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A comprehensive course that equips individuals with the knowledge and skills to develop and execute effective business strategies, and competitive advantage.
Have a potential to be stars if successfully developed.
A policy is what is, or what is not done. While a strategy is the methodology used to achieve a target as prescribed by a policy.
This addresses the management or leadership in force within the organization, from top management to the team leaders and managers in the smaller units.
Strategy formulation tackles the__and _________of the activities of the organization.
It refers to factors that have the potential to harm an organization.
The translation of the strategy into action takes place here, and it details the firm's competitive tactics and initiatives.
Strategy is derived from the Greek word strategos, meaning military leader or general.
Johnson and Scholes three ways in strategies selection.
It states that, there should be a clear indication and guide on how the main activities or operations of the business are carried out.
___________ is the domain that the business hopes to dominate.
It is the methodical evaluation of the key internal features of an organization and recognizes and assesses resources, capabilities, and core competencies.
It is the degree to which the company is able to use the same products and methods in other countries.
It must be visible to everyone, and clearly identify how the departments, divisions, units and sections are organized, with the lines of authority and accountability clearly established.
Because of their low market share these businesses are often expected tohave a higher cost structure than industry leaders. What is this?
They are the end users of the products and services that the companyoffers.
It is a strategy which focuses on reducing the costs involved in providing a product or service.
In the Directional Policy Matrix, the horizontal axis is defined as__.
When someone has achieved status, privilege, or self-esteem through effectively using an old system, he or she often sees a new plan as a threat.
This level outlines what you want to achieve: growth, stability, acquisition or retrenchment. It focuses on what business you are going to enter the market.
In these circumstances the company should certainly consider making available resources in excess of what the product can generate.
Particular to companies that provide services such as environmental consulting, architecture, construction and engineering.
Set of related actions that managers take to increase their company's performance.
It is a model that identifies and analyzes five competitive forces that shape every industry and helps determine an industry's weaknesses and strengths.
Some organization do not engage in strategic planning because managers and employees show no support.
It seeks to explain the business undertaken by the firm, with respect to the customer needs, target audience, and alternative technologies.
Employees without__ are worthless resources to the organization.
Weaknesses stands for a major unfavorable situation in the firm’s environment or an impediment to the firm’s current and/or desired future position.
Strategy deals with long term developments rather than short-term operations.
Some firms do not do strategic planning because some may think that if a firm is successful, individuals may feel there is no need to plan because things are fine as they stand.
It is the 1+1=3 process. Two companies agree to work together in a particular market, either geographic or product, and create a third company to undertake this.
__viewed that in developing strategy, it was essential to systematically anticipate future environmental challenges to an organization, and draw up appropriate strategic plans for responding to these
Strategy provides some framework for guiding organizational thinkingand action.
It refers to the projected rate of sales growth for the market that a particular business caters to.
__is a particularly useful strategy in those markets where the culture, both business and social, is substantively different than your own as local partners bring local market knowledge, contacts and if
It describe what an organization excels at and what separates it from the competition.
A vision statement answers the question__.
It refers to the actions that managers have to take or do in order toensure that what has been set in the objective can be achieved.
Strategy Implementation ensures the long-term survival of the firm while coping with competition and surviving the dynamic environment.
It refers to selling directly into the market you have chosen using in the first instance your own resources.
Comes from the Greek word "strategos", which refers to a military general.
The quality of the objectives can be judge on the basis of its ability to give scientific direction.
Both an Art and science of formulating, implementing, and evaluating, cross-functional decisions that facilitate an organization to accomplish its objectives.
Who are the individuals who are most responsible for the success or failure of anorganization?
Organizations need to set adequate and appropriate objective to cover all performance areas.
Which is not belong in the group?
Which is an element of strategy Implementation?
Policy should be__________ or else it will lead to indecisiveness and uncertainty in minds of those who look into it for guidance.
It is described as the "Long-term Market or Competitive Position"
What are the three major components in Strategic Management?
Which is in a proper order?
He defines strategy as a creation of a unique and valued position involving a different activity from rivals or performs similar activities in different ways.
This level answers the question of how you are going to compete.
This does not imply that a policy should be altered always, but it should be wide in scope so as to ensure that the line managers use them in repetitive/routine scenarios.
The systematic analysis of the factor associated with customers and competitors and the organization itself to provide the basis for maintaining optimum management practices.
It represents what the organization must achieve in order for it to become competitive – or to remain competitive – and ensure sustainability of thebusiness over the long term.
It is the 1+1=3 process. Two companies agree to work together in a particular market,either geographic or product, and create a third company to undertake this.
Short-term milestones that organizations must achieve to reach long-term objectives.
It is designed to help potential shareholders and investors understand the purpose of the company.
What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives?
It is an economic term describing the existence of high start-up costs or other obstacles that prevent new competitors from easily entering an industry or area of business.
If you have a particularly interesting and unique product or service that you sell to large domestic firms that are currently involved in foreign markets you may want to approach them to see if your product or service can be included in their inventory for international markets.
Strategy provides overall framework for guiding organizational thinking and action.
_____________________is where you buy the land, build the facility and operate the business on an ongoing basis in a foreign market.
_____________customizes products or processes to the specific conditions in each country.It tailors the product selection, payment methods, and marketing to the values and regulations in each country where it operates.
It can be defined as a group of techniques that assist strategists in making strategic decisions regarding individual products or businesses in a firm’s portfolio.
This promise high returns so reinvest heavily to defend market share and position.
____________is used when a company treats the whole world as one market with little meaningful variation. The assumption is that one product can meet the needs of people everywhere.
