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STRATEGIC MANAGEMENT CONCEPTS
AND CASES QUESTIONS WITH DETAILED
VERIFIED ANSWERS
Strategic Management Ans: Process of formulating and implementing
strategies to achieve organizational goals.
Cohesion Case Ans: Integrates key concepts and practices across
chapters using a single company as an example.
Competitive Advantage Ans: Unique edge a company has over its
competitors, allowing it to outperform them.
Strategists Ans: Individuals responsible for formulating and
implementing strategies in an organization.
Vision and Mission Statements Ans: Documents outlining an
organization's purpose, values, and future aspirations.
Internal Audit Ans: Assessment of an organization's internal resources,
capabilities, and strengths.
External Audit Ans: Evaluation of an organization's external
environment, opportunities, and threats.
Strategy Generation and Selection Ans: Process of developing and
choosing strategies to achieve organizational objectives.
Strategy Implementation Ans: Execution of selected strategies to
translate plans into actions.
Strategy Execution Ans: Carrying out strategic plans to achieve desired
outcomes.
Strategy Monitoring Ans: Continuous assessment and adjustment of
strategies to ensure goal attainment.
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Multinational Firms Ans: Companies operating in multiple countries with
diverse cultural and business environments.
Tax Inversions Ans: Strategic financial maneuver where a company
relocates its headquarters to a lower-tax jurisdiction.
Business Culture Ans: Shared values, beliefs, and practices that
influence how business is conducted in a specific country.
Strategic Planning Ans: Process of defining an organization's strategy
and making decisions on allocating resources to pursue this strategy.
Ethics Culture Ans: Environment within an organization that promotes
ethical behavior and decision-making.
Sustainability Ans: Principle of meeting present needs without
compromising the ability of future generations to meet their needs.
Financial Benefits Ans: Advantages gained by a company in terms of
increased revenue, reduced costs, and improved profitability.
Nonfinancial Benefits Ans: Advantages not directly related to monetary
gains, such as enhanced reputation or employee satisfaction.
Whistle-Blowing Ans: Reporting unethical behavior in an organization.
Bribery Ans: Offering, giving, receiving, or soliciting something of value
for the purpose of influencing the actions of an official or other person in
a position of trust.
Workplace Romance Ans: Romantic relationships between colleagues in
a professional setting.
Social Responsibility Ans: The ethical framework and decision-making
process that an organization follows in balancing its commitments to
stakeholders.
Related Diversification Ans: Expanding into a similar industry or market.
STRATEGIC MANAGEMENT CONCEPTS
AND CASES QUESTIONS WITH DETAILED
VERIFIED ANSWERS
Strategic Management Ans: Process of formulating and implementing
strategies to achieve organizational goals.
Cohesion Case Ans: Integrates key concepts and practices across
chapters using a single company as an example.
Competitive Advantage Ans: Unique edge a company has over its
competitors, allowing it to outperform them.
Strategists Ans: Individuals responsible for formulating and
implementing strategies in an organization.
Vision and Mission Statements Ans: Documents outlining an
organization's purpose, values, and future aspirations.
Internal Audit Ans: Assessment of an organization's internal resources,
capabilities, and strengths.
External Audit Ans: Evaluation of an organization's external
environment, opportunities, and threats.
Strategy Generation and Selection Ans: Process of developing and
choosing strategies to achieve organizational objectives.
Strategy Implementation Ans: Execution of selected strategies to
translate plans into actions.
Strategy Execution Ans: Carrying out strategic plans to achieve desired
outcomes.
Strategy Monitoring Ans: Continuous assessment and adjustment of
strategies to ensure goal attainment.
, Page | 2
Multinational Firms Ans: Companies operating in multiple countries with
diverse cultural and business environments.
Tax Inversions Ans: Strategic financial maneuver where a company
relocates its headquarters to a lower-tax jurisdiction.
Business Culture Ans: Shared values, beliefs, and practices that
influence how business is conducted in a specific country.
Strategic Planning Ans: Process of defining an organization's strategy
and making decisions on allocating resources to pursue this strategy.
Ethics Culture Ans: Environment within an organization that promotes
ethical behavior and decision-making.
Sustainability Ans: Principle of meeting present needs without
compromising the ability of future generations to meet their needs.
Financial Benefits Ans: Advantages gained by a company in terms of
increased revenue, reduced costs, and improved profitability.
Nonfinancial Benefits Ans: Advantages not directly related to monetary
gains, such as enhanced reputation or employee satisfaction.
Whistle-Blowing Ans: Reporting unethical behavior in an organization.
Bribery Ans: Offering, giving, receiving, or soliciting something of value
for the purpose of influencing the actions of an official or other person in
a position of trust.
Workplace Romance Ans: Romantic relationships between colleagues in
a professional setting.
Social Responsibility Ans: The ethical framework and decision-making
process that an organization follows in balancing its commitments to
stakeholders.
Related Diversification Ans: Expanding into a similar industry or market.
