Strategic Management: Chapter 3 Exam
Study Guide.
Internal environment includes - answer- operations
- personel
- research and development
- marketing
- finance
Internal Audit - answer- Focuses on developing objectives and strategies to capitalize on internal
strengths and overcome weakness...
Internal environment includes - answer✔- operations
- personel
- research and development
- marketing
- finance
Internal Audit - answer✔- Focuses on developing objectives and strategies to capitalize on internal
strengths and overcome weaknesses
- Gather & assimilate information from:
Management
Marketing
Finance/accounting
Production/operations
Research & development
Management information systems
distinctive compentencies - answer✔firm specific strengths that allow a company to differentiate its
products and or achieve substantially lower costs to achieve a competitive advantage
resource - answer✔assets of a company
tangible resources - answer✔* Financial: The firm's borrowing capacity,
Its ability to generate internal funds
* Physical entities: such as land buildings, equipment, inventory and money, Sophistication and location
of a firm's plant and equipment, Access to raw materials
* Human Resources: The training, experience, judgement, intelligence, insights, adaptability,
commitment, and loyalty of a firm's individual managers and workers
* Organizational: A firm's formal reporting structure & its formal planning, controlling, & coordinating
systems
intangible resources - answer✔nonphysical entities such as brand names, company reputation,
experimental knowledge and intellectual property, including patents, copyrights, and trademarks
* Technological: Stock of technology such as patents, trademarks, copyrights, and trade secrets,
Knowledge required to apply it successfully
* Innovation: Technical employees, Research facilities
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