Test Bank.docx

Test Bank.docx

《Test Bank.docx》由会员分享，可在线阅读，更多相关《Test Bank.docx（23页珍藏版）》请在冰豆网上搜索。

TestBank

PARTIII

LECTURENOTES

CHAPTER1

THENATUREOFSTRATEGICMANAGEMENT

CHAPTEROUTLINE

WhatisStrategicManagement?

KeyTermsinStrategicManagement

TheStrategic-ManagementModel

BenefitsofStrategicManagement

WhySomeFirmsDoNoStrategicPlanning

PitfallsinStrategicPlanning

GuidelinesforEffectiveStrategicManagement

ComparingBusinessandMilitaryStrategy

TheCohesionCase:

TheWaltDisneyCompany-2011

CHAPTEROBJECTIVES

Afterstudyingthischapter,youshouldbeabletodothefollowing:

1.

Describethestrategic-managementprocess.

2.

Explaintheneedforintegratinganalysisandintuitioninstrategicmanagement.

3.

Defineandgiveexamplesofkeytermsinstrategicmanagement.

4.

Discussthenatureofstrategyformulation,implementation,andevaluationactivities.

5.

Describethebenefitsofgoodstrategicmanagement.

6.

DiscusstherelevanceofSunTzu’sTheArtofWartostrategicmanagement.

7.

Discusshowafirmmayachievesustainedcompetitiveadvantage.

CHAPTEROVERVIEW

Chapter1providesanoverviewofstrategicmanagement.Apractical,integrativemodelofthestrategic-managementprocessisintroduced.Basicactivitiesandtermsinstrategicmanagementaredefined,andthebenefitsofstrategicmanagementarepresented.Thischapteralsointroducesthenotionofboxedinserts.Aboxedinsertineachchaptershowcasesexcellentstrategicmanagementunderharsheconomicconditions.

VTN（VisittheNet）:

Thewebsite,designedbyDr.David,providesstrategicplanningtools,templates,links,andinformationtohelpstrategicmanagementstudentsanalyzecases.

VTN（VisittheNet）:

Thewebsiteprovidessampletestsandsupplementalmaterialforeachchapter.

ExcellentStrategicManagementShowcased–WinnebagoIndustriesInc.

In2011,Winnebagowasrecognizedforthetenthconsecutiveyearasthenation’stop-sellingmotorhomemanufacturer.Muchofthecompany’ssuccessisaresultofexcellentstrategicplanning.Infiscal2010,Winnebagoposteda112percentincreaseinrevenuesandprofitsof$10.2million.Despiterisinggasprices,shrinkingconsumercredit,risingrawmaterialcosts,andhighunemployment,Winnebagoissuccessfullyofferingnew,innovativeproducts.

EXTENDEDCHAPTEROUTLINEWITHTEACHINGTIPS

I.WHATISSTRATEGICMANAGEMENT?

A.Strategicmanagementcanbedefinedastheartandscienceofformulating,implementing,andevaluatingcross-functionaldecisionsthatenableanorganizationtoachieveitsobjectives.

1.Thetermstrategicmanagementisusedsynonymouslywithstrategicplanning.

2.Thepurposeofstrategicmanagementistoexploitandcreatenewanddifferentopportunitiesfortomorrowwhilelong-rangeplanningtriestooptimizefortomorrowthetrendsoftoday.

B.StagesofStrategicManagement

1.Thestrategic-managementprocessconsistsofthreestages.

a.Strategyformulationincludesdevelopingavisionandmission,identifyinganorganization’sexternalopportunitiesandthreats,determininginternalstrengthsandweaknesses,establishinglong-termobjectives,generatingalternativestrategies,andchoosingparticularstrategiestopursue.

b.Strategyimplementationrequiresafirmtoestablishannualobjectives,devisepolicies,motivateemployees,andallocateresourcessothatformulatedstrategