5 Written Questions
5 Matching Questions
- Cash cows
- What are Smart Goals?
- T. O. W. S. Analysis
- Vertical integration
- List the six steps in the Formal Planning Process
- a 1. Analyze the situation
2. Alternative goals and plans
3. Goal and plan evaluation
4. Goal and plan selection
6. Monitor and Control Performance
- b BCG Category of Business: - low-growth businesses with a strong competitive position that generates revenues in excess of their investment needs, so they fund other businesses
- c S- Specific : precise, describe details
M- Measurable : objective, 3 mos., 6 mos. 1 yr
A- Attainable : achievable
R- Relevant : contribute to the organization's goals
T- Time-bound : Specify a target date for completion
- d Expanded SWOT analysis that yields more information because it analyzes how to overcome weaknesses using strengths or how to negate threats with opportunities
- e corporate strategy of expanding the domain into supply channels or distributors
5 Multiple Choice Questions
- a strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions. (Nordstrom)
- Top Level Management
effectiveness, efficiency, market share, profit, ROI,
- Effective managers must pay close attention to the group process
Appropriate leadership style
Constructive use of disagreement and conflict
Be the devil's advocate
Enhancement of creativity
- Evaluate progress and take corrective action.
Encourage efficient operations
Adapt to changing conditions.
Includes a budget
- • Psychological Biases
• Time Pressures:
• Social Realities
5 True/False Questions
Strategic Management Process → Evolve from the organization's mission and vision.
The steps and processes to achieve the mission and vision
Strategic plan → A set of procedures for making decisions about long term goals and strategies.
Strategic Vision → An organization's basic purpose and scope of operations.
Clear and concise expression of the organization's basic purpose.
Questions to ask in strategic planning → Strategies that are implemented by each functional area of the business to support the business strategy.
Includes major functional areas like production, human resources, marketing, etc.
The last strategy to be developed
Concentric diversification → corporate strategy of expansion into unrelated businesses. GE - light bulbs and locomotives