Strategic MGMT Exam A+ Pass Verified
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1. Strategic management process: - put in place by leaders
- helps formulate and implement strategy
- foundational for sustainable competitive advantage
2. Strategy: A set of goal-directed actions a firm takes to gain and sustain superior performance relative to
competitors
3. Strategic leadership: - use of power and influence
- direct the activities of others
- pursue organizational goals
4. Effective Vision: - Captures an organization's aspiration
- Identifies what it ultimately wants to accomplish
- Motivate employees to aim for a target
- Leaves room for contributions
5. Mission statements: - describes what an organization does
- products and services it provides
- markets in which it competes
6. Strategic commitments: actions to achieve the mission that are:
- costly
- long-term oriented
- difficult to reverse
7. Product-oriented vision statements: Defines a business in terms of a good or service provided.
Ex: "We are in the typewriter business"
- less flexible
- not needs-based
- can lead to a myopic view
8. Customer-oriented vision statements: Defines a business in terms of providing solutions to
customer needs.
Ex: Google " To organize the world's information and make it universally accessible and useful."
9. What is strategic leadership?: - Successful use of power and influence
- Directing the activities of others
1/2
Study online at https://quizlet.com/_i5c4re
1. Strategic management process: - put in place by leaders
- helps formulate and implement strategy
- foundational for sustainable competitive advantage
2. Strategy: A set of goal-directed actions a firm takes to gain and sustain superior performance relative to
competitors
3. Strategic leadership: - use of power and influence
- direct the activities of others
- pursue organizational goals
4. Effective Vision: - Captures an organization's aspiration
- Identifies what it ultimately wants to accomplish
- Motivate employees to aim for a target
- Leaves room for contributions
5. Mission statements: - describes what an organization does
- products and services it provides
- markets in which it competes
6. Strategic commitments: actions to achieve the mission that are:
- costly
- long-term oriented
- difficult to reverse
7. Product-oriented vision statements: Defines a business in terms of a good or service provided.
Ex: "We are in the typewriter business"
- less flexible
- not needs-based
- can lead to a myopic view
8. Customer-oriented vision statements: Defines a business in terms of providing solutions to
customer needs.
Ex: Google " To organize the world's information and make it universally accessible and useful."
9. What is strategic leadership?: - Successful use of power and influence
- Directing the activities of others
1/2
