Flashcards: Strategic Management Fundamentals — 16 cards

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.