WEEK 3 - CONTINUATION

Question 1

is an attempt both to duplicate what goes on in the mind of a brilliant, intuitive person who knows the business and to couple it with analysis.

Answer 1

Strategic-management process

Question 2

is particularly useful for making decisions in situations of great uncertainty or little precedent.

Answer 2

Intuition

Question 3

is helpful when highly interrelated variables exist or when it is necessary to choose from several plausible alternatives.

Answer 3

Intuition

Question 4

Strategic management can be either

Answer 4

Prescriptive or Descriptive.

Question 5

means developing strategies in advance of an organizational issue.

Answer 5

Prescriptive Strategic Management

Question 6

The prescriptive approach is best described as doing things “?”

Answer 6

“by the book”.

Question 7

means putting strategies into practice when needed.

Answer 7

Descriptive Strategic Management

Question 8

Both methods of strategic management employ management theory and practices.

Answer 8

Prescriptive Strategic Management
Descriptive Strategic Management

Question 9

The descriptive approach is learning by

Answer 9

experience

Question 10

leaders make decisions and expect employees to comply

Answer 10

prescriptive strategy

Question 11

leaders seek input and feedback from their subordinates.

Answer 11

descriptive approach

Question 12

Enumerate PURPOSE OF STRATEGIC MANAGEMENT

Answer 12

COMPETITIVE ADVANTAGE
ACHIEVING GOALS
SUSTAINABLE GROWTH
COHESIVE ORGANIZATION
INCREASED MANAGERIAL AWARENESS

Question 13

Strategic management gives businesses an advantage over competitors because its proactive nature means your company will always be aware of the changing market.

Answer 13

COMPETITIVE ADVANTAGE

Question 14

Strategic management helps keep goals achievable by using a clear and dynamic process for formulating steps and implementation.

Answer 14

ACHIEVING GOALS

Question 15

Strategic management has been shown to lead to more efficient organizational performance, which leads to manageable growth.

Answer 15

SUSTAINABLE GROWTH

Question 16

Strategic management necessitates communication and goal implementation company-wide.

Answer 16

COHESIVE ORGANIZATION

Question 17

An organization that is working in unity towards a goal is more likely to achieve that goal.

Answer 17

COHESIVE ORGANIZATION

Question 18

Strategic management means looking toward the company’s future. If managers do this consistently, they will be more aware of industry trends and challenges. By implementing strategic planning and thinking, they will be better prepared to face future challenges.

Answer 18

INCREASED MANAGERIAL AWARENESS

Question 19

To survive, all organizations must astutely identify and adapt to change.

Answer 19

Adapting to Change

Question 20

is aimed at allowing organizations to adapt effectively to change over the long run.

Answer 20

strategic-management process

Question 21

KEY STRATEGIC MANAGEMENT QUESTIONS

Answer 21

What kind of business should we become?
Are we in the right field(s)?
Should we reshape our business?
What new competitors are entering our industry?
What strategies should we pursue?
How are our customers changing?
Are new technologies being developed that could put us out of business?

Question 22

Anything that a firm does especially well compared to rival firms.

Answer 22

Competitive Advantage

Question 23

Something that a firm can do that rival firms cannot do, or something that a firm owns that rival firms desire.

Answer 23

Competitive Advantage

Question 24

individuals who are most responsible for the success or failure of an organization.

Answer 24

Strategist

Question 25

They help the organization gather, analyze, and organize information.

Answer 25

Strategist

Question 26

it answers the question “What do we want to become?”

Answer 26

vision statement

Question 27

it answer the question “What is our business?”

Answer 27

mission statements

Question 28

refers to economic, social, cultural, demographic, environmental, political, legal, governmental, technological, and competitive trends and events that could significantly benefit or harm an organization in the future.

Answer 28

External Opportunities and Threats

Question 29

Organization's controllable activities that are performed especially well or poorly.

Answer 29

Internal Strengths and Weaknesses

Question 30

Superiority or deficiency relative to competitors.

Answer 30

Internal Strengths and Weaknesses

Question 31

specific results that an organization seeks to achieve in pursuing its basic mission

Answer 31

Long-Term Objectives

Question 32

short term milestone that organizations must achieve to reach long-term objectives

Answer 32

Annual Objectives

Question 33

potential actions that require top management decisions and large amount of the firm’s resources for achieving the objectives

Answer 33

STRATEGIES

Question 34

includes guidelines, rules and procedures established to support efforts to achieve stated objectives.

Answer 34

POLICIES

Question 35

Three Important Question to Answer in Developing a Strategic Plan

Answer 35

Where are we now? Where do we want to go? How are we going to get there?

Question 36

allows an organization to be more proactive than reactive in shaping its own future; it allows an organization to initiate and influence (rather than just respond to) activities – and thus to exert control over its own destiny.

Answer 36

Strategic Management