Chapter 1- Basic Concepts of Strategic
Management Exam Q&A 100% Correct
Budget - A statement of a corporation's programs in terms of dollars
Business Strategy - Emphasizes improvement of the competitive
position of a corporation's products or services in the specific industry or
market segment...
Budget - ✔✔A statement of a corporation's programs in terms of dollars
Business Strategy - ✔✔Emphasizes improvement of the competitive
position of a corporation's products or services in the specific industry or
market segment served by that business unit. Two categories: competitive
and cooperative strategies.
Corporate strategy - ✔✔Describes a company's overall direction in terms of
its general attitude toward growth and the management of its various
businesses and product lines. Three categories: stability, growth, and
retrenchment.
environmental scanning - ✔✔Monitoring, evaluating and disseminating of
information from the external and internal environments to key people
within the corporation.
environmental sustainability - ✔✔The use of business practices to reduce a
company's impact on the natural, physical environment.
, evaluation and control - ✔✔A process in which corporate activities and
performance results are monitored so that tactual performance can be
compared with desired performance.
external environment - ✔✔The factors that make up the Opportunities and
Threats outside of an organization.
functional strategy - ✔✔The approach taken by a functional area to achieve
corporate and business unit objectives and strategies by maximizing
resource productivity.
globalization - ✔✔Integrated internationalization of markets and
corporations.
hierarchy of strategy - ✔✔A grouping of strategy types by level in the
organization. Each level supports the next one. Functional str. supports
business str. which supports corporate str.
institution theory - ✔✔Theory that states that organizations can and do
adapt to changing conditions by imitating other successful organizations.
(Partially correct theory)
internal environment - ✔✔The factors that make up the Strengths and
Weaknesses within an organization.
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