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OBC1: Week 6

304.5.1 & 304.5.3 Strategic Management

QuestionAnswer
The set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company's objectives is what? Strategic Management
Large-Scale, future-oriented plans for interacting with the competitive environment to achieve company objectives is what? Strategy
The degree to which participation, responsibility, authority, and discretion in decision making are specified in strategic management is what? Formality
What are the three levels of decision-making heirarchy with strategy? Corporate, business, and functional
The degree to which participation, responsibility, authority, and discretion in decision making are specified in strategic management is what? Formality
The informal, intuitive, and limited approach to strategic management associated with owner - managers of smaller firms is what? Entrepreneurial Mode
The strategic formality associated with large firms that operate under a comprehensive, formal planning system is what? Planning Mode
The strategic formality associated with medium-sized firms that emphasize the incremental modification of existing competitive approaches is what? Adaptive Mode
What are the benefits of strategic management? Using strategic management managers of all levels of the firm can interact with the planning and implementing.
The unique purpose that sets a company apart from others of its type and identifies the scope of its operations is what? Company Mission
The results that an organization seeks to achieve over a multi-year period is what? Long-term Objectives
Fundamental philosophical options for the design of strategies is what? Generic Strategies
The means by which objectives are achieved is what? Grand Strategies
Desired results that provide specific guidance for action during a period of one year or less is what? Short-term Objectives
Short-term, narrow scoped plans that detail the "mean
Short-term, narrow scoped plans that detail the "mean" or activities that a company will use to achieve short-term objectives is what? Functional Tactics
Predetermined decisions that substitute for managerial discretion in repetitive decision making is what? Policies
What are the steps in an action plan? Identify specific actions, establish clear time frame, create accountability, and achieve action
Tracking a strategy as it is being implemented detecting problems or changes in its underlying premises, and making necessary adjustments is what? Strategic Control
A form of strategic control in which managers are encouraged to be proactive in improving all operations of the firm is what? Continuous Improvement
The flow of information through interrelated stages of analysis toward the achievement of an aim is what? Process
Influential people who are vitally interested in the actions of the business is what? Stakeholders
The term that characterizes the constantly changing conditions that affect interrelated and interdependent strategic activities is what? Dynamic
The unique purpose that sets a company apart from others of its type and identifies the scope of its operations in product, market, and technology terms. Company Mission
A company's statement of its philosophy is what? Company Creed
A statement that presents a firm's strategic intent designed to focus the energies and resources of the company on achieveing a desirable future is what? Vision Statement
The group of stockholder representatives and strategic managers responsible for overseeing the creation and accomplishment of the company mission is what? Board of Directors
What is the order of the strategic management process? Formulate, Conduct, Assess, Analyze, Identify, Select, Develop, Implement, and Evaluate
What are the three economic goals that guide strategic diction of almost every business? Survival, Growth, and Profitability
A company's statement of its philosophy is what? Company Creed
What are the newest trends that have become prominent in the strategic planning for organizations for development and revisions of their mission statements? Sensitivity to consumer wants, concern for quality, and statements of company vision.
A statement that presents a firm's strategic intent designed to focus the energies and resources of the company on achieving a desirable future is what? Vision Statement
The group of stockholder representatives and strategic managers responsible for overseeing the creation and accomplishment of the company mission is what? Board of Directors
Created by: Rika78
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