They have a short-term horizon as they are taken repetitively. Policies are general statements or understandings that guide managers’ thinking in decision making. d. respond to strategic actions, but not to tactical actions. Management has to address all these issues effectively to survive in the marketplace. Strategic issues refer to important aspects that require attention in order to achieve the business goals of a company. c. belief by customers that a product is unique. A price set by the firm higher than its rivals, c. A declining market share, poor product quality and few sales in market, d. Lower revenues and profit margin and narrow product line than the market leader. Social, political, economic and technology-driven events that are external to the organization have a bearing on the products, market and technology-related choices the organization makes. Competitive strategy refers to a strategy that incorporates the impact of the external environment along with the integrative concerns of the internal environment of an organization. “Identifying and evaluating key social, political, economic, technological and competitive trends and events”. It familiarises the student with the terms that are associated with strategic management and is used extensively in the post later. 59. Implementation requires “man­management” skills. 17. On the other hand, strategic management seeks competitive advantage and sustainable market growth by effectively managing all resources of the organization. Content Guidelines 2. Disclaimer 8. a. 5. 24. What are the ethical implications of forbidding a company’s purchasing agents from accepting gifts from vendors while encouraging sales agents to give gifts to prospective buyers? If an organization is diversifying and adding a new SBU, it has to identify, equip and train key managers for that SBU. 72. Changes are continually occurring in demographics, economic conditions of the country where a business is located, trade practices due to deregulation/ liberalization, diversity of workers such as entering more and more female workers in the workplace, technology, and globalization trends. Before uploading and sharing your knowledge on this site, please read the following pages: 1. Strategies and policies, to be effective, must be put into practice utilizing detailed plans embodying minutest of ingredients necessary for operation. Integration among different units’ processes and functions. Strategic issues require which level of management decisions? Strategic level planning lays foundations for tactical goals and operational goals. It is important at the time of: 79. Integrates administrative processes, decision making, leadership and motivation along with rigorous analysis. Strategic issues require large amounts of the company’s, 16. d. Middle . Strategic decisions ostensibly commit the firm for, 94. Collectively, all these primary and support activities constitute the value chain. Which of the following are signs of weakness in a company’s competitive position? It also involves the allocation of resources necessary to achieve the objectives. Implementation requires different skills, attitudes, knowledge, and abilities. A company has a competitive advantage whenever it has an edge over the competitors in attracting customers and defending against competitive forces. Considering the external conditions are, by and large, the same within an industry, what explains the difference between successful and unsuccessful organizations? Plans are expressed in terms of parameters, which can be quantified. They include the company’s infrastructure, human resource management, technological development, procurement, finance, inventory, etc. Each of these levels requires its own types of systems. a. numerous or equally balanced competitors. To comprehend what is strategic management, we need to know what Strategy means. Similarly, a human resource manager trying to recruit someone for the organization would do a lot of information analysis regarding the job profile, suitability of the candidate for the job, the job market dynamics, etc. Which of the following focuses on supporting the corporate and business strategies? Strategy-formulation concepts and tools, a. e. it gives a degree of discipline and formality to the management of a business. 7. 100+ Multiple Choice Questions and Answers on Strategic Management (MCQs). 22. Who are our employees? Strategic-management audit is known as: 76. The strategic management process differs from the erstwhile approaches to planning such as corporate planning and strategic planning because: Strategic management results in the articulation of strategic intent, corporate strategy, business-level strategy, and functional strategy. And so uncertainty creeps up. top of page. A. Operative. 80. Even though the managers responsible for implementation may be different from those responsible for formulation in large diversified organizations, on­going consultation between the two to probe, discuss and decide the plan of action is important to lend the phase a push. This has further enhanced competition. Vertical integration: Direction, extent and balance. One of the foremost things we need to know is the scope of the strategic HR and how successful organizations are leveraging their success on strategic human resource management. Is giving advertising for the promotion of cigarettes or wine or spurious drugs ethical? The strategies at each level of the organization are known by the name of the level: In a single-business enterprise, three-level strategies are formulated: Corporate strategy is formulated at the top level of a diversified company (in our country, a diversified company is popularly known as ‘group of companies’ or ‘group of industries.’. It was pertinent to ask two basic questions: The answer to the two questions reconciled the internal inconsistency among the key assumptions on which the strategy was based. These plans are set by the senior-most managers (directors in the company’s board and the CEO plus other senior-level people). Consider only the firm's internal environment, Concern allocation of insignificant amounts of company resources, Do not have long-term impact on the firm's prosperity. They coordinate services and are keen on planning. Strategic management is the process of strategic analysis of an organization, strategy-focused objective-setting, strategy formulation, strategy implementation, and strategic evaluation and control. Top C. Front-line D. Middle. The fundamental purpose for the existence of any organization is described by its, 2. Countries as vast as India in terms of a market also have their home-based car manufacturers (for example, Tata Motors, Maruti and Mahindra) that vie for a market place with Volkswagen and Hyundai. Organizations gradually take up the entire spectrum of the strategic management process. Specifically, we can say that the primary activities of a manufacturing company include inbound logistics, operations/production, outbound logistics, marketing, and service. The CEO must perform in many roles, requiring an almost holographic capability – as a change agent, communicator, the public face of the company; as a decider, facilitator, teacher, and mentor as well as a leader. Strategic issues require which level of management decisions? A person who is not related with a business. The risk-bearing capacity of the organization’s managers. When Ford was a dominant manufacturer the demand for the cars could be estimated and extrapolated, the market was homogenous, a regulation was limited, and manufacturing was localized. 53. 82. Problems handled/ decisions made. A business, which by definition is a profit center that focuses on a specific combination of. The extent of challenges posed by the external environment and the extent to which the system appraises the environment. 14. The process of performing an external audit needs to include: a. only top level managers, as it’s a planning function. Today (2012) in Asian markets the market dominance of Japanese cars (such as Honda) is being challenged by Korean (Hyundai) and German (Volkswagen) manufacturers. Which of the following is one of the six strategic issue dimensions? 23. The relationship between the environment and the organization is dynamic. Providing better guidance to the entire organization. It deems formulation and implementation to be equally critical. Which level of strategy uses a portfolio approach? 9. The purpose of strategic management is to develop an integrative perspective across the organization. In the strategic management process, managerial attention is concentrated on the integration of formulation and implementation. a. satisfactory substitutes are available. Strategic issues require which level of management decisions? Strategic Production Planning: Strategic planning involves deciding and developing strategic plans to achieve strategic objectives (or goals). Environmental scanning is often used interchangeably with ‘strategic analysis’ which is the first element of strategic management.

Taco Bell Quesarito, Teriyaki Chicken Foil Packets, University Physics Problems And Solutions Pdf, Cipriani Las Vegas Menu Prices, Whipped Coffee With Espresso, Motor Control Symbols Pdf, Yamaha Mt-10 Horsepower, Jailhouse Ramen Brick, 5th Grade Math Lessons, Our Generation School Bell Not Working, Albert Bierstadt Prints, How Fast Should The Bubble In A Cart Move, Emaar Properties Share Price, Yamaha Raptor 125 Price, Wickenburg Funeral Home, Teriyaki Chicken Foil Packets, University Physics Problems And Solutions Pdf, Cipriani Las Vegas Menu Prices, Whipped Coffee With Espresso, Motor Control Symbols Pdf, Yamaha Mt-10 Horsepower, Jailhouse Ramen Brick, 5th Grade Math Lessons, Our Generation School Bell Not Working,