Strategy Management

Question 1

what is strategy

Answer 1

large scale action plan that sets the direction for an organization

Question 2

what is strategic management

Answer 2

process that involve managers from all parts of organization in the formulation and implementation of strategies and strategic goals

Question 3

why strategic management is important

Answer 3

• provide direction and momentum
• encourage new ideas
• develop a sutainable competitive advantage

Question 4

what are the four areas that organization must stay ahead

Answer 4

• being responsive to customer
• innovation
• quality
• efficiency

Question 5

how do you use technology to gain a sustainable competitive advantage for construction industry

Answer 5

• mobile technology
• drones
• BIM building information monitoring
• virtual reality and wearables
• 3D printing
• artificial intelligence

Question 6

what is an effective strategy

Answer 6

strategic positioning

• attempts to achieve sustainable competitive advantage by preserving what is distinctive about the company
• “performing different activities from rivals,or performing similare activities in different ways”

Question 7

what are the three principles of effective strategy

Answer 7

1. strategy is the creation of a unique and valuable position 2.strategy requires straight offs in competing 3. strategy involve creating a fit among activities

Question 8

what are the strategic management process

Answer 8

establish the mission and Division establish the grand strategy with environmental scanning formula that strategic plans carry out the strategic plans maintain strategic control revised actions if necessary based on feedback

Question 9

what are the three common grand strategies

Answer 9

growth strategy
stability
defensive

Question 10

what is growth strategy

Answer 10

involve expansion

Question 11

what is stability

Answer 11

involve little or no significant change

Question 12

what are the two lesson of successful manager

Answer 12

1. In era of management fads, strategic planning is still tops
2. Managers must be willing to make large,painful decisions to suddenly alter strategy

Question 13

what is business plan

Answer 13

a document that outline a proposed firm’s goals , the strategy for achieving them and the standards in measuring success

Question 14

what can strategic learning help

Answer 14

can help people focus on the most critical problems, choices,and opportunities

Question 15

what can a poor plan send an organization to

Answer 15

to wrong direction

Question 16

what do bad planning usually results from

Answer 16

faulty assumptions about future,poor assessment of an organisation’s capabilities
ineffective group dynamics,and information overload

Question 17

what is strategy innovation

Answer 17

h

Question 18

what is strategic positioning

Answer 18

attempt to achieve sustainable competitive advantage by preserving what is distinctive about a company

Question 19

strategic position emerges from three sources what are they

Answer 19

• few needs , many customers ,eg. provides only lubricants, but for all
• Broad needs, few customer
  eg. channel luxury brand ,for wealthy people only
• broad needs,many customer
  eg. rice

Question 20

the strategic management workforce small as well as large firms

Answer 20

yes, if the company is in a very competitive industry

Question 21

what are the characteristics of a good mission statement

Answer 21

states the organization’s purpose and reason of being

Question 22

what is defensive strategy

Answer 22

• involves reduction of the organization’s effort

- retrenchment

Question 23

what is strategy formulation

Answer 23

process of choosing different strategies and alterig them to best fit the organzation’s need

Question 24

what is strategy implementation

Answer 24

putting strategic plan into effect

Question 25

what is strategic control

Answer 25

monitoring the execution of strategies, and making adjustments if necessary

Question 26

what do we need to establish grand strategy

Answer 26

- competitive intelligence - SWOT analysis - forecasting

Question 27

what is competitive intelligence

Answer 27

gaining information about one's competitors activities so that you can anticipate their moves and react appropriately -

Question 28

what is environmental scanning

Answer 28

careful monitoring of organization's internal and external environments to detect early signs of opportunities or threats that may influence the firms plans

Question 29

what is the meaning of

Answer 29

s

Question 30

what is trend analysis

Answer 30

hypothetical extension of a past series of events into the future

Question 31

what is contingency analysis

Answer 31

creation of hypothetical alternatives but equally likely future conditions

Question 32

what are some of the technique to formulate strategy

Answer 32

1. Porter's 5 Competitive Forces 2. Porter's 4 Competitive Stategies 3. Single product vs Diversification 4. BCG Matrix

Question 33

what are Porter's five competitive forces

Answer 33

1. threat of new entrants 2. Bargaining power of supplies 3. Bargaining power of buyers 4. Threat of substitute products or services 5. Rivalry among competitors

Question 34

what are the 4 Porter's competitive strategy

Answer 34

1. Cost leadership strategy 2. Differentiation strategy 3. Cost focus strategy 4. Focused differetiation

Question 35

what is the characters of good vision statement

Answer 35

stating what it wants to become | positive and inspiring

Question 36

what do we need to keep a strategic plan on track

Answer 36

engage people keep it simple stay focused keep moving

Question 37

where can the sources of competitive intelligence found

Answer 37

public prints and advertising, investor information, informal resources

Question 38

SWOT analysis is also called

Answer 38

situational analysis

Question 39

the SWOT analysis is divided into how many parts? and what are they

Answer 39

``` 4 parts, strength weaknesses opportunity threats ```

Question 40

what is organizational strengths

Answer 40

Skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its mission

Question 41

what is organizational weaknesses

Answer 41

Drawbacks that hinder an organization in executing strategies in pursuit of its mission

Question 42

what is organizational opportunity

Answer 42

An environmental factors that the organization May exploit for competitive advantage

Question 43

what is organizational threats

Answer 43

Environmental factors that hinder and organization's achieving a competitive advantage

Question 44

what are the 2 types of forecasting

Answer 44

- Trend analysis | - contingency planning

Question 45

an organisation should do what to examines these five competitive forces

Answer 45

An organization should do a good SWOT analysis that examines this five competitive forces

Question 46

what is the benefit and disadvantages of single-product strategy

Answer 46

Benefit- Focus | The risk- vulnerability

Question 47

what is single product strategy

Answer 47

A company makes and sells only one product within its Market

Question 48

what is diversification

Answer 48

operating several businesses in order to spread the risk

Question 49

what are the advantages of related diversification

Answer 49

Reduce risk because more than one product Management efficiency Administration spread over several businesses Synergy the sum is greater than the parts

Question 50

what is BCG matrix

Answer 50

Evaluating strategic business units on the basis of 1. Their business growth rate and 2. their share of the market

Question 51

what is execution

Answer 51

Not simply tactics it is a central part of any company strategies. Using questioning analysis and follow-through to mesh strategy with reality, align people with goals, an issue results promised

Question 52

what are the three core processes of business

Answer 52

People, strategy, and operations

Question 53

what are the two kinds of diversification

Answer 53

Unrelated diversification | Related diversification

Question 54

what is the meaning of synergy

Answer 54

The economic value of separate, related business under one ownership and management is greater together than the business that are with separately

Question 55

effective execution requires managers

Answer 55

Effective execution requires managers to build a foundation for execution within three core processes found in any business : people strategy an operation

Question 56

what are the seven essential types of leaders behaviors needed to fuel engine of execution

Answer 56

- Know your people and your business: "engage intensely with your employees" - insist on realism: " don't let others avoid reality" - set clear priority: "focus on a few rather than many goals" - follow through: "establish accountability and check on results" - reward the doers: "show top performance that they matter" - expand people's capabilities : "develop the talent" - know yourself : "do the hard work or understanding Who You Are"

Question 57

what are the seven essential types of leaders behaviors needed to fuel engine of execution

Answer 57

d

Question 58

what does execution based on?

Answer 58

based on leadership