Strategic management — definition?
Formulating, implementing, evaluating decisions.
Strategic management model — purpose?
Links current position, future goal, and path.
Strategy formulation — stage?
Set vision, mission, and long-term choices.
Strategy implementation — stage?
Turn strategies into objectives and actions.
Strategy evaluation — purpose?
Check effectiveness and make corrections.
Key terms — competitive advantage?
Doing activities well or owning desired resources.
SWOT analysis — components?
Strengths, Weaknesses, Opportunities, Threats.
Benefits of strategic management?
Proactive control and organizational improvement.
Why firms avoid planning?
Lack of training, rewards, or overconfidence.
Planning pitfalls — control-seeking?
Using planning to dominate decisions.
Pitfall — accreditation-only?
Planning only for external compliance.
Common planning mistake?
Moving too quickly from mission to strategy.
Vision — question answered?
What do we want to become?
Mission — question answered?
What is our business?
External opportunities and threats?
External trends that help or harm.
Sustained competitive advantage?
Maintaining superior advantage over time.
Answer 16 questions on Strategic Management Fundamentals.
1. Which statement best defines strategic management?
2. In this course, how is strategic planning treated?
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