Intro to Strat Man.
Is a set of managerial decisions and actions that determinethe long run performance of a corporation
Strategic Management
Three characteristics of Strategic decision making
Rare
Consequential
Directive
What are the three environments under environmental scanning?
Natural Environment
Societal environment
Ung isa AHHQHAHQ
A systematic analysis tool that compares own performance with competitors
Competative Profile Matrix
What are the basic models of Strategic Management?
Enviromental Scanning
Strategic Formulation
Strategic Implementation
Evaluation and Control
Logical Incrementalism
Decribes a companys overll direction in terms of its general attitude towards growth and management of its various business and product lines
Corporate strategy
Give one reason why Strategic Decision making is rare
Done by competent leadership and requires a high amount of capital
True or False: Functional Strategies are functions of the various mid level levels of management
False. They are functions of the various Depts/units
What are the phases of Strategic Management?
Basic financial Planning
Forecast based planning
Externally oriented strategic planning
Strategic management
What are porters 5 forces?
Rivalry between competitors
Bargaining power of buyer
Bargaining power of supplier
Threat of substitute
Threat of new entrants
True or False: In adopting Strategic management, the top management forms planning groups or managers and key employees at many levels and various departments and workspaces.
True
What are the 8 steps in strategic decision making?
Evaluate current performance results
Review Corporate governance
Scan and assess external environment
Scan and assess internal corporate environment
Analyze strategic (SWOT) factors
Generate, evaluate, select best alternative strategies
Implement selected strategies
Evaluate implemented strategies
CPM is used for ______
Benchmarking
What are the 8 forecasting methods discussed
Extrapolation
Brainstorming
Expert opinion
Dephi method
Statistical modeling
Prediction markets
Scenario writing