Mg495 Study Guide

Topics: Strategic management, Management, Strategy Pages: 2 (449 words) Published: July 17, 2013
Learning Outcomes:
Core Learning Outcomes
1.Define the term “strategic management”.
2.List four phases of strategic management
3.List four basic elements of strategic management.
4.Define the term “strategy”.
5.Identify the five forces that shape competition as described by Porter. 6.Explain what is meant by the term "competitive advantage". 7.List three directional strategies.
8.List the five stages of international development.
Define the term "strategic management"
Strategic management is an organisation-wide task involving both the development and implementation of strategy. It demands the ability to steer the organisation as a whole through strategic change under conditions of complexity and uncertainty. wps.prenhall.com/wps/media/objects/213/218150/glossary.html

List four phases of strategic management
1) Establishing the foundation of the strategy
2) Developing the strategic plan
3) Implementing the strategic plan
4) Evaluating the strategic plan
List four basic elements of strategic management.
Environmental Scanning
Strategy Formulation
Strategy implementation
Control and Evaluation
Identify the five forces that shape competition as described by Porter. Competitive rivarly
Threat from new entrants
Bargaining power of buyers
Bargaining power of suppliers
Threat of substitutes
Explain what is meant by the term "competitive advantage".
A competitive advantage is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices. source: http://www.tutor2u.net/business/strategy/competitive_advantage.htm List three directional strategies.

Growth, Stability and Retrenchment
List the five stages of international development.
Stage 1 (Domestic Company):
The primarily domestic company exports some of its products through local dealers and distributors in the foreign countries. Stage 2 (Domestic Company with...
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