This website uses cookies to ensure you have the best experience. Learn more

Strategic Essay

592 words - 3 pages

BMGT500 – Strategic Management
Review: Chapter 1-2
Class: ________________________ Student: ________________________

C 1. A company's strategy is most accurately defined as 
A. management's approaches to building revenues, controlling costs and generating an attractive profit.
B. management's concept of "who we are, what we do, and where we are headed."
C. management's action plan in responding to economic and market conditions, competing successfully, conducting operations, and improving the company's financial and market performance.
D. the business model that a company's board of directors has approved for outcompeting rivals and making the company profitable.
E. the choices management has made regarding what financial plan to pursue.

2. A company's mission statement typically addresses which of the following questions? 
A. "Who are we and what do we do?"
B. "What objectives and level of performance do we want to achieve?"
...view middle of the document...

E. builds shareholder value, passes the completeness test, and passes the customer satisfaction test.

4. The strategy-making, strategy-executing process includes five phases. They are ______________________, _________________________, _________________________, _________________________, _________________________.
5. Explain why a company's strategy cannot be completely planned out in advance and why crafting a company's strategy cannot be a one-time, once-and-for-all managerial exercise. Identify at least 3 factors that account for why company strategies evolve. 

6. A company's strategic vision concerns
A. a company's directional path and future product-market-customer-technology focus.
B. why the company does certain things in trying to please its customers.
C. management's storyline of how it intends to make a profit with the chosen strategy.
D. "who we are and what we do."
E. what future actions the enterprise will likely undertake to outmaneuver rivals and achieve a sustainable competitive advantage.

7. Which of the following is the best example of a well-stated financial objective?  
A. Increase earnings per share by 15% annually.
B. Gradually boost market share from 10% to 15% over the next several years.
C. Achieve lower costs than any other industry competitor.
D. Boost revenues by a percentage greater than the industry average.
E. Maximize total company profits and return on investment. 

8. A company's strategic plan consists of 
A. its objectives and its strategy for achieving them.
B. a vision of where it is headed, a set of performance targets, and a strategy to achieve them.
C. its strategy and management's specific, detailed plans for implementing it.
D. a company's strategic vision, strategic objectives, strategic intent, and strategy.
E. a strategic vision, a strategy, and a business model.

9. The task of crafting a company's strategy is typically a job for the company's whole management team, not just a small group of senior executives. True or false? Explain and support your answer. 

10. Identify and briefly discuss at least three obligations of a company's board of directors in corporate governance and the strategy-making, strategy-executing process. 

 

Other Essays Like Strategic

Strategic Management Essay

536 words - 3 pages Strategic lenses are defined as ways of looking at strategic issues differently in order to generate many insights. They help in approaching strategic problems from different perspectives. Looking at problems in different ways will raise new issues and new solutions. The strategic lenses provide four angles of strategy which can be viewed and implemented at corporate level. The four lenses are design, experience, variety and discourse and

Strategic Planning Essay

712 words - 3 pages Strategic Planning MT460: Management Policy and Strategy Strategic planning is a critical part of running a successful business. By anticipating environmental changes and unexpected internal and competitive demands, a strategic management team can plan for company’s long-term goals. “Different from classic business planning, the strategic variety involves vision, mission and outside-of-the-box thinking”, (Evans, 2010). Formulating a

Strategic Management

1078 words - 5 pages 22716C Developing Strategic Management and Leadership Skills Unit code: F/602/2058 QCF Level 7: BTEC Professional Credit value: 10 Guided learning hours: 30 Unit aim This unit provides the learner with an understanding of the links between strategic management, leadership and organisational direction, and the skills to be able to apply this understanding. Unit introduction The main aim of this unit is to

Strategic Intent

913 words - 4 pages Question With respect to hypothetical Business Organisation, Develop strategic intent and implementation after critical analysis of the environment. Case Study: SS SECONDARY SCHOOL Strategy is a unified, comprehensive and integrated plan relating strategic advantages of the firm to challenges of the environment. The strategy designed to ensure that the basic objectives of the enterprise are achieved. Strategic business management

Strategic Plan

660 words - 3 pages Kudler Fine Foods Strategic Plan Draft Vision Kudler Fine Foods will be the premiere gourmet grocery chain with stores in California, New York, Washington, and Miami. Kudler will establish an electronic commerce presence on the worldwide web allowing Kudler to reach national and international customers looking for the very best in service, gourmet foods, and cooking utensils. Mission statement In an effort to provide a clear

