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MAN 3025 Exam 2 fgcu|131 Q’s and A’s
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MAN 3025 Exam 2 fgcu|131 Q’s andA’s
Strategic Positioning/ Sustainable Competitive Advantage - -
- Strategic Management - -a process that involves managers from all parts
of the organization in the formulation and the implementation of strategies
and strategic goals
- Strategic Analysis - -the process of analyzing the organization, the
environment, and the organization's competitive position and current
strategies
- strategy formulation - -the process of choosing among different strategies
and altering them to best fit the organization's needs
- the five steps of the strategic-management process - -
- Mission Statement - -a statement of the organization's purpose - what it
wants to accomplish in the larger environment
- Vision Statement - -expresses what the organization should become,
where it wants to go strategically
- competitive intelligence - -gaining information about one's competitors'
activities so that you can anticipate their moves and react appropriately
- SWOT analysis - -strengths, weaknesses, opportunities, threats
- Forecasting - -the attempts to determine the supply of and demand for
various types of human resources to predict areas within the organization
where there will be labor shortages or surpluses
- trend analysis - -constructing and applying statistical models that predict
labor demand for the next year, given relatively objective statistics from the
previous year
- Benchmarking - -a process by which a company compares its performance
with that of high-performing organizations
- Porter's Five Forces - -threat of entry, threat of substitute, supplier power,
buyer power, and competitive rivalry
- Three Common Grand Strategies - -1. growth strategy
, 2. stability strategy
3. defensive strategy
- Porter's Four Competitive Strategies - -1. cost-leadership
2. differentiation
3. cost-focus
4. focused-differentiation
- single-product strategy - -a company makes and sells only one product
within its market
- diversification strategy - -a growth strategy whereby a firm introduces a
new product or service to a market segment that it does not currently serve
- related and unrelated diversification - -
- BCG Matrix - -a means of evaluating strategic business units on the basis
of (1) their business growth rates and (2) their share of the market
- Implementing strategy - -Action stage of strategic management where
managers need to determine and implement the most appropriate company
structure, motivate employees, develop short-range goals and establish
functional strategies
- strategic control - -consists of monitoring the execution of strategy and
making adjustments, if necessary
- execution - -the carrying out or completion of some task
- Three Core Processes of Business - -People - consider who will benefit you
in the future
Strategy - consider how success will be accomplished
Operations - consider what path will be followed
- How Execution Helps Implement & Control Strategy - -
- decision - -choice made from among available alternatives
- decision making - -Choosing among two or more alternatives.
- Rational/Classical Decision Making - -explains how managers should make
decisions; it assumes managers will make logical decisions that will be the
optimum in furthering the organization's best interests
- Stage 1: Identify the Problem or Opportunity - -Determining the actual
versus the desirable
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