Ch (1): Basic concepts of Strategic Management
Exercise (1): Match the definitions with the right scientific term
Definitions Scientific Term
1)Managerial decisions and actions that
determine the long run performance of a
corporation (i)
a) Environmental sustainability
2)The integrated internationalization of
markets and corporations (e)
b) Learning organization
3)The use of business practices to reduce a
company’s impact upon the natural, physical
environment (a)
c) Strategy
4) An organization skilled at creating,
acquiring and transferring knowledge and at
modifying its behavior to reflect new
knowledge and insights (b)
d)Mission
5)Monitoring, evaluating and disseminating of
information from the external and internal
environment to key people within the
corporation, SWOT being its simplest tool (g)
e) Globalization)
6) Variables of strengths and weaknesses
within the organization itself and are usually
not within the short run control of top
management (j)
f) Strategy formulation
7)Development of long range plans for the
effective management of environmental
opportunities and threats in light of
corporations’ strengths and weaknesses
including defining corporate mission,
specifying objectives, developing strategies
and setting policy guidelines (f)
g) Environmental scanning
8) Purpose/reason for organization’s existence h)Vision
