Chapter 1 Strategic Management
Chapter 1: Strategic Management
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1.
5 Criteria of Strategic Objectives?: 1. Measurable
2. Specific
3. Appropriate
4. Realistic
5. Timely
2.
Intended strategy?: strategy in which organizational decisions
15.
16.
5.
17.
6.
Romantic view of leadership: situations in which the leader
18.
Stakeholder symbiosis?: Stakeholders are dependent upon
8.
Strategic management: consists of the analyses, decisions,
19.
20.
organizations who have a "stake" in the success of the organization including owners, employees, customers, suppliers, the community at large and so on
10.
21.
22.
What is Efficiency?: performing actions at a low cost relative
23.
Why do visions sometimes fail?: 1. Walk doesn't match the
to a benchmark, or "doing things right" talk 2. Irrelevance - visions created in a vacuum - unrelated to environmental threats or opportunities or an organization's resources and capabilities
3. Not the Holy Grail - management often search for the one elusive solution that will solve the firm's problems
4. Too much focus leads to missed opportunities
4. An idea future irreconciled with the present
What are Strategic objectives?: set of organizational goals
What are the 4 benefits of strategic objectives?: 1.
Channel employees throughout the organization toward common goals 2. Motivate & inspire employees throughout the organization to higher levels of commitment and effort
3. Potential for different parts of an organization to pursue their own goals rather than overall company goals
4. Proper objectives provide a yardstick for rewards & incentives
12.
What are the 4 key attributes of strategic management?:
1. directed toward overall organizational goals & objectives
2. includes multiple stakeholders in decision making
3. requires incorporating both short-term & long-term perspectives 4. involves the recognition of trade-offs between effectiveness and efficiency
13.
What are the 4 main steps in a Strategy Analysis?: 1.
Study online at quizlet.com/_bct04
1.
5 Criteria of Strategic Objectives?: 1. Measurable
2. Specific
3. Appropriate
4. Realistic
5. Timely
2.
Intended strategy?: strategy in which organizational decisions
15.
16.
5.
17.
6.
Romantic view of leadership: situations in which the leader
18.
Stakeholder symbiosis?: Stakeholders are dependent upon
8.
Strategic management: consists of the analyses, decisions,
19.
20.
organizations who have a "stake" in the success of the organization including owners, employees, customers, suppliers, the community at large and so on
10.
21.
22.
What is Efficiency?: performing actions at a low cost relative
23.
Why do visions sometimes fail?: 1. Walk doesn't match the
to a benchmark, or "doing things right" talk 2. Irrelevance - visions created in a vacuum - unrelated to environmental threats or opportunities or an organization's resources and capabilities
3. Not the Holy Grail - management often search for the one elusive solution that will solve the firm's problems
4. Too much focus leads to missed opportunities
4. An idea future irreconciled with the present
What are Strategic objectives?: set of organizational goals
What are the 4 benefits of strategic objectives?: 1.
Channel employees throughout the organization toward common goals 2. Motivate & inspire employees throughout the organization to higher levels of commitment and effort
3. Potential for different parts of an organization to pursue their own goals rather than overall company goals
4. Proper objectives provide a yardstick for rewards & incentives
12.
What are the 4 key attributes of strategic management?:
1. directed toward overall organizational goals & objectives
2. includes multiple stakeholders in decision making
3. requires incorporating both short-term & long-term perspectives 4. involves the recognition of trade-offs between effectiveness and efficiency
13.
What are the 4 main steps in a Strategy Analysis?: 1.