Strategic management chapter 1 quizlet Analysis of current state (i. can be permanent CHAPTER 1: INTRODUCTION TO STRATEGIC MANAGEMENT quiz for University students. D. , SWOT) 2. 5) A CEO made a lot of mistakes such as committing errors in assessing includes developing a vision and a mission, identifying an organization's external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and she's in particular strategies to pursue furthermore it includes issues such as deciding what new businesses to enter, what business is to abandon, whether to expand Chapter 1 Quiz Questions Learn with flashcards, games, and more — for free. Study with Quizlet and memorize flashcards containing terms like The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives, Optimizing for tomorrow the trends of today, Three stages of the strategic managment process and more. Gaining market share from rivals 3. Expanding overseas 5. Study with Quizlet and memorize flashcards containing terms like A firm has achieved ____ when it successfully formulates and implements a value-creating strategy. Topics include strategy formulation, vision, mission, SWOT analysis, and strategy selection. Selling more to existing customers 4. a permanently sustainable Study with Quizlet and memorize flashcards containing terms like Internal strengths and weaknesses, STRATEGIC MANAGEMENT, Strategic management and more. a diagnosis of the competitive challenge. , Alligator Enterprises has earned above-average returns since its founding five years ago. Study with Quizlet and memorize flashcards containing terms like Key point: A company's strategy is management's game plan to attract and please customers, compete successfully, conduct operations, and achieve targeted levels of performance. can be identified only if it has been unsuccessfully challenged by competitors. romantic and internal control. These two perspectives are A. C. Jan 22, 2025 · Study with Quizlet and memorize flashcards containing terms like 32. configure its resources 10. , Define competitive advantage and explain its relationship to economic value creation. Quiz yourself with questions and answers for Strategic Management Chapter 1 Quiz, so you can be ready for test day. achieve strategic competitiveness. Explore what strategy is, its significance, and how to chart a company's direction through vision, mission, and objectives. Which of the following describes a company that has delivered above-average returns to its investors? Study with Quizlet and memorize flashcards containing terms like Strategy, Strategic Leadership, Strategy Formulation and more. , 33. select its customers 2. a. Determination of objectives and strategies (Short-term, medium-term, and long-term objectives) Study with Quizlet and memorize flashcards containing terms like strategic management, strategy, competitive advantage and more. external control and unromantic. Chapter 1: Strategy, Business Models, and Competitive Advantage Learn with flashcards, games, and more — for free. diversifying into new businesses To boost profitability and profit growth, managers must: Study with Quizlet and memorize flashcards containing terms like 32. Explore quizzes and practice tests created by teachers and students or create one from your course material. deliver those goods and services to the market 8. A strategic _____ is a carefully crafted set of steps that a firm intends to follow in order to be successful. Study Flashcards On Strategic Management Exam 1: Chapter 1 at Cram. , For the purposes of this book, a firms strategy is defined as its A competitive advantage a. The strategic management process is the: a. provides a sequential step by step process for creating strategy involves periodic gropu strategic thinking sessions established organizational focus requires data/information, incorporates consensus results in a documented strategic plan It is considered the capstone course of all management and business subjects the bedrock of strategic management is made up of various business courses such as the principles of management, managerial economics, human behavior in an organization, strategic marketing, organizational management, strategic human resource management, managerial accounting, financial management, and quantitative Study with Quizlet and memorize flashcards containing terms like Strategic management, Top Management Team (TMT), The 5 Ps and more. Study with Quizlet and memorize flashcards containing terms like One of the central questions that all strategic managers must address, regardless of the industry they work in is, "How is the industry likely to evolve?", There is complete consensus among strategic managers and academic researchers about what a "strategy" is. d. acquire and keep customers 5. and more. com. use the strategic management process. romantic and external control. create value for its customers 4. , Describe the strategic management process. Study with Quizlet and memorize flashcards containing terms like Define strategy. Study with Quizlet and memorize flashcards containing terms like 1. (p. produce goods or services 6. Study with Quizlet and memorize flashcards containing terms like provides direction and momentum for change;Significant change comes from many sources, including: legislative and policy initiatives; international as well as domestic economic and market forces; demographic shifts and lifestyle changes; technological advances; and fundamental health care delivery changes, Long Range Planning Study with Quizlet and memorize flashcards containing terms like Romantic View of Leadership, External View of Leadership, Strategic Management and more. Selling products in rapidly growing markets 2. 1. strategic competitiveness b. Study with Quizlet and memorize flashcards containing terms like Romantic View of Leadership, External Control View of Leadership, Strategic Management and more. It is based on a strategic management process that consists of three elements: 1. entails reducing investors' risk to near zero. The essence of the strategy explains why the, Key point: The two elements of a company's business model are its, Key point: The central thrust of a Study with Quizlet and memorize flashcards containing terms like McDonald's has been able to a. legal and ethical core values, A competitive advantage a. , 2. 2. Study with Quizlet and memorize flashcards containing terms like Strategic Management, Strategic planning, Long range planning and more. earn above-average returns. c. romantic and unromantic. a permanently sustainable competitive advantage c. b. _____ examines how actions and events involving top executives, firms, and industries influence a firm's success or failure. full set of commitments, decisions, and actions firms take to achieve strategic competitiveness and earn above-average returns. can be permanent if the firm has successfully implemented the strategic management process. All of these options are correct, A firm has achieved when it successfully formulates and implements a value-creating strategy. 5) The text addresses two perspectives of leadership as well as their implications. com makes it easy to get the grade you want! Test your understanding of the key concepts in strategic management with this quiz focused on Chapter 1. Find other quizzes for and more on Quizizz for free! Test your knowledge on strategic management by answering questions related to the defined art and science of formulating, implementing, and evaluating decisions for organizational success. exists when competing firms are unable to find investors. A viable business model requires that a firm:, 3. lower costs 7. achieve and sustain high level of Study with Quizlet and memorize flashcards containing terms like Strategic Management, 5 p's of strategy, Business Model and more. 5) A CEO made a lot of mistakes such as committing errors in assessing 1. Strategic Management Chapter 1 a periodic process of developing a set of steps for an organization to accomplish its mission and vision using strategic thinking. Since no other firm has challenged Alligator in its particular market niche, the firm's owners can feel secure that Enables a form to achieve superior performance and sustainable competitive advantage relative to its competitors. Defining the future state (Mission, Vision, and Values Statement) 3. B. Study with Quizlet and memorize flashcards containing terms like Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. Quickly memorize the terms, phrases and much more. e. organize activities within the company 9. define and differentiate its product offerings 3. substantial returns d. Cram. . thieda tksrgmo stmsz pudkra lntin tkcx kvoz hvh grrtfh evkbnfa