Summary: Global Strategic Management [Level] Questions and Answers 2023

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Strategic Management - -art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives - integrates management, marketin... g, finance and accounting, productions and operations, R&D info systems -Strategy formulation - -Step 1: developing a vision and mission, identifying SWOT, establishing long-term objectives, generating alternative strategies, choosing strategy to pursue - what business moves should be made to optimize limited resources to benefit company -Strategy implementation - -Step 2: executing strategy, action stage -strategy evaluation - -Step 3: determining if strategies are working, modify due to changes internal and external forces -Competitive advantage - -any activity a firm does especially well compared to activities done by rival firms, or any resources a firm possesses that rivals desire - temporary -strategists - -help an organization gather, analyze, and organize info -vision statement - -answers the question "who do we want to become" - written from the customer's perspective -mission statement - -"What is our business," statements of purpose -reminder of why organization exists and what founders envisioned - reason for being, how org is distinct - needed before alternative strategies can be identified - must make sense internationally -broad to reconcile differences between stakeholders and allow for creative [Show More]

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