1. 2. 3. Which strategies aim at improving internal weaknesses by taking advantage of external opportunities? a. b. c. d. e. SO WO SW ST WT 4. How many cells are in a SWOT Matrix? a. b. c. d. e. Two Four Six Eight Nine 5. What are two external dimensions of the SPACE Matrix? a. b. c. d. e. Environmental stability and industry strength Environmental stability and competitive advantage Industry strength and competitive advantage Competitive advantage and financial strength
Words: 4249 - Pages: 17
Strategic Management Process Paper Misty DeMoss MGMT 498 September 24, 2013 Dennis Hoerr Strategic Management Process Paper Strategic management is an essential process for managerial decision making. This process helps a company determine what planning and implementing actions that may determine a company’s long-term performance. The basic model for strategic planning consists of the four basic elements: Environmental scanning, strategy formulation, strategy implementation, and evaluation
Words: 563 - Pages: 3
ATHE-Level-6 Diploma in Management Strategic Marketing Unit 6.5 Submitted to: London Churchill College Submitted by: Student ID: Date of Submission: Table of Contents: Introduction: 2 Task 1 3 1.1 Assessment on the role of strategic marketing in an organization: 3 1.2 Analysis on the relationship between corporate strategy and marketing strategy: 3 1.3 Analysis on how marketing strategy is developed: 5
Words: 3716 - Pages: 15
Question 1: Explain the SEVEN (7) steps in a planning process that a manager should follow ensure effective planning. (20 marks) Planning defines forethought and forecasting. The seven steps in a planning process that a manager or any manager should follow in ensuring effective planning are: First every planning must have a goal setting. Plans are mean to achieve ends or objectives. Objectives must be clear, specific and informative . The tools are 1.Mind map and 2. Smart which stands for
Words: 1193 - Pages: 5
The phases of SM Many of the concepts and techniques that deal with strategic management have been developed and used successfully by business corporations such as General Electric and the Boston Consulting Group. Over time, business practitioners and academic researchers have expanded and refined these concepts. Initially, strategic management was of most use to large corporations operating in multiple industries. Increasing risks of error, costly mistakes, and even economic ruin are causing today’s
Words: 2144 - Pages: 9
Strategic Management Process Erica Valadez MGT/ 498 February, 12, 2014 Mr. Bernal Abstract There are several components of a strategic management process that are imperative for a company’s success. The most important components are environmental planning, strategy formulation, strategy implementation and strategy evaluation. Understanding each of them is essential when implementing them in the company. Strategic Management Process The primary components of a strategic management process
Words: 457 - Pages: 2
ELEMENTS OF STRATEGIC MANAGEMENT? Strategic management consists of the analyses, decisions and actions an organization undertakes in order to create and sustain competitive advantages. The strategic management process is made up of four elements: situation analysis, strategy formulation, strategy implementation, and strategy evaluation. These elements are steps that are performed, in order, when developing a new strategic management plan. Situation Analysis The situation analysis provides the
Words: 2003 - Pages: 9
INTRODUCTION TO STRATEGIC MANAGENT 1.0 Introduction This chapter introduces the concept of strategic management and provides an overview of strategic management. This chapter is divided into six sections. The first section explains the evolution of the strategic management concept. This is followed by the second section on definition of strategic management. The third section describes the context in which strategic management takes place. This is followed by the fourth section which covers the
Words: 4525 - Pages: 19
Chapter One Scope of Strategic Management 1 Major Issues to Consider Global considerations impact virtually all strategic decisions. E-commerce has become a vital strategic management tool. The natural environment has become an important strategic issue. 2 Strategic Management Defined Art and science of formulating, implementing, and evaluating crossfunctional decisions that enable an organization to achieve its objectives. 3 Terminology “Strategic Management” Synonymous
Words: 1105 - Pages: 5
Acknowledgement I take this opportunity to express my profound gratitude and deep regards to our guide, lecturer Mr. C H Liyanage for her exemplary guidance, monitoring and constant encouragement throughout the assignment of this thesis. The blessing, help and guidance given by his time to time shall carry us a long way in the journey of life on which I am about to embark. I am obliged to Institute of Personnel Management, for the valuable information provided by them in their respective fields
Words: 4025 - Pages: 17
