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Strategic Management: Chapter 1 & 2 Study Guide - Terms, Concepts, and Practical Skills, Study notes of Strategic Management

This study guide covers the essential terms, concepts, and practical skills from chapter 1 and 2 of a strategic management textbook. Topics include strategy, sustainable competitive advantage, business model, mission statement, objectives, financial objectives, leading indicators, and more. Learn to apply strategic effectiveness models, write objectives, and evaluate strategic plans.

Typology: Study notes

Pre 2010

Uploaded on 08/30/2009

koofers-user-k4e
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Download Strategic Management: Chapter 1 & 2 Study Guide - Terms, Concepts, and Practical Skills and more Study notes Strategic Management in PDF only on Docsity! Strategic Management Chapter 1 & 2 Study Guide Pages 1 – 47 of Text Terms Strategy Sustainable Competitive Advantage Business Model Strategic Vision Mission Statement Values Objectives Financial Objectives Strategic Objectives Lagging Indicators Leading Indicators Stretch Objectives Strategic Intent Corporate Strategy Business Strategy Functional-area Strategy Operating Strategy Strategic Plan Balanced Scorecard Strategic Inflection Point Emergent Strategy Proactive Reactive Review Questions 1. How do firms achieve strategic effectiveness? 2. What are the three different types of positioning? 3. Explain the relationship between positions and tradeoffs. 4. What is straddling? Why is it difficult to maintain? 5. Why is growth often problematic and what makes it difficult? 6. What is the difference between business level strategy and corporate level strategy? 7. What are common elements of a good mission and vision? What are common shortcomings? 8. What are the 6 characteristics of a good objective? 9. Compare and contrast mission and vision. 10. Compare and contrast the I/O and Resource-Based View models. What are their assumptions and what does each model say? 11. What are the five phases in the strategic management process? Briefly describe each. 12. Briefly describe the three concepts of “balanced” in the term balanced scorecard. Practical Skills Upon completion of this chapter, you should be able to: a) Access the strategic effectiveness of a firm. Here you will be given a narrative about a company. You will have to apply the strategic effectiveness model to the scenario.