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Summary Strategic Management - Book Concept Questions
- Instelling
- Hogeschool Van Amsterdam (HvA)
Learning Review Questions from Book Concept Lecture 1 - 7
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Strategic Management Book QuestionsLecture 1 – Global Perspective
1. State four reasons why strategic management is important.
- Improved Organizational Performance: strategic management significantly influences how
well an organization performs.
- Adaptability to Changing Environments: organizations face constant changes both internally
and externally and must respond effectively to changing situations.
- Enhanced Decision-Making: the structured and systematic process leads to better decision-
making and improved organizational performance.
- Coordination and Focus: strategic management ensures that various divisions, departments,
and activities within an organization are coordinated and aligned with the organization’s
goals.
2. Describe what studies have shown about the relationship between strategic management
and an organization’s performance.
Studies have shown that organizations using strategic management tend to achieve higher
levels or performance, often measured by profitability. These studies indicate that
structured strategic management processes lead to more effective decision-making and
improved organizational performance.
3. Define strategy and strategic management
Strategy is an organization’s goal-directed plans and actions that align its capabilities and
resources with external opportunities and threats, involving both goal setting and action
implementation.
Strategic management is the process of analyzing the current situation, developing
strategies, implementing them, and evaluating their effectiveness. It includes situation
analysis, strategy formulation, implementation, and evaluation, and involves an
interdisciplinary, internal, and external focus with a future-oriented perspective.
4. Describe the strategic management process.
1) Situation Analysis: this involves scanning and evaluating the current organizational
context, external environment, and internal environment.
2) Strategy Formulation: Developing and choosing appropriate strategies based on the
situation analysis. (Creating functional, competitive, and corporate strategies)
3) Strategy Implementation: Putting the chosen strategies into action. This ensures that
the strategies are executed effectively within the organization.
4) Strategy Evaluation: Assessing the outcomes of the strategies and their implementation.
Modify where needed.
5. Describe the three types of organizational strategies.
- Functional Strategies: Plans and actions for specific areas like production, marketing,
research & development, HR, and finance, focused on optimizing their performance. (What
resources and capabilities do we have to support the corporate and competitive strategies?)
,- Competitive Strategies: Plans and actions for competing in a specific industry, aimed at
gaining competitive advantages. (How are we going to compete in our chosen business?)
- Corporate Strategies: plans and actions for the overall direction of the organization,
including decisions about which businesses to enter or exit, and managing the organization’s
portfolio of businesses. (What direction are we going and what businesses are we in or do
we want to be in?)
6. Explain the role of the board of directors in strategic management.
The board of directors play a crucial role in the strategic management of an organization.
The key responsibilities include:
- Review and approve strategic goals and plans.
- Review and approve organization's financial standards and policies.
- Ensure integrity of organization's financial controls and reporting system.
- Approve an organizational philosophy.
- Monitor organizational performance and regularly review performance results.
- Select, evaluate, and compensate top-level managers.
- Develop management succession plans.
- Review and approve capital allocations and expenditures.
- Monitor relations with shareholders and other key stakeholders
7. Discuss how top managers can be effective strategic leaders.
- Determining the organization’s purpose or vision
- Exploiting and maintaining core competencies
- Developing human capital
- Creating and sustaining strong organizational culture
- Emphasizing ethical decisions and practices
- Establishing appropriate organizational controls
8. Describe the role of other managers and organizational employees in strategy.
Other managers and organizational employees are important to the process. They put the
strategies formulated by top management into action. For example, supervising and
managing the work of others to execute the strategies.
9. Discuss how the global economy and globalization affect strategic management.
Openness of globalization:
- Public concerns over open economies and borders. For example, outcry over a Dubai
company acquiring U.S. ports highlighted concerns and fears.
- Increased sensitivity to political and cultural differences, raising threats from
misunderstandings.
- Economic interdependence means one country’s troubles can have a domino effect on
trading partners, which existing mechanisms like the WTO may not prevent.
Cultural differences:
- Fundamental differences in traditions, history, religious beliefs, and values across countries.
- Capitalism’s emphasis on profits, efficiency, and growth is not universally accepted.
, - Perception that globalization is “Americanization” – the spread of U.S. cultural values and
business philosophy, creating problems.
- Rapid spread of cultures via media and travel leads to misunderstandings, resentment, and
hatred towards aspects of American culture.
10. Explain the concept of corporate governance and how it impacts strategic management.
Corporate governance involves managing a corporation’s resources and resolving conflicts
among participants, ensuring effective resource use and stakeholder protection.
It impacts strategic management through two key areas: role of boards of directors and
financial reporting.
Lecture 2 – Managing Strategically
1. Define competitive advantage and explain why it’s important.
Competitive advantage refers to what sets an organization apart or gives it an edge over its
competitors. It’s important because it’s necessary for an organization’s long-term success
and survival.
2. Describe the different perspectives on competitive advantage.
- Industrial Organization (I/O) View: Focuses on the structural forces within an industry and
the competitive environment of firms. It emphasizes analyzing external forces and choosing
the best industries and competitive positions.
- Resource-Based View (RBV): Emphasizes the importance of a firm’s internal resources in
gaining and maintaining competitive advantage. It focuses on developing and exploiting and
organization’s unique resources and capabilities.
- Guerilla View: Competitive advantage is temporary due to continual and often revolutionary
changes in the environment. Successful organizations must be able to adapt at rapidly and
repeatedly disrupt the market, suprising competitors to keep them off balance.
3. Explain what makes a resource unique.
A resource is unique if it adds value, is rare, difficult to imitate (duplicate) and substitute,
and can be exploited by the organization.
4. Describe the three major driving forces of the business environment.
1) The Information Revolution: information is the essential resource of production.
2) Technology: Using equipment, materials, knowledge, and experience to perform tasks,
which impacts work in three ways:
- Innovation: turning a creative idea into a capability (customers and individuals have control)
- Bottom-up or mass collaboration capability: customers and individuals have control.
- Performance: technology can be a powerful tool in helping organizations perform better.
3) Globalization: managing the global marketplace and recognizing global competitors.
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