MGT6370A Strategic Management
The business world today is considerably different and more complex than it was in the previous years. Both the challenges and opportunities facing organizations of all sizes today are greater than ever. Organizations are required to continuously find better ways to compete in the rapidly changing global business environment. Survival and competition have become imperative for organizations in the current global scenario. In this context, the course develops the strategic thinking and decision making abilities of students, especially in relation to understanding the employability of various strategies in different situations.
Strategy | It is a | |
SWOT analysis | It is the f | |
FALSE | Strategy deals with long term developments rather than short-term operations. | |
Strategic Management | The systematic analysis of the factor associated with customers and competitors and the organization itself to provide the basis for maintaining optimum management practices. | |
TRUE | Strategic Management serves as a foundation for all key decisions of the firm. | |
Selection against objectives, Referral to a higher authority, Partial Implementation | Johnson and Scholes three ways in strategies selection. | |
Igor Ansoff | According to , strategy is organisation‘s pattern of response to its environment over a period of time to achieve its goals and mission.” | |
TRUE | Strategy provides overall framework for guiding organizational thinking and action. | |
TRUE | Without a perfect foresight, the firms must be ready to deal with the uncertain events which constitute the business environment. | |
Strategic Management | The systematic analysis of the factor associated with customers and competitors and the organization itself to provide the basis for maintaining optimum management practices. | |
Micheal Porter | 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. | |
TRUE | Strategy is derived from the Greek word strategos, meaning military leader or general. | |
FALSE | Igor Chandler is the Father of Strategic Management. | |
Strengths, weaknesses, opportunities, threats | SWOT stands for ? | |
Igor Ansoff | 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 challenges. | |
Strategy | 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. | |
SWOT analysis | It is the framework used to evaluate a company's competitive position and to develop strategic planning. | |
TRUE | Goals are the end results that the organization attempts to achieve. | |
Strategic Intent | A statement, that provides a perspective of the means, which will lead the organization, reach the vision in the long run. | |
Sense of Destiny | This takes Strategic Intent to an all-together new level by including the employee's emotions with the organization aspirations. | |
Business Definition | It seeks to explain the business undertaken by the firm, with respect to the customer needs, target audience, and alternative technologies. | |
TRUE | Organizations need to set adequate and appropriate objective to cover all performance areas. | |
Objectives | It is time-based measurable actions, which help in the accomplishment of goals. | |
Vision | It is the dream of the business and an inspiration, base for the planning process. | |
Strategic management | Both an Art and science of formulating, implementing, and evaluating, cross-functional decisions that facilitate an organization to accomplish its objectives. | |
Mission Statement | It is designed to help potential shareholders and investors understand the purpose of the company. | |
FALSE | The quality of the objectives can be judge on the basis of its ability to give scientific direction. | |
Organizational systems and processes | Which is an element of strategy Implementation? | |
Sense of Awareness | Which of the following is not a major attribute of strategic intent? | |
TRUE | Implementing strategy means mobilizing employees and managers to put formulated | |
Strategy | Comes from the Greek word "strategos", which refers to a military general. | |
TRUE | Only verifiable | |
It allows fewer resources and less time to be devoted to correcting erroneous or ad hoc decisions. | It allows fewer resources and less time to be devoted to correcting erroneous or ad hoc decisions. | |
Poor reward structure | When an organization assumes success, it often fails to reward | |
Annual Objectives | Short-term milestones that organizations must achieve to reach long-term objectives. | |
FALSE | The action stage of strategic management is called strategy formulation. | |
Values | Statement of how employees should conduct themselves and their business to help achieve the company mission. | |
Operative objective | It is an objective that seeks to attain in reality. | |
TRUE | Some firms do not do strategic planning because some may think that if a firm is successful, individuals may feel there is no | |
Strategy | It refers to the actions that managers have to take or do in order to | |
What do we want to become? | A vision statement answers the question. | |
FALSE | Strategy provides some framework for guiding organizational thinking | |
People and leadership | Which is not an element of Strategy Formulation? | |
TRUE | Some organization do not engage in strategic planning because managers and employees show no support. | |
Strategy | Set of related actions that managers take to increase their company's performance. | |
Strategy Implementation | Putting Strategy into action. | |
Sense of discovery | It | |
Sense of direction | It is described as the "Long-term Market or Competitive Position" | |
Business model | The translation of the strategy into action takes place here, and it details the firm's competitive tactics and initiatives. | |
Competitive advantage | Anything that a firm does especially well compared to rival firms is referred to as? | |
FALSE | Strategy Implementation ensures the long-term survival of the firm while coping with competition and | |
Strategic Leadership | Creating competitive advantage through effective management of the strategy-making process. | |
Strategy Formulation, strategy implementation, strategy evaluation | What are the three major components in Strategic Management? | |
Strategy Formulation | Selecting strategies based on analysis of an organization's external and internal environment. | |
TRUE | The quality of the objectives can be judged on the | |
Sense of discovery | 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. | |
The correct answer is: | Which is not a Pitfall in Strategic Planning? | |
Environmental Analysis | It has vital role in businesses by indicating current and | |
Internal Analysis | It is the methodical evaluation of the key | |
Differentiation Strategy | It focuses on providing a product or service that is | |
Scanning | It implies the process of critically examining the factors | |
Competition in the Industry, Potential of New Entrants into an Industry, Power of Suppliers, Power of Customers, Threat of Substitutes | Enumerate the Porter's Five Forces. | |
Porter's Five Forces | It is a model that identifies and analyzes five competitive | |
