OBC1: Week 6 Word Scramble
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| Question | Answer |
| 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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