1.2.2 Selecting a Strategy

Question 1

What role does a strategy have in a organization?

Answer 1

• They promote the mission and goals the organization is striving to achieve
• They have a long-term focus that extend beyond the immediate time horizon
• They define the action plans the organization intends to follow to achieve its mission and goals
• They recognize explicitly the impact of the external environment, especially the reaction of competitors

Question 2

What does strategic management process involves

Answer 2

an analysis of both internal and external factors to identify sources of competitive advantage

Question 3

S.W.O.T

Answer 3

Strength, Weaknesses. Opportunities, and Threats

Question 4

List the six steps of the strategic management process

Answer 4

1. Identify the organization and objectives
2. Analyze the environment: opportunities and threats
3. Analyze the organization’s resources: identify strengths and weaknesses
4. Formulate strategy
5. Implement strategy
6. Evaluate and monitor results

Question 5

Define Environmental scanning

Answer 5

involves anticipating and interpreting changes in the environment and usually requires screening diverse information to detect emerging trends

Question 6

Define core competency

Answer 6

Unique skills or resources that give an organization a competitive edge