Strategic Intent

1465 words - 6 pages Strategic Intent G. Hamel and C.K. Prahalad (1989) A Critical Analysis Word count: 1098 Introduction "Give yourself an even greater challenge than the one you are trying to master and you will develop the powers necessary to overcome the original difficulty." William J. Bennett says it in one of his best-selling books. This is proven to be true by a significant number of successful individuals all over the world, but what about an

Strategic Management

558 words - 3 pages According to Thomas L.Wheelen, J.David Hunger (2008), Strategic Management Model (SMM) is composed four fundamental steps: Environment Scanning, Strategy Formulation, Strategy Implementation, and Evaluation and Control. Environment Scanning is the step of gathering and analyzing information based on SWOP analysis model. Strategy Formulation is the developing of company’s missions, objectives, strategies, and policies. Strategy Implementation is

Strategic Management - 2711 words

2711 words - 11 pages 1 INTRODUCTION Strategic management as a form of study has vastly improved over recent years, this is mainly due to the dynamic environments that organisations have to cope with in order to effectively distribute and sell their products and services in. With these markets forever changing and evolving the managers of the organisations must constantly be forecasting and predicting what the markets might be doing in the future through past and

Strategic Management - 3275 words

3275 words - 14 pages Semester III UNIT – I STRATEGY AND PROCESS |Conceptual Framework for Strategic Management – Concept of Strategy and Strategy Formation Process – Stakeholders in Business – Vision, | |Mission and Purpose – Business Definition – Objectives and Goals – Corporate Governance – Social Responsibility | CONCEPTUAL FRAMEWORK FOR STRATEGIC MANAGEMENT Strategic management deals with decision making and actions which

Strategic Issues

2245 words - 9 pages Strategic IssuesSheilah DillonUniversity of PhoenixStrategies for Competitive Advantage, MBA/580Dr. Joseph WalkowiczApril 22, 2008Strategic IssuesThis paper will address strategic issues related with Apple Computer, Exxon Mobil Chemical, and FedEx Express and how they demonstrated and utilized strategic thinking through long term strategies, short term strategies, market development, concentric diversification, and product development. Based on

Strategic Management - 733 words

733 words - 3 pages DUOS is done by a subcontractor, Zhonghuan Telecommunication, which is a joint venture created by Samsung in Tianjin and has produced more than 10 million units of the device. Outsourcing the production of low end models will ease the pressure on the company’s own plants, while still bringing in the sales and success that these smartphone models have done in the past. 6. Strategic alliance of Samsung Sharp and Samsung form a strategic

Related Papers

Strategic Management Essay 1698 Words

1698 words - 7 pages 1 STRATEGIC MANAGEMENT Exercise 1 TTA-62036 Strategic Management 2 TABLE OF CONTENTS TABLE OF CONTENTS .................................................................. 2 1. DEFINITION OF STRATEGIC MANAGEMENT .......................... 3 2. BENEFITS OF STRATEGIC MANAGEMENT ............................ 4 3. STRATEGIC MANAGEMENT IN DIFFERENT ORGANIZATIONS 6 4. MEANING OF THE TERM ”STRATEGIC MANAGEMENT” ....... 8 5. BIBLIOGRAPHY

Strategic Management Essay 2303 Words

2303 words - 10 pages The Management of Strategy: Concepts and Cases 9e Part I: Strategic Management Inputs Chapter 1: Strategic Management and Strategic Competitiveness ©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 1: Strategic Management and Strategic Competitiveness • Overview: Eight content areas – – – – – – – – Nature of Competition The

Strategic Marketing Essay

2320 words - 10 pages 1 Strategic Marketing, the words itself describes that it has a lot to do with technical and specific information. “Strategic marketing means looking at the whole of a company’s portfolio of products and markets, and managing the portfolio to achieve the company’s overall goals”. (Jain, 1987). “ Strategic marketing as seen as a process consisting of:analyzing environmental, market competitive and business factors affecting the corporation

Strategic Management Essay 607 Words

607 words - 3 pages Defining Strategic Management Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. This definition captures two main elements that go to the heart of the field of strategic management. First, the strategic management of an organization entails three ongoing processes: analysis, decisions, and actions. That is, strategic management is concerned with