Busi 490 - Chapter 1: The Nature Of Strategic Management 25 Correctly Answered Questions Latest Update

Strategic planning (p. 5) {Ans: The process of formulating an organization's game plan; in a corporate setting, this term may refer to the whole strategic-management process.}Sustained competitive advantage (p. 8) {Ans: Maintaining what a firm does especially well, compared to rival firms - by (1) continually adapting to changes in external trends and events and internal capabilities. competencies, and resources; and (2) effectively formulating, implementing, and evaluating strategies that capitalize upon those factors.}Policies (p. 12) {Ans: The means by which annual objectives will be achieved. Policies include guidelines, rules, and procedures established to support efforts to achieve stated objectives. Policies are guides to decision making and address repetitive or recurring situations.}Strategic-management model (p. 14) {Ans: A framework or illustration of the strategic-management process; a clear and practical approach for formulating, implementing, and evaluating strategies.}Long-range planning (p. 5) {Ans: Deciding upon future actions/objectives/policies with the aim to optimize for tomorrow the trends of today; less effective and comprehensive than strategic planning.}Retreats (p. 14) {Ans: Formal meetings commonly held off-premises to discuss and update a firms strategic plan; done away from the work site to encourage more creativity and candor from participants.}