Chapter 1 Basic Concepts of strategic Management Exam With Correct Answers

Chapter 1 Basic Concepts of strategic Management what are the three benefits of Strategic management - Answer-1. A clearer sense of strategic vision for the firm 2. A sharper focus on what is strategically important 3. An improved understanding of a rapidly changing environment What is population Ecology - Answer-Population ecology suggest that once an organization is successfuly established in a particular evironmental niche it is unable to adapt to changing condititions. What is an Organizational learning theory - Answer-an organizational learning theory means that anorganization adjusts defensively to a changing environment and uses knowledge offensively to improve the fit between itself and the environment what is the difference between Population Ecology and Organizational Learning - Answer-the difference is population ecology is an organization is unable to adapt to new environment and meanwhile organizational adjust itself to adapt to new evironment with their knowledge. how many basic element the strategic management consist of - Answer-the strategic management model consist of four basic element: - Environmental Scanning - Strategy Formulation -Strategy Implementation - Evaluation and control what does the strategic management model explain - Answer-it explain that the model is both rational and prescriptive. it is a planning model that present what a corporation should do in term of the strategic management process, not what any particular firm may actually do. what is environmental scanning( gathering Information) - Answer-Monitoring and evaluating and disseminating(spread) of information from External and Internal environments to key people withing the corporation -- SWOT Analysis External: Oppotunities and Threaths -Natural environment (Resources and climate) -Societal environment (General forces) -Task Environment (Industry analysis)