STRATEGIC MANAGEMENT AND BUSINESS
POLICY COMPLETE STUDY GUIDE WITH
SOLVED QUESTIONS
◉ European Union (EU:).
Answer: is the most significant trade associate in the world.
-27 member countries make up the EU.
-Goal: complete economic integration of all 27 member nations
◉ NAFTA.
Answer: GOAL: Improve trade among the three member countries
rather than complete economic integration.
-launched in1994.
◉ Sustainability.
Answer: refers to the use of business practices to manage the triple
bottom line as was discussed earlier.
◉ The triple bottom line involves:.
Answer: 1. the management of traditional profit/loss.
,2.the management of the companies social responsibilities, and;
3. the management of its environmental responsibility.
◉ organizational learning theory.
Answer: which says that an organization adjusts defensively to a
changing environment and uses knowledge offensively to improve
the fit between itself and its environment.
◉ Basic Elements of the Strategic Management Process.
Answer: -Environmental Scanning
-Strategy formulation
-strategy implantation
-Evaluation and control
◉ Strategy Formulation.
Answer: is the process of investigation, analysis, and decision
making that provides the company with the criteria for attaining a
competitive advantage.
◉ Mission.
Answer: is the propose or reason for the organization's existence.
,◉ Vision.
Answer: describes what the organization would like to become.
(future view)
◉ Objectives.
Answer: are the end results of planned activity.
◉ Strategy.
Answer: of a corportation forms a comprehensive master approach
that states how the
◉ Corporate Strategy.
Answer: describes a company's overall direction in terms of its
general attitude towards growth and management of its various
businesses and product lines.
-3 Main Categories:
1. stability
2. growth
3. retrenchment
◉ Business strategy.
, Answer: usually occurs at the business unit or product level and it
emphasizes improvement of the competitive position of a
corporations products or services in the specific industry or market
segment.
◉ Functional strategy.
Answer: is the approach taken by a functional area to achieve
corporate and business unit objectives and strategies by maximizing
resources productively.
it is concerned with a developing and nurturing a distinctive
competence to provide a company or business unit with a
competitive advantage.
◉ strategy implementation.
Answer: is a process by which strategies and policies are put into
action through the development programs, budgets and procedures.
◉ punctual equilibrium.
Answer: describes corporations as evolving through relatively long
periods of stability (equilibrium periods) punctuated by relatively
short bursts of fundamental change (revolutionary period)
◉ triggering event.
POLICY COMPLETE STUDY GUIDE WITH
SOLVED QUESTIONS
◉ European Union (EU:).
Answer: is the most significant trade associate in the world.
-27 member countries make up the EU.
-Goal: complete economic integration of all 27 member nations
◉ NAFTA.
Answer: GOAL: Improve trade among the three member countries
rather than complete economic integration.
-launched in1994.
◉ Sustainability.
Answer: refers to the use of business practices to manage the triple
bottom line as was discussed earlier.
◉ The triple bottom line involves:.
Answer: 1. the management of traditional profit/loss.
,2.the management of the companies social responsibilities, and;
3. the management of its environmental responsibility.
◉ organizational learning theory.
Answer: which says that an organization adjusts defensively to a
changing environment and uses knowledge offensively to improve
the fit between itself and its environment.
◉ Basic Elements of the Strategic Management Process.
Answer: -Environmental Scanning
-Strategy formulation
-strategy implantation
-Evaluation and control
◉ Strategy Formulation.
Answer: is the process of investigation, analysis, and decision
making that provides the company with the criteria for attaining a
competitive advantage.
◉ Mission.
Answer: is the propose or reason for the organization's existence.
,◉ Vision.
Answer: describes what the organization would like to become.
(future view)
◉ Objectives.
Answer: are the end results of planned activity.
◉ Strategy.
Answer: of a corportation forms a comprehensive master approach
that states how the
◉ Corporate Strategy.
Answer: describes a company's overall direction in terms of its
general attitude towards growth and management of its various
businesses and product lines.
-3 Main Categories:
1. stability
2. growth
3. retrenchment
◉ Business strategy.
, Answer: usually occurs at the business unit or product level and it
emphasizes improvement of the competitive position of a
corporations products or services in the specific industry or market
segment.
◉ Functional strategy.
Answer: is the approach taken by a functional area to achieve
corporate and business unit objectives and strategies by maximizing
resources productively.
it is concerned with a developing and nurturing a distinctive
competence to provide a company or business unit with a
competitive advantage.
◉ strategy implementation.
Answer: is a process by which strategies and policies are put into
action through the development programs, budgets and procedures.
◉ punctual equilibrium.
Answer: describes corporations as evolving through relatively long
periods of stability (equilibrium periods) punctuated by relatively
short bursts of fundamental change (revolutionary period)
◉ triggering event.
