LESSON 1

Question 1

Strategic Management

Answer 1

1. Management
2. Marketing
3. Economics
4. Financial management
5. HR management
6. Managerial accounting

Question 2

the art and science of formulating,
implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives

Answer 2

Strategic Management

Question 3

A plan of actions designed to achieve a particular goal

Answer 3

strategy

Question 4

strategy Originated from the Greek word

Answer 4

‘strategos’

Question 5

refer to the act of maneuvering troops into position, deployment of troops before the enemy is actually engaged

Answer 5

strategy

Question 6

strategos meaning

Answer 6

meaning ‘the art of the general’ or ‘general’s view’

Question 7

5P (Henry Mintzberg)

Answer 7

plan
ploy
pattern
position
perspective

Question 8

“Strategy is when you are out of ammunition, but keep on firing so that the enemy won’t know”

Answer 8

(Unknown)

Question 9

“Strategies are the means by which long-term objectives will be achieved”

Answer 9

(Fred David, 2007)

Question 10

“Strategy is essentially, a way of channeling resources to achieve a goal”

Answer 10

(Nigel Nicholson, 2004)

Question 11

Types of Strategy

Answer 11

1. International/Regional
2. National
3. Industry/Sectoral
4. Organization/Company/Corporate
5. Business/Service
6. Functional

Question 12

Strategy which involves the cooperation of multiple nations usually within a particular continent or region

Answer 12

International/Regional

Question 13

examples are

In 1999 EU strategy to create a single European Currency (As of 2009, 13 out of 27 EU countries are using Euro)
* ‘ASEAN’ strategy on widening cooperation to become ‘ASEAN + 3

Answer 13

International/Regional

Question 14

The main strategies of a particular nation

Answer 14

National

Question 15

examples are

• Introducing Vision 2020 in 1991
• Introducing 7 National Key Result Area (NKRA) in 2009

Answer 15

National

Question 16

Strategy which is focused on a particular industry or sector in a particular nation

Answer 16

industry/sectoral

Question 17

example is

• In 2005 Malaysia established a National Biotechnology Policy which provides a comprehensive framework to guide biotechnology development efforts in the country

Answer 17

industry/sectoral

Question 18

Strategy which guides the particular organisation to achieve its goals

Answer 18

Organisation / Company /Corporate

Question 19

example is

Petronas president and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said the national oil and gas firm wants to expand its core business as well as diversify but is mindful of its cash position

Answer 19

Organisation / Company /Corporate

Question 20

Certain organisations are involve in more than one business or services. For each business or service, it is wise to have specific strategies

Answer 20

Business /Service

Question 21

example is

MESTEC must develop strategies for each of its services and also several strategies that encompass combination of ‘Energy, Science, Technology, Environment & Climate Change’ service

Answer 21

Business /Service

Question 22

Specific strategy for each function that exists in the business or service of a particular organisation

Answer 22

functional

Question 23

example is

Each functions in the organisation, such as HR, Finance, Logistics and others need to have its own strategies to ensure goals achievement

Answer 23

functional

Question 24

Stages of Strategic Management

Answer 24

1. Formulating
2. Implementation
3. Evaluation

Question 25

- developing a vision and mission statement, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing strategies to pursue

Answer 25

Formulating

Question 26

establish annual objectives, devise policies, motivate employees, and allocate resources so formulated strategies can be executed.

Answer 26

Implementation

Question 27

-final stage, includes 3 fundamental activities

Answer 27

Evaluation

Question 28

3 fundamental activities in evaluation

Answer 28

 Reviewing external and internal factors as bases for current strategies  Measuring performance  Taking corrective actions

Question 29

an organization’s process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy

Answer 29

Strategic Planning

Question 30

It is a SYSTEMATIC process that involves defining an organization's long-term vision, setting specific goals and objectives, and developing strategies to achieve them.

Answer 30

Strategic Planning

Question 31

Importance of Strategic Planning:

Answer 31

*Provides Direction and Focus *Improves Resource Allocation *Enhances Decision-Making *Encourages Proactive Management *Boosts Organizational Performance *Facilitates Risk Management *Ensures Sustainability and Growth

Question 32

Key Elements of Strategic Planning:

Answer 32

1. Vision and mission 2. Goals and objectives 3. Environmental analysis 4. Strategy formulation 5. Implementation 6. Evaluation and COntrol

Question 33

 Defines the organization's purpose and long-term aspirations.

Answer 33

Vision and Mission

Question 34

 Specific, measurable targets aligned with the vision.

Answer 34

Goals and Objectives

Question 35

 Assessing internal strengths and weaknesses, as well as external opportunities and threats (SWOT Analysis).

Answer 35

Environmental Analysis

Question 36

 Developing a strategic approach to achieve objectives.

Answer 36

Strategy Formulation

Question 37

 Allocating resources and executing the strategies.

Answer 37

Implementation

Question 38

 Monitoring performance and making adjustments as needed.

Answer 38

Evaluation and Control

Question 39

 Tool used to evaluate internal strengths and weaknesses and external opportunities and threats  Used in strategic planning

Answer 39

SWOT Analysis