Chapter 8 Strategic Management ANNOTATED OUTLINE 1. INTRODUCTION Effective managers recognize the role that strategic management plays in their organization’s performance. Throughout this chapter‚ students discover that good strategies can lead to high organizational performance. 2. THE IMPORTANCE OF STRATEGIC MANAGEMENT Managers must carefully consider their organization’s internal and external environments as they develop strategic plans. They should have a systematic means of analyzing
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Chapter 8: Differentiation and Brand Positioning Marketing Management A Strategic Decision-Making Approach Differentiation is a powerful theme in developing business strategies‚ as well as in marketing. Consumers or organizational customers choose what they buy for one or two reasons: what they choose is better and what they choose is cheaper. In other case‚ the choice is‚ in some way‚ almost always different from others they could have chosen. Most of the time‚ differentiation is why people
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Chapter 1: Strategic Management 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
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Chapter 01 Strategic Management: Creating Competitive Advantages True / False Questions 1. Nortel‚ like other firms‚ suffered from a drop in overall industry demand for telecommunications equipment during 2000 and 2001. According to the text‚ this would be an example of the "romantic" perspective of leadership. True False 2. Strategic management consists of the analyses‚ decisions‚ and actions an organization undertakes in order to create and sustain competitive advantages
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Chapter 2 Objectives LO 2-1 Explain the role of vision‚ mission‚ and values in the strategic management A vision captures an organization’s aspirations. An effective vision inspires members of the organization A mission statement describes what an organization actually does- what its business is- and why it does it. Values define the ethical standards and norms that should govern the behavior of individuals within the firm LO 2-2 Describe and evaluate the role of strategic intent in achieving
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Essentials of Strategic Management‚ 3rd Edition Chapter 9 Implementing Strategy Through Organizational Design Name: __________________________ Date: _____________ 1. T F Strategy is implemented through organizational design. ANS: True PTS: 1 REF: 227 NAT: AACSB Analytic | AACSB Strategy 2. T F Organizational design means selecting the combination of organizational structure and control systems that lets a company
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STRATEGIC MANAGEMENT CHAPTER 4: OUTLINE Functional – Level Strategies: 1. Efficiency 2. Quality 3. Innovation 4. Customer Responsiveness Economies of Scale are unit cost reductions associated with a large scale of output. Fixed Costs are costs that must be incurred to produce a product whatever the level of output; examples are the cots of purchasing machinery‚ setting up machinery for individual production runs‚ building facilities‚ advertising‚ and R&D. Diseconomies of Scale are
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Strategic Management Chapter 6 – Questions 1. Plot the position of the following companies on figure 6.3 and justify your answer: * Procter & Gamble: P&G sells more that 300 brands to consumers in more that 150 countries and therefore faces strong pressures for local responsiveness as different countries and cultures prefer different cleaning materials for example. P&G also faces pressures for cost reduction due to the large number of competitors in that sphere of the market
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QUESTION 1 In a BCG Matrix‚ all divisions are called question marks‚ stars‚ cash cows or dogs. Define each of these terms. Question Marks division is Quadrant I have a low relative market share position‚ yet they compete in a high-growth industry. Generally these firms’ cash needs are high and their cash generation is low. These businesses are called question marks because the organization must decide whether to strengthen them by pursuing an intensive strategy (market penetration‚ market development
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Strategic information systems planning involve identifying the long-term direction of information systems use and management within the organization. It provides a framework for decision-making and project selection. Within this framework the firm develops yearly operational plans and budgets in order to prioritize information systems spending. The yearly budgeting process is a tool organizations use to communicate plans and enforce control systems. As a planning tool‚ the budget provides an assessment
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