Test bank for Strategic Management
Concepts & Cases 3rd Edition
"Strategic Management: Concepts and Cases" by Fred R. David and Forest R. David, now in its
third edition, is a widely used textbook in business schools for teaching strategic management.
Here’s a breakdown of the main concepts typically covered in this edition:
1. Introduction to Strategic Management
Definition and Importance: Strategic management involves formulating and implementing
major goals and initiatives based on considerations of resources and an assessment of the
internal and external environments.
Strategic Planning: This process includes defining the company's vision, mission, and values,
setting long-term objectives, and formulating strategies to achieve those objectives.
2. Strategic Management Process
Environmental Scanning: Assessing both external opportunities and threats and internal
strengths and weaknesses (SWOT analysis).
Strategy Formulation: Developing strategies based on the analysis. This includes corporate-
level, business-level, and functional-level strategies.
Strategy Implementation: Putting the formulated strategies into action through organizational
structure, culture, and resources.
Strategy Evaluation: Monitoring and assessing the effectiveness of strategies and making
adjustments as necessary.
3. Internal Analysis
Resource-Based View: Evaluating a company's resources and capabilities to determine
competitive advantages.
Value Chain Analysis: Examining the activities that add value to the company’s products or
services and identifying areas for improvement.
4. External Analysis
PESTEL Analysis: Analyzing external macro-environmental factors such as Political, Economic,
Social, Technological, Environmental, and Legal influences.
Industry Analysis: Using tools like Porter's Five Forces to understand the competitive forces
within an industry and their impact on profitability.
Concepts & Cases 3rd Edition
"Strategic Management: Concepts and Cases" by Fred R. David and Forest R. David, now in its
third edition, is a widely used textbook in business schools for teaching strategic management.
Here’s a breakdown of the main concepts typically covered in this edition:
1. Introduction to Strategic Management
Definition and Importance: Strategic management involves formulating and implementing
major goals and initiatives based on considerations of resources and an assessment of the
internal and external environments.
Strategic Planning: This process includes defining the company's vision, mission, and values,
setting long-term objectives, and formulating strategies to achieve those objectives.
2. Strategic Management Process
Environmental Scanning: Assessing both external opportunities and threats and internal
strengths and weaknesses (SWOT analysis).
Strategy Formulation: Developing strategies based on the analysis. This includes corporate-
level, business-level, and functional-level strategies.
Strategy Implementation: Putting the formulated strategies into action through organizational
structure, culture, and resources.
Strategy Evaluation: Monitoring and assessing the effectiveness of strategies and making
adjustments as necessary.
3. Internal Analysis
Resource-Based View: Evaluating a company's resources and capabilities to determine
competitive advantages.
Value Chain Analysis: Examining the activities that add value to the company’s products or
services and identifying areas for improvement.
4. External Analysis
PESTEL Analysis: Analyzing external macro-environmental factors such as Political, Economic,
Social, Technological, Environmental, and Legal influences.
Industry Analysis: Using tools like Porter's Five Forces to understand the competitive forces
within an industry and their impact on profitability.
