BPL 5100 - QUIZ 1[ANSWERED] 2024
what is strategic management? - the analyses, decisions, and actions an organization
undertakes in order to create and sustain *competitive advantages*
elaboarate: analyses, decisions and acitons taken during stratregic management -
analyses: analyzing the strat...
what is strategic management? - the analyses, decisions, and actions an organization
undertakes in order to create and sustain *competitive advantages*
elaboarate: analyses, decisions and acitons taken during stratregic management -
analyses: analyzing the strategic goals (vision, mission)
decisions: what industries should we compete in? how should we compete in those
industries?
actions: implementing their strategies
what are the attributes of strategic management? (4) - 1. directs the org towards oveall
goals/obj
2.inlcudes multiple stakeholders in deicison making
3.needs to incorporate *short and long term perspectives*
4.recog trade-offs between effciency and effectiveness
what is opeartional effectiveness - performing simliar acitivies *better* than rivals
ex: benchmarking, business process reegineering
strategic management can be referred to as the study of why some firms outperform
others (T/F) - T
operationsal effectiveness leads to sustainable competitve advantages (T/F) - F
operational effectiveness is doing what everyone else is doing
to gain a sustainable competitve advantage, you must be *different*
*different* = strategy
strategy is all about being different (T/F) - T
what are the 3 key strategic management processess? - strategic analysis
straegic formulation
, strategic implementaion
strategic analysis (3) - you have to analyze
1. goals and obj of the firm
2. external and internal eviornment
3. intellectual assets
strategy formulation (3) - 1. business level
2. corporate level
3. international
business level strategy - how to compete in a given business and gain a competive
advantage
corporate level strategy - what businesses should we compete in?
how can we manage these businesses to acheive synergy?
international level streategy - we have to go beyond our national boundries
so we have to create internatinal strategies
strategy implementation (3) - actually carrying out the plan you made
-org design
-control and coporate gov
-leadership
control and corporate gov - use *informational control* to repond to threats
*behavioral control* uses rewards and incentives
org design - must have *org structures* that are consistent with their strategy
leadership - effecrive leadership set the firm's direction
what is an intended strategy - the org decisions are determined through analyses
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