lesson 1. strategic management process, strategic planningn

Question 1

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

Answer 1

strategic management

Question 2

plan of actions designed to achieve a particular goal

Answer 2

strategy

Question 3

strategos means

Answer 3

art of the general or general’s view

Question 4

5P’s for strategy

Answer 4

plan, ploy, pattern, position, and perspective

Question 5

types of strategy

Answer 5

1. international/regional
2. national
3. industry/sectoral
4. organisation/company/corporate
5. business/service
6. functional

Question 6

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

Answer 6

international/regional

Question 7

the main strats of a particular nation

Answer 7

national

Question 8

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

Answer 8

industry/sectoral

Question 9

strat which guides the particular organization to achieve its goals

Answer 9

organization/company/corporate

Question 10

certain orgs are involve in more than one business or services.

Answer 10

business/service

Question 11

specific strat for each function that exists in the business or service of a particular organization

Answer 11

functional

Question 12

stages of strategic management

Answer 12

1. formulating
2. implementation
3. evaluation

Question 13

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 13

formulating

Question 14

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

Answer 14

implementation

Question 15

final stage, includes 3 fundamental
activities

Answer 15

EVALUATION

Question 16

3 fundamental activities in evaluation stage

Answer 16

1. reviewing external and internal factors as bases for current strats
2. measuring performance
3. taking corrective actions

Question 17

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

Answer 17

strategic planning

Question 18

systematic process that involves defining
an organization’s long-term vision, setting
specific goals and objectives, and developing strategies to achieve them.

Answer 18

strategic planning

Question 19

key elements of strategic planning

Answer 19

vision and mission
goals and objectives
environmental analysis
strategy formulation
implementation
evaluation and control

Question 20

defines the organization’s purpose and long-term aspirations

Answer 20

vision and mission

Question 21

specific, measurable targets aligned with the vision

Answer 21

goals and objectives

Question 22

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

Answer 22

environmental analysis

Question 23

Developing a strategic approach to achieve objectives

Answer 23

strategy formulation

Question 24

Allocating resources and executing the strategies.

Answer 24

implementation

Question 25

Monitoring performance and making adjustments as needed.

Answer 25

evaluation and control

Question 26

Tool used to evaluate internal strengths and weaknesses and external opportunities and threats

Answer 26

SWOT analysis

Question 27

five Ps strategy by ?

Answer 27

Henry Mintzberg