304.5.1 & 304.5.3 Strategic Management
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| 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
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| Large-Scale, future-oriented plans for interacting with the competitive environment to achieve company objectives is what? | Strategy
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| The degree to which participation, responsibility, authority, and discretion in decision making are specified in strategic management is what? | Formality
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| What are the three levels of decision-making heirarchy with strategy? | Corporate, business, and functional
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| The degree to which participation, responsibility, authority, and discretion in decision making are specified in strategic management is what? | Formality
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| The informal, intuitive, and limited approach to strategic management associated with owner - managers of smaller firms is what? | Entrepreneurial Mode
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| The strategic formality associated with large firms that operate under a comprehensive, formal planning system is what? | Planning Mode
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| The strategic formality associated with medium-sized firms that emphasize the incremental modification of existing competitive approaches is what? | Adaptive Mode
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| What are the benefits of strategic management? | Using strategic management managers of all levels of the firm can interact with the planning and implementing.
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| The unique purpose that sets a company apart from others of its type and identifies the scope of its operations is what? | Company Mission
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| The results that an organization seeks to achieve over a multi-year period is what? | Long-term Objectives
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| Fundamental philosophical options for the design of strategies is what? | Generic Strategies
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| The means by which objectives are achieved is what? | Grand Strategies
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| Desired results that provide specific guidance for action during a period of one year or less is what? | Short-term Objectives
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| Short-term, narrow scoped plans that detail the "mean |
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| 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
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| Predetermined decisions that substitute for managerial discretion in repetitive decision making is what? | Policies
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| What are the steps in an action plan? | Identify specific actions, establish clear time frame, create accountability, and achieve action
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| Tracking a strategy as it is being implemented detecting problems or changes in its underlying premises, and making necessary adjustments is what? | Strategic Control
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| A form of strategic control in which managers are encouraged to be proactive in improving all operations of the firm is what? | Continuous Improvement
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| The flow of information through interrelated stages of analysis toward the achievement of an aim is what? | Process
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| Influential people who are vitally interested in the actions of the business is what? | Stakeholders
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| The term that characterizes the constantly changing conditions that affect interrelated and interdependent strategic activities is what? | Dynamic
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| 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
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| A company's statement of its philosophy is what? | Company Creed
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| 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
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| The group of stockholder representatives and strategic managers responsible for overseeing the creation and accomplishment of the company mission is what? | Board of Directors
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| What is the order of the strategic management process? | Formulate, Conduct, Assess, Analyze, Identify, Select, Develop, Implement, and Evaluate
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| What are the three economic goals that guide strategic diction of almost every business? | Survival, Growth, and Profitability
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| A company's statement of its philosophy is what? | Company Creed
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| 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.
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| 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
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| The group of stockholder representatives and strategic managers responsible for overseeing the creation and accomplishment of the company mission is what? | Board of Directors
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