Chapter 6 – Formulating Strategy Multiple Choice Questions 1. The process by which a firm’s managers evaluate the future prospects of the firm and decide on appropriate strategies to achieve long-term objectives is called ____________. a. strategic planning (moderate‚ page 220) 2. The basic means by which a company competes—its choice of business in which to operate and the ways in which it differentiates itself from its competitors—is called its ____________. a. strategy (easy
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Strategic Management Definition 1. “Strategic management can be defined as the art and science of formulating‚ implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives.” David‚ F.R. (2009). 2. “An integrative management field that combines analysis‚ formulation‚ and implementation in the quest for competitive advantage.” Rothaermel‚ F. T. (2012) 3. “Strategic management includes understanding the strategic position of an organisation‚ making
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Strategic Management: Planning Strategic management can be used to determine an organization ’s mission‚ vision‚ values‚ goals‚ objectives‚ roles and responsibilities‚ etc. Strategic planning is a management tool. As with any management tool‚ it is used to help an organization do a better job. It is used to focus its energy‚ to ensure that members of the organization are working toward common goals‚ to assess and fine-tune the organization ’s direction in response to change. Essentially‚ strategic
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CMI Level 7: Strategic Leadership and Management Unit 7004: Strategic Information Management Table of Content What is Information Management | Page 3 | Importance of Information Sharing and Legal obligations for sourcing‚ storing and sharing information | Page 7 | Using Information for Strategic Decision Making | Page 14 | Monitoring and Reviewing Management Information | Page 17 | References | Page 19 | What is Information Management Information Management is the collection
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between Strategic Management and Leadership The strategic management process helps institutions identify what they intend to achieve and how they will accomplish outcomes. The term strategic management is used to refer to the entire decision-making process. Strategic management must evolve by predicting the future (more effective planning)‚ thinking strategically (increased responses‚ evaluation of strategic alternatives and dynamic allocation of resources) and creating the future (strategic planning
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STRATEGIC MANAGEMENT FINAL PROJECT Presented to: Sir Asim Khan Sabri DEDICATION This report is dedicated to our parents and teachers who have inaulcated an untiring faith in us and have helped us in every aspect of life; including this report. ACKNOWLEDGEMENTS Praise be to Allah‚ the most Gracious and Merciful‚ who blessed us with the knowledge and wisdom
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continuity plan. Explain as to how you are going to delegate the work of preparation of business continuity plan for your business to your subordinate. Explain the main area you ask him to consider. We need a business continuity plan to keep the company up and running through interruptions of any kind; it may be power failures‚ IT system crashes‚ natural disasters‚ supply chain problems and more. The business continuity plan should be developed to prioritize key business processes‚ identify significant
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As an ambitious lady‚ my objective and aim in life is to become an astute financial expert who can contribute my quota towards the achievement of my company’s goal and also make an input on issues that steer the development of my country. Due to the changing trends in the present world‚ the pursuit of a first degree in ones field of study becomes obsolete and requires an improvement hence an MBA for career progression. The MBA will help me develop better critical thinking and sharpen
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e-business and so on. As a result of the defects of traditional accounting have been unable to meet these changes new management themes have evolved which in turn has resulted in the development of strategic management accounting. Strategic management accounting aims to provide relevant information to an organization’s management to enable them to make strategic plans and strategic decisions. The emphasis is on external information on competitors‚ customers‚ markets‚ and environment and so on. Organizations
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others see it more as a process‚ whereby a company’s decision and actions are made in alignment with opportunities or threats in the industry. Even others define it as a pattern of consistent actions in decision-making and lastly there are those with a military view of strategy‚ who consider it a manoeuvre to beat and outsmart the competition (Parthasarthy‚ 2006). By drawing from each of the definitions‚ one could say that strategy and by extension‚ strategic management‚ is constituted of short-term
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