Cost Leadership | It is a strategy which focuses on reducing the costs involved | |
Identifying, Scanning, Analyzing, Forecasting | What are the Steps Involved in Environmental analysis? | |
Transnational Strategy | ________________ is used when a company faces significant cost | |
Joint Ventures | It is the 1+1=3 | |
Customers | They are the end users of the products and services that the company | |
Threats | It refers to factors that have the potential to harm an | |
Standardization strategy | ____________is used when a company treats the whole | |
TRUE | Demographic and psychographic factors are the primary indicators considered | |
Direct Exporting | It refers to selling directly into the market you have chosen using | |
FALSE | Strategic objectives should not be communicated to the employees to protect the important information. | |
Corporate level strategy | This level outlines what you want to achieve: growth, | |
Business management level | Which is not belong in the group? | |
Global Integration | It is the degree to which the company is able to use the same | |
Partnering | is a | |
Turnkey Projects | Particular to companies that provide services such | |
Forming Quantitative Goals | Which of the following is the third step in strategy formulation? | |
Barriers to Entry | It is an economic term describing the existence of high | |
Franchising | works well for firms that have a repeatable business model | |
Target Market | ___________ i | |
Export Strategy | ________________is used when a company is primarily focused on its | |
Strategic Objectives | It represents what the organization must achieve in order for it to | |
Functional Level Strategy | This level concentrates on how an organization is going to | |
Weaknesses | It is the areas in the business that needs to improve to remain | |
Strengths | It describe what an organization excels at and | |
Greenfield Investment | _____________________is where you buy the land, build the | |
Corporate level, Business level, Functional level | Which is in a proper order? | |
Opportunities | It refers to favorable external factors that could give | |
TRUE | Feedback plays a very important role in the evaluation stage, providing the strategists | |
Multi-domestic Strategy | _____________customizes products or processes to the | |
Performance analysis | This is done to estimate the degree of variation | |
Piggybacking | If you have a particularly interesting and unique product or service | |
FALSE | When companies decide to compete internationally, they should | |
Licensing | It is a relatively sophisticated arrangement where a firm transfers | |
Industry strategy | Decisions regarding which industries to compete in are the concern of: | |
Conscious and sub-conscious | Strategy formulation takes place at two levels. These are: | |
The industry life cycle | Kay (1993) sees the strategy of an organization as matching capabilities with: | |
Competitive positioning | Competitive strategy is also known as: | |
The competitive environment | An organization’s external environment consists of the general or macro environment and: | |
Analysis, formulation, implementation | The key activities in the strategic management process are | |
Military conflicts | Strategy has its antecedents in: | |
Achieve competitive advantage | It is generally agreed that the role of strategy is to: | |
How the company can do this at the lowest cost | According to Markides (1999), a strategic position represents a company’s answers to three | |
Vision statement | The statement of an organization’s aspirations can be found in the organization’s: | |
SWOT analysis | Strategy analysis is also referred to as: | |
Theory of business | Drucker refers to an organization’s assumption about its environment and its strength and | |
Different | According to Porter (1996) in his article “What is strategy?”, strategy is about being | |
Emergent School | The perspective on that is associated with framework such as the | |
Mission | The goals of an organization derive from its: | |
Strategic Management | 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? | |
Strategic Planning | It is an involved, intricate, and complex process that takes an organization into uncharted territory. | |
Strategist | Who are the individuals who are most responsible for the success or failure of an | |
Competitive | Technological advancement can create new advantages that are more powerful than existing advantages. | |
Threats | The negative trends in external environmental factors? | |
Policies | It include | |
Systems | It states that, there should be a clear indication and guide on how the main activities or operations of the business are carried out. | |
TRUE | Policy must be unambiguous. It should avoid use of jargons and connotations. | |
People, resources, structure, Systems, Culture | What are the Five (5) factors that support strategy implementation? | |
Strategy Evaluation | is as significant as because it throws light on the efficiency and effectiveness of the comprehensive plans in achieving the desired results. | |
Structure | 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. | |
FALSE | Strategy is concerned with both thought and actions. While policy is concerned mostly with action. | |
Business Policy | deals with acquisition of resources with which organizational goals can be achieved. | |
Stable | Policy should be__________ or else it will lead to indecisiveness and uncertainty in minds of those who look into it for guidance. | |
what, why | tackles theand _________of the activities of the organization. | |
Style | This addresses the management or leadership in force within the organization, from top management to the team leaders and managers in the smaller units. | |
FALSE | Strategy must be uniform enough so that it can be efficiently followed by the subordinates. | |
Flexibility | 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. | |
Skills | Employees without are worthless resources to the organization. | |
FALSE | Strategy Evaluation is where the organization’s mission, objectives, and strategies are defined and set. | |
TRUE | 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. | |
Relative competitive position | It means the ratio of the business’s market | |
Cash cow | Need very little capital expenditure but return high levels of cash income. Can be used to finance the stars. | |
Dogs | Because of their low market share these businesses are often expected to | |
Competitive Strength | In the Directional Policy Matrix, the horizontal axis is defined as. | |
Market Attractiveness | In the Directional Policy Matrix, the vertical axis is defined as. | |
Corporate portfolio analysis | It can be defined as a group of techniques that | |
Question Mark | Have a potential to be stars if successfully developed. | |
BGC Matrix | It is a tool that can be used to determine what priorities | |
Market growth rate | It refers to the projected rate of sales growth for the | |
Stars | This promise high returns so reinvest heavily to defend market share and position. |