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Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
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Essence and definition of Strategy
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??
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Essence and definition of Strategic management
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Directs the organization toward overall goals and objectives
Includes multiple stakeholders in decision making Recognizes trade-offs between efficiency and effectiveness |
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Strategic Management Process - What are the 3 processes
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Analysis
Decisions Actions |
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Strategic Management Process - Analysis Process
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Strategic goals (vision, mission, strategic objectives)
Internal and external environment of the firm |
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Strategic Management Process - Decisions Process
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What industries should we compete in?
How should we compete in those industries? |
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Strategic Management Process - Actions Process
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Allocate necessary resources
Design the organization to bring intended strategies to reality |
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Strategic Analysis
What point is the strategic analysis? |
Its the Starting point in the strategic management process
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Strategic Analysis
What comes before the strategic analysis? |
Strategic management process precedes effective formulation and implementation of strategies
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What does the strategic analysis goals and objectives do?
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Permit allocation of resources
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Strategic Analysis
What are the Hierarchy of goals in strategic analysis? |
Vision
Mission Strategic Objectives |
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Strategic Analysis
What to managers do in a strategic analysis? |
Scan the environment
Analyze competitors |
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Strategic Analysis
What environments should you look at during the strategic analysis? |
General environment
Industry environment |
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What should you look at in a firms internal environment?
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Strengths
Weaknesses Analyze strengths to uncover potential sources of competitive advantage |
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Strategic Analysis
What are the 2 drivers of intellectual assets? |
Competitive advantages
Wealth creation |
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Strategic Analysis
What are some internal networks and relationships in a business? |
Employees
Customers Suppliers Alliance partners |
