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Strat Manage Ch 1

Strategic Management Chapter 1

What is the definition of strategic management? The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.
What is the difference between strategic management and strategic planning? Strategic management is the strategy formulation, implementation, and evaluation whereas planning is only strategy formulation.
What is the purpose of strategic management? To exploit and create new and different opportunities for tomorrow.
What is the purpose of long-range planning? To optimize for tomorrow the trends of today.
What three stages does the strategic-management process consist of? Strategy formulation, strategy implementation, and strategy evaluation.
What are annual objectives? short-term milestones that organizations must achieve to reach long-term objectives.
What are policies? The means by which annual objectives will be achieved. They include guidelines, rules, and procedures to support efforts of achieving stated objectives.
How are objective defined? Specific results that an organization seeks to achieve in pursuing its basic mission.
What are strategies? The means by which long-term objectives will be achieved.
How does a firm achieve a sustained competitive advantage? 1. Continually adapting to changes in external trends & events and internal capabilities, competencies, and resources; 2. Effectively formulate, implement, and evaluate strategies that capitalize upon those factors.
What are strategists? Individuals who are most responsible for the success or failure of an organization. Can be CEO, president, owner, chair of the board, exec director, chancellor, dean, or entrepreneur.
What is a mission statement? Enduring statements of purpose that distinguish one business from other similar firms. Identifies the scope of a firm's operations in product and market terms.
What does external opportunities and external threats refer to? Economic, social, cultural, demographic, environmental, political, legal, governmental, technological, and competitive trends and events that could benefit or harm an org in the future.
What are internal strengths and internal weaknesses? An organization's controllable activities that are performed especially well or poorly.
What are retreats? Semiannual meetings to discuss and update the firm's vision/mission, opportunities/threats, strengths/weakness, strategies, objectives, policies, and performance.
What is key to successful strategic management? Communication
What is the principal benefit of strategic management? To help organizations formulate better strategies through the use of a more systematic, logical, and rational approach to strategic choice.
What are poor reward structures? When an organization assumes success, it often fails to reward success. When failure occurs, then the firm may punish. In this situation, it is better for an individual to do nothing than to try to achieve something, fail, and be punished.
What is firefighting? An organization that is so deeply embroiled in crisis management that it has no time to plan.
What are business ethics? Principles of conduct within organizations that guide decision making and behavior.
What is empowerment? The act of strengthening employees' sense of effectiveness by encouraging them to participate in decision making and to exercise initiative and imagination, and rewarding them for doing so.
What is environmental scanning? Formulating strategies to take advantage of external opportunities by identifying, monitoring, and evaluating external opportunities and threats so to avoid or reduce the impact of external threats.
What is intuition? Making good strategic decisions based on past experiences, judgment, and feelings. Most useful for making decisions in situations of great uncertainty or little precedent.
What is a vision statement? Answers the question, "What do we want to become?" and is often considered the first step in strategic planning.
What is ISO 14000? A series of voluntary standards in the environment field that minimizes harmful effects on the environment cause by its activities and continually monitors and improves its own environmental performance.
What is ISO 14001? A set of standards adopted by thousands of firms worldwide to certify their constituencies that they are conducting business in an environmentally friendly manner in fields such as auditing, performance evaluation, labeling, and life-cycle assessment.
Created by: mark.mcdonald84
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