet the organizational objectives and vision.
Identification of key strengths and weaknesses of the firm helps in narrowing down the choice of alternatives and choosing a strategy.
Strategy provides some framework for guiding organizational thinkingand action.
Strategic objectives should not be communicated to the employees to protect the important information.
What are the three major components in Strategic Management?
Investment should be made to allow the product to grow with the market.
It is designed to help potential shareholders and investors understand the purpose of the company.
The quality of the objectives can be judge on the basis of its ability to give scientific direction.
It refers to the actions that managers have to take or do in order to ensure that what has been set in the objective can be achieved.
It is the 1+1=3 process. Two companies agree to work together in a particular market,either geographic or product, and create a third company to undertake this.
It is an objective that seeks to attain in reality.
Johnson and Scholes three ways in strategies selection.
The mission statement answer which question?
Strategy deals with long term developments rather than short-term operations.
It refers to favorable external factors that could give an organization a competitive advantage.
What are the Steps Involved in Environmental analysis?
It states that, there should be a clear indication and guide on how the main activities or operations of the business are carried out.
It refers to selling directly into the market you have chosen using in the first instance your own resources.
Strategy provides some framework for guiding organizational thinking and action.
It is an involved, intricate, and complex process that takes an organization into uncharted territory.
Putting Strategy into action.
Organizations need to set adequate and appropriate objective to cover all performance areas.
This is done to estimate the degree of variation between the actual and the standard performance of an organization.
Strategy is concerned with both thought and actions. While policy is concerned mostly with action.
Feedback plays a very important role in the evaluation stage, providing the strategists with insights on how the implemented strategies are faring.
__is a particularly useful strategy in those markets where the culture, both business and social, is substantively different than your own as local partners bring local market knowledge, contacts and if
Without a perfect foresight, the firms must be ready to deal with the uncertain events which constitute the business environment.
Particular to companies that provide services such as environmental consulting, architecture, construction and engineering.
A self-contained division that provides a product or service for a particular market.
It is described as the "Long-term Market or Competitive Position"
Anything that a firm does especially well compared to rival firms is referred to as?
What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives?
They are the end users of the products and services that the companyoffers.
Who are the individuals who are most responsible for the success or failure of anorganization?
The systematic analysis of the factor associated with customers and competitors and the organization itself to provide the basis for maintaining optimum management practices.
It refers to factors that have the potential to harm an organization.
Which is in a proper order?
Which of the following is the third step in strategy formulation?
Strategy must be uniform enough so that it can be efficiently followed by the subordinates.
__viewed that in developing strategy, it was essential to systematically anticipate future environmental challenges to an organization, and draw up appropriate strategic plans for responding to these
Strategy Evaluation is where the organization’s mission, objectives, and strategies are defined and set.
Short-term milestones that organizations must achieve to reach long-term objectives.
Which is an element of strategy Implementation?
Because of their low market share these businesses are often expected tohave a higher cost structure than industry leaders. What is this?
It is a model that identifies and analyzes five competitive forces that shape every industry and helps determine an industry's weaknesses and strengths.
________________is used when a company is primarily focused on its domestic operations. It does not intend to expand globally but does export some products to take advantage of international opportunities.
It is the 1+1=3 process. Two companies agree to work together in a particular market, either geographic or product, and create a third company to undertake this.
In these circumstances the company should certainly consider making available resources in excess of what the product can generate.
This does not imply that a policy should be altered always, but it should be wide in scope so as to ensure that the line managers use them in repetitive/routine scenarios.
It is a tool that can be used to determine what priorities should be given in the product portfolio of a business unit.
Only verifiable objectives can be meaningfully used in strategic management.
Which is not an element of Strategy Formulation?
Comes from the Greek word "strategos", which refers to a military general.
Employees without__ are worthless resources to the organization.
_____________customizes products or processes to the specific conditions in each country.It tailors the product selection, payment methods, and marketing to the values and regulations in each country where it operates.
In the Directional Policy Matrix, the horizontal axis is defined as__.
Statement of how employees should conduct themselves and their business to help achieve the company mission.
Demographic and psychographic factors are the primary indicators considered in defining the organization’s target market.
Some organization do not engage in strategic planning because managers and employees show no support.
He defines strategy as a creation of a unique and valued position involving a different activity from rivals or performs similar activities in different ways.
It refers to the projected rate of sales growth for the market that a particular business caters to.
A vision statement answers the question__.
Policy must be unambiguous. It should avoid use of jargons and connotations.
Which is not a Pitfall in Strategic Planning?
This level outlines what you want to achieve: growth, stability, acquisition or retrenchment. It focuses on what business you are going to enter the market.
It implies the process of critically examining the factors that highly influence the business, as all the factors identified in the previous step effects the entity with the same intensity.
________________ is used when a company faces significant cost pressure from international competitors but must also offer products that meet local customer needs.
SWOT stands for ?
Which is not belong in the group?
_____________________is where you buy the land, build the facility and operate the business on an ongoing basis in a foreign market.
Weaknesses stands for a major unfavorable situation in the firm’s environment or an impediment to the firm’s current and/or desired future position.
The quality of the objectives can be judged on the basis of its ability to give specific direction and tangible basis for evaluating the performance.
Strategy formulation tackles the__and _________of the activities of the organization.
It describe what an organization excels at and what separates it from the competition.
Implementing strategy means mobilizing employees and managers to put formulated strategies into action.
It is a strategy which focuses on reducing the costs involved in providing a product or service.
It is the areas in the business that needs to improve to remain competitive.
It is time-based measurable actions, which help in the accomplishment of goals.
Enumerate the Porter's Five Forces. Competition in the Industry, Potential of New Entrants Into an Industry, Power of Suppliers, Power of Customers, Threat of Substitutes
Some firms do not do strategic planning because some may think that if a firm is successful, individuals may feel there is no need to plan because things are fine as they stand.
It represents what the organization must achieve in order for it to become competitive – or to remain competitive – and ensure sustainability of thebusiness over the long term.
It means the ratio of the business’s market share divided by the market share of the largest competitor in that market and provides a basis for comparing the relative strengths of different businesses in the portfolio.
This level concentrates on how an organization is going to grow. It defines daily actions including allocation of resources to deliver corporate andbusiness level strategies.
Set of related actions that managers take to increase their company's performance.
__is as significant as strategy formulation because it throws light on the efficiency and effectiveness of the comprehensive plans in achieving the desired results.
A policy is what is, or what is not done. While a strategy is the methodology used to achieve a target as prescribed by a policy.
Both an Art and science of formulating, implementing, and evaluating, cross-functional decisions that facilitate an organization to accomplish its objectives.
Policy should be__________ or else it will lead to indecisiveness and uncertainty in minds of those who look into it for guidance.
This addresses the management or leadership in force within the organization, from top management to the team leaders and managers in the smaller units.
It is the methodical evaluation of the key internal features of an organization and recognizes and assesses resources, capabilities, and core competencies.
It is the framework used to evaluate a company's competitive position and todevelop strategic planning.
Creating competitive advantage through effective management of the strategy-making process.
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