Chapter 1 The Nature of Strategic
management
"action stage" - ANS-Strategy implementation frequently is known as the "_________" of
strategic management
Adapting to exchange - ANS-"What form of enterprise must we emerge as?"
"Are we in the right area?"
"Should we reshape our enterprise?"
"What new competition are entering our enterprise?"
Annual targets - ANS-Short-time period milestones that companies should acquire to attain
longterm goals
Communication - ANS-A key to a success strategic control.
Competitive advatage - ANS-Anything that a firm does especially nicely compared to rival firms.
Empowerment - ANS-Act of strengthening employees' experience of effectiveness with the aid
of encouraging them to participate in decision making and to exercising initiative and
creativeness, and rewarding them for doing so.
Environmental Scanning or Industry
Analysis - ANS-The technique of carrying out studies and collecting and assimilating outside
facts
External possibilities and outside threats - ANS-Economic, social, cultural, demographic,
environmental, political, criminal, governmental, technological, and competitive traits and
occasions that could notably advantage or damage an enterprise in the destiny
Internal strengths and internal weaknesses - ANS-An organisation's controllable activities that
are achieved specifically nicely or poorly.
Interpersonal competencies - ANS-Critical for a hit strategy implementation
Intuition - ANS-Based on past reviews, judgment, and feelings that's useful for making
selections in situations of excellent uncertainty or little precedent.
Long-term - ANS-means multiple year.
management
"action stage" - ANS-Strategy implementation frequently is known as the "_________" of
strategic management
Adapting to exchange - ANS-"What form of enterprise must we emerge as?"
"Are we in the right area?"
"Should we reshape our enterprise?"
"What new competition are entering our enterprise?"
Annual targets - ANS-Short-time period milestones that companies should acquire to attain
longterm goals
Communication - ANS-A key to a success strategic control.
Competitive advatage - ANS-Anything that a firm does especially nicely compared to rival firms.
Empowerment - ANS-Act of strengthening employees' experience of effectiveness with the aid
of encouraging them to participate in decision making and to exercising initiative and
creativeness, and rewarding them for doing so.
Environmental Scanning or Industry
Analysis - ANS-The technique of carrying out studies and collecting and assimilating outside
facts
External possibilities and outside threats - ANS-Economic, social, cultural, demographic,
environmental, political, criminal, governmental, technological, and competitive traits and
occasions that could notably advantage or damage an enterprise in the destiny
Internal strengths and internal weaknesses - ANS-An organisation's controllable activities that
are achieved specifically nicely or poorly.
Interpersonal competencies - ANS-Critical for a hit strategy implementation
Intuition - ANS-Based on past reviews, judgment, and feelings that's useful for making
selections in situations of excellent uncertainty or little precedent.
Long-term - ANS-means multiple year.
