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.

	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.