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bus 450 ch.1
| Question | Answer |
|---|---|
| Strategists | The person(s) responsible for formulating and implementing a firm’s strategic plan, including the CEO, president, owner of a business, head coach, governor, chancellor, or the top management team in a firm. |
| Retreats | Formal meetings commonly held off premises to discuss and update a firm’s strategic plan; done away from the work site to encourage more creativity and candor from participants. |
| Long-range planning | Deciding on future actions, objectives, and policies with the aim to optimize for tomorrow the trends of today; less effective and comprehensive than strategic planning. |
| What is stage 1 in the strategic management process | Strategy formulation |
| What is Strategy formulation | developing a vision or mission, identify organization’s external opportunities and threats, determine internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue. |
| Mission statement | An enduring statement of purpose that distinguishes one business from other similar firms; addresses the question “What is our business?” A declaration of an organization’s “reason for being.” |
| Tactics | The actions that bring to life or execute the formulated strategies. |
| Annual objectives | Short-term milestones that organizations must achieve to reach long-term objectives. |
| Strategic planning | The process of formulating an organization’s game plan; in a corporate setting, this term may refer to the whole strategic management process. |
| Internal weaknesses | An organization’s controllable activities that are performed especially poorly, such as in areas that include finance, marketing, management, accounting, and MIS, across a firm’s products, regions, stores, or facilities. |
| What is stage 3 in the strategic management process | Strategy evaluation |
| what is Strategy evaluation | The three activities are review external and internal factors that are the bases for current strategies, measure performance, and take corrective actions; strategies need to be evaluated regularly because external and internal factors constantly change. |
| Vision statement | A one-sentence statement that answers the question, “What do we want to become?” |
| Strategic management | The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. |
| Strategies | The means by which long-term objectives will be achieved. |
| Business strategies | may include geographic expansion, diversification, acquisition, product development, market penetration, retrenchment, divestiture, liquidation, and joint ventures. |
| Internal strengths | An organization’s controllable activities that are performed especially well, such as in areas that include finance, marketing, management, accounting, and MIS, across a firm’s products, regions, stores, and facilities. |
| PESTEL | The acronym for the six external forces that impact organizations: Political, Economic, Sociocultural, Technological, Environmental, and Legal. |
| Sustained competitive advantage | by continually adapting to changes in external trends and events and internal capabilities, competencies, and resources and effectively formulating, implementing, and evaluating strategies that capitalize on those factors. |
| Strategic management model | A framework or illustration of the strategic management process; a clear and practical approach for formulating, implementing, and evaluating strategies. |
| Long-term objectives | Specific results that an organization seeks to achieve (in more than 1 year) in pursuing its basic vision, mission, or strategy. |
| Employability | Refers to having developed the skills used by businesses, including the actual tools, techniques, and concepts learned by students using this text. |
| Strategy implementation | Stage 2 of the strategic management process. |
| Environmental scanning | Process of conducting research and gathering and assimilating external information; also referred to as external audit. |
| External opportunities | Economic, social, cultural, demographic, environmental, political, legal, governmental, technological, and competitive trends, events, or facts that could significantly benefit an organization in the future. |
| Competitive advantage | Anything a firm does especially well, compared to rival firms. For example, when a firm can do something that rival firms cannot do, or owns something that rival firms desire, that can represent a competitive advantage. |
| External threats | Economic, social, cultural, demographic, environmental, political, legal, governmental, technological, and competitive trends, events, or facts that could significantly harm an organization in the future. |
| Intuition | Using one’s cognition without evident rational thought or analysis; based on past experience, judgment, and feelings; essential to making good strategic decisions but must not be relied on heavily in lieu of objective analysis. |
| Policies | The means by which annual objectives will be achieved. include guidelines, rules, and procedures established to support efforts to achieve stated objectives. |
| Empowerment | The act of strengthening employees’ sense of shared ownership by encouraging them to participate in decision-making and rewarding them for doing so. |
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