Exam 9: Strategic Management

The Strategic Management Process You finally made it.You were recently promoted to Executive Vice President in the corporate division.On the first day in your new position, the Chairperson said she was pleased at your new promotion and looked forward to hearing your presentation at next week's meeting concerning the new strategic management process you will be handling.You smiled, even though your stomach was churning.Unfortunately, this was the first you had heard about this meeting, and other than doing your small part in past planning efforts, you have little idea about how to design a strategic management process.You quickly grab your daughter's management textbook and read up on the topic. -Refer to The Strategic Management Process (Scenario).You learn that ________ is an important step in the strategic planning process and has to do with issues such as what pending legislation may impact your company and what the competition is doing.

Which of the following is an accurate statement concerning 'strategic management'?

A 'stability strategy' is developed when management decides it will remain profitable by maintaining the status quo in a rapidly changing external environment.

________ strategy is a corporate-level strategy that seeks to increase the level of the organisation's operations.

The final step in the strategic management process is implementing the objectives.

In a short essay, describe the three reasons for the importance of strategic management.

A(n)________ strategy is a short-run corporate-level strategy designed to address minor performance problems.

Within an industry, an environment can present opportunities to one organisation and pose threats to another.

'Corporate-level strategies' are developed for organisations that run more than one type of business.

Strategic Planning Imagine that you are the CEO of Woolworths and you are having your annual meetings to make strategic decisions and formulate plans for the future.You need to consider several new potential business purchases and decide on how to best support the many diverse companies within the corporate family. -Refer to Strategic Planning (Scenario).If Woolworths decided to sell their financial service companies, this is known as developing ________ strategy.

How can a company create 'strategic flexibility'?

Strategic management does not occur in the public sector due to its dependence on tax dollars.

Which of the following is one of the drawbacks to a strong organisational culture that a manager should consider when completing the strategic management process?

How can a cost leader use e-business to reduce costs?

SWOT analysis is an analysis of an organisation's environmental opportunities and threats.

Strategic Planning Imagine that you are the CEO of Woolworths and you are having your annual meetings to make strategic decisions and formulate plans for the future.You need to consider several new potential business purchases and decide on how to best support the many diverse companies within the corporate family. -Refer to Strategic Planning (Scenario).When you and the rest of the top-management team are deciding on whether you should purchase a hardware chain, a fast-food group or other food-related businesses (i.e.deciding on which types of businesses you should be in), this would be considered developing a ________ strategy.

Lower-level managers in an organisation are typically responsible for which of the following types of strategies?

According to the textbook, ________ determines the direction that the organisation is going and the roles that each business unit in the organisation will play in pursuing that direction.

As mentioned in the textbook, the Bakers Delight bread and pastry shops engages in what type of growth strategy?

What e-business strategy uses both online AND traditional stand-alone locations?