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You are here: Home (/) MCQs (/mcqs.html) MGT603: Strategic Management MCQs (/mcqs/230-mgt603-strategic-management.html)
MGT603 The Nature of Strategic Management (short notes)

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MGT603 The Nature of Strategic Management (short notes)

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• Chapter 1
The Nature of Strategic Management

Strategic Management
Art & science of formula ng, implemen ng, and evalua ng, cross-func onal decisions that enable an organiza on to achieve its objec ves

Achieving Sustained Compe ve Advantage

1. Adap ng to change in external trends, internal capabili es and resources
2. Effec vely formula ng, implemen ng & evalua ng strategies

Adap ng to Change – Key Strategic Management Ques ons

1. What kind of business should we become?
2. Are we in the right fields?
3. Are there new compe tors
4. What strategies should we pursue?
5. How are our customers changing?

Vision Statement –
What do we want to become?

Mission Statement –
What is our business?
Opportuni es & Threats (External)
1. Economic
2. Social
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 3. Cultural
4. Demographic/Environmental
5. Poli cal, Legal, Governmental
6. Technological

Strengths & Weaknesses (Internal)

Typically located in func onal areas of the firm

1. Management
2. Marke ng
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3. Finance/Accoun ng
4. Produc on/Opera ons
5. Research & Development
6. Computer Informa on Systems
Strategies
Means by which long-term objec ves are achieved

Benefits of Strategic Management

Financial Benefits

1. Improvement in sales
2. Improvement in profitability
3. Produc vity improvement
Non-Financial Benefits

1. Improved understanding of compe tors strategies

2. Enhanced awareness of threats
3. Reduced resistance to change
4. Enhanced problem-preven on capabili es
Code of Business Ethics
Provides basis on which policies can be devised to guide daily behavior and decisions in the workplace

Advantages of Interna onal Opera ons

1. Absorb excess capacity
2. Reduce unit costs
3. Spread risk over wider markets
4. Low-cost produc on facili es
Disadvantages of Interna onal Opera ons
1. Difficult communica ons
2. Underes mate foreign compe on
3. Cultural barriers to effec ve management
4. Complica ons arising from currency differences

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Tools

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Strategic Plan
2 Template Word

Quality
3 Management
Systems

Creating a
4 Strategic Plan

Strategic Plan
5 Examples

Strategic
6 Planning
Models

Risk
7 Management
Plan Template

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