SM CH1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What is Strategic Management? | The set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives
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| What is Strategy? | Large-scale, future-oriented plan for interacting with competitive environment to achieve objectives
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| Dimensions of strategic management | req. companys resources, involve multibuss and multifx, future oriented, have to take into consideration ext envrirorment, affect company long term prosperity,
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| Characteristics of strategic management decisions | corporate level: long term decision, flexible
funtional: words into action
business: link between the two
and resources, risk and potentiol profitability like A B C
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| Formality in Strategic Management | degree to which people roles, authority and responsabilty in decision making is specified
depends on the firm; size, style of management and ext envirorment
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| The strategy makers and role of ceo | ceo, heads of fx area, and product managers,
responsable of company succ or decay, guidanc from oard of directors,long termn orientation
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| benefits and risk of stat making | benefits: less overlapping of employees task, avility to prevent problems, reduces resistance to change
risk: to many thinking no action, the planners are not in the implementation so nobady is really responsable
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| draw and explain the component | 11
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| implication of the sm process | changes in one component affect others, needs feedback, must be seen as a dynamic process
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Created by:
jnartig
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