Feedback plays a very important role in the evaluation stage, providing the strategists with insights on how the implemented strategies are faring.
Which is not an element of Strategy Formulation?
It is time-based measurable actions, which help in the accomplishment of goals.
It refers to favorable external factors that could give an organization a competitive advantage.
People may be uncertain of their abilities to learn new skills, of their aptitude with new systems, or of their ability to take on new roles.
In the Directional Policy Matrix, the vertical axis is defined as__.
Which of the following is not a major attribute of strategic intent?
It is a method or plan chosen to bring about a desired future, such as achievement of a goal or a solution to a problem.
This takes Strategic Intent to an all-together new level by including the employee's emotions with the organization aspirations.
A statement, that provides a perspective of the means, which will lead the organization, reach the vision in the long run.
It is a tool that can be used to determine what priorities should be given in the product portfolio of a business unit.
Creating competitive advantage through effective management of the strategy-making process.
According to __, strategy is organisation‘s pattern of response to its environment over a period of time to achieve its goals and mission.”
________________ is used when a company faces significant cost pressure from international competitors but must also offer products that meet local customer needs.
SWOT stands for ?
Statement of how employees should conduct themselves and their business to help achieve the company mission.
It has vital role in businesses by indicating current and potential opportunities or threats outside the company in its external environment.
Selecting strategies based on analysis of an organization's external and internal environment.
It is an objective that seeks to attain in reality.
Goals are the end results that the organization attempts to achieve.
When companies decide to compete internationally, they should automatically use the same strategies that they used in local markets.
Strategic objectives should not be communicated to the employees to protect the important information.
Without a perfect foresight, the firms must be ready to deal with the uncertain events which constitute the business environment.
Which of the following is the third step in strategy formulation?
Its four-quadrant framework indicates whether aggressive, conservative, defensive, or competitive strategies are most appropriate for a given organization.
Only verifiable objectives can be meaningfully used in strategic management.
When an organization assumes success, it often fails to rewardsuccess. When failure occurs, then the firm may punish.
What are the Five (5) factors that support strategy implementation?
Strategy Evaluation is where the organization’s mission, objectives, and strategies are defined and set.
It means the ratio of the business’s market share divided by the market share of the largest competitor in that market and provides a basis for comparing the relative strengths of different businesses in the portfolio.
What are the Steps Involved in Environmental analysis?
It implies the process of critically examining the factors that highly influence the business, as all the factors identified in the previous step effects the entity with the same intensity.
Strategic Management serves as a foundation for all key decisions of the firm.
__is as significant as strategy formulation because it throws light on the efficiency and effectiveness of the comprehensive plans in achieving the desired results.
Anything that a firm does especially well compared to rival firms is referred to as?
Which is not a Pitfall in Strategic Planning?
In this, some investments may be justified but major investments should be made with extreme caution.
Igor Chandler is the Father of Strategic Management.
It is the framework used to evaluate a company's competitive position and todevelop strategic planning.
It focuses on providing a product or service that is perceived as being unique and hard to replicate.
Putting Strategy into action.
Demographic and psychographic factors are the primary indicators considered in defining the organization’s target market.
When someone has achieved status, privilege, or self-esteem througheffectively using an old system, he or she often sees a new plan as a threat.
Investment should be made to allow the product to grow with the market.
__deals with acquisition of resources with which organizational goals can be achieved.
Strategy is concerned with both thought and actions. While policy is concerned mostly with action.
It is the dream of the business and an inspiration, base for the planning process.
It refers to the actions that managers have to take or do in order to ensure that what has been set in the objective can be achieved.
This is done to estimate the degree of variation between the actual and the standard performance of an organization.
It states that Strategic Intent is differentiated because here in this case the employees are allied and they are convinced about the concept of Strategic Intent.
It is an analytical process of selection of the best suitable course ofaction to meet the organizational objectives and vision.
Who are the individuals who are most responsible for the success or failure of an organization?
Implementing strategy means mobilizing employees and managers to put formulated strategies into action.
The action stage of strategic management is called strategy formulation.
This level concentrates on how an organization is going to grow. It defines daily actions including allocation of resources to deliver corporate andbusiness level strategies.
A self-contained division that provides a product or service for a particular market.
Technological advancement can create new__ advantages that are more powerful than existing advantages.
Strategy must be uniform enough so that it can be efficiently followed by the subordinates.
It is the areas in the business that needs to improve to remain competitive.
Strategy provides some framework for guiding organizational thinking and action.
The quality of the objectives can be judged on the basis of its ability to give specific direction and tangible basis for evaluating the performance.
Policy must be unambiguous. It should avoid use of jargons and connotations.
Identification of key strengths and weaknesses of the firm helps in narrowing down the choice of alternatives and choosing a strategy.
The mission statement answer which question?
People know that power relationships are a key reality in organizational life.In many enterprises, if the top manager begins to advocate one alternative,the decision to choose it is soon unanimous.
__works well for firms that have a repeatable business model (eg. food outlets) that can be easily transferred into other markets.
It is the framework used to evaluate a company's competitive position and to develop strategic planning.
________________is used when a company is primarily focused on its domestic operations. It does not intend to expand globally but does export some products to take advantage of international opportunities.
Need very little capital expenditure but return high levels of cash income. Can be used to finance the stars.
Enumerate the Porter's Five Forces. Competition in the Industry, Potential of New Entrants Into an Industry, Power of Suppliers, Power of Customers, Threat of Substitutes
It is an involved, intricate, and complex process that takes an organization into uncharted territory.
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