Strategic Management

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.





StrategyIt is a

SWOT analysisIt is the f

FALSEStrategy deals with long term developments rather than short-term operations.

Strategic ManagementThe systematic analysis of the factor associated with customers
and competitors and the organization itself to provide the basis for
maintaining optimum management practices.

TRUEStrategic Management serves as a foundation for all key decisions of the firm.

Selection against objectives, Referral to a higher authority, Partial ImplementationJohnson and Scholes three ways in strategies selection.

Igor AnsoffAccording to , strategy is organisation‘s pattern of response to its environment over a period of time to achieve its goals and mission.”

TRUEStrategy provides overall framework for guiding organizational thinking
and action.

TRUEWithout a perfect foresight, the firms must be ready to deal with the
uncertain events which constitute the business environment.

Strategic ManagementThe systematic analysis of the factor associated with customers and
competitors and the organization itself to provide the basis for maintaining optimum
management practices.

Micheal PorterHe defines strategy as a creation of a unique
and valued position involving a different activity from rivals or performs
similar activities in different ways.

TRUEStrategy is derived from the Greek word strategos, meaning military leader or general.

FALSEIgor Chandler is the Father of Strategic Management.

Strengths, weaknesses, opportunities, threatsSWOT stands for ?

Igor Ansoffviewed 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.

StrategyIt 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 analysisIt is the framework used to evaluate a company's competitive position and to
develop strategic planning.

TRUEGoals are the end results that the organization attempts to achieve.

Strategic IntentA statement, that provides a perspective of the means, which will lead the
organization, reach the vision in the long run.

Sense of DestinyThis
takes Strategic Intent to an all-together new level by including the employee's
emotions with the organization aspirations.

Business DefinitionIt seeks to explain the business undertaken by the firm, with respect to
the customer needs, target audience, and alternative technologies.

TRUEOrganizations need to set adequate and appropriate objective to cover all performance areas.

ObjectivesIt is time-based measurable actions, which help in the
accomplishment of goals.

VisionIt is the dream of the business and an inspiration, base for the
planning process.

Strategic managementBoth an Art and science of formulating, implementing, and evaluating,
cross-functional decisions that facilitate an organization to accomplish its
objectives.

Mission StatementIt is designed to help potential shareholders and investors understand
the purpose of the company.

FALSEThe quality of the objectives can be judge on the basis of its ability to give scientific direction.

Organizational systems and processesWhich is an element of strategy Implementation?

Sense of AwarenessWhich of the following is not a major attribute of strategic intent?

TRUEImplementing strategy means mobilizing employees and managers to put formulated

StrategyComes from the Greek word "strategos", which refers to a military general.

TRUEOnly 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 structureWhen an organization assumes success, it often fails to reward

Annual ObjectivesShort-term milestones that organizations must achieve to reach long-term objectives.

FALSEThe action stage of strategic management is called strategy  formulation.

ValuesStatement of how employees should conduct themselves and their business to help achieve the company mission.

Operative objectiveIt is an objective that seeks to attain in reality.

TRUESome firms do not do strategic planning because some may think that if a firm is successful, individuals may feel there is no

StrategyIt 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.

FALSEStrategy provides some framework for guiding organizational thinking

People and leadershipWhich 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 ImplementationPutting Strategy into action.

Sense of discoveryIt

Sense of directionIt 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.

TRUEThe 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 AnalysisIt has vital role in businesses by indicating current and

Internal AnalysisIt is the methodical evaluation of the key

Differentiation StrategyIt focuses on providing a product or service that is

ScanningIt 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 ForcesIt is a model that identifies and analyzes five competitive

Cost LeadershipIt 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 VenturesIt is the 1+1=3

CustomersThey are the end users of the products and services that the company

ThreatsIt 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 ExportingIt 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 strategyThis level outlines what you want to achieve: growth,

Business management levelWhich is not belong in the group?

Global IntegrationIt is the degree to which the company is able to use the same

Partneringis a

Turnkey ProjectsParticular to companies that provide services such

Forming Quantitative GoalsWhich of the following is the third step in strategy  formulation?

Barriers to EntryIt is an economic term describing the existence of high

Franchisingworks 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 ObjectivesIt represents what the organization must achieve in order for it to

Functional Level StrategyThis level concentrates on how an organization is going to

WeaknessesIt is the areas in the business that needs to improve to remain

StrengthsIt 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?

OpportunitiesIt 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 analysisThis is done to estimate the degree of variation

PiggybackingIf you have a particularly interesting and unique product or service

FALSEWhen companies decide to compete internationally, they should

LicensingIt is a relatively sophisticated arrangement where a firm transfers

Industry strategyDecisions regarding which industries to
compete in are the concern of:

Conscious and sub-consciousStrategy
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 positioningCompetitive 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 advantageIt
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 analysisStrategy
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 SchoolThe
perspective on that is associated with framework such as
the

MissionThe 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.

ThreatsThe negative trends in external environmental factors?

PoliciesIt 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.

TRUEPolicy 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, whytackles 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.

SkillsEmployees 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 positionIt 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.

DogsBecause of their low market share these businesses are often expected to

Competitive StrengthIn the Directional Policy Matrix, the horizontal axis is defined as.

Market AttractivenessIn the Directional Policy Matrix, the vertical axis is defined as.

Corporate portfolio analysisIt can be defined as a group of techniques that

Question MarkHave a potential to be stars if successfully developed.

BGC MatrixIt is a tool that can be used to determine what priorities

Market growth rateIt refers to the projected rate of sales growth for the

Stars
This promise high returns so reinvest heavily to defend market share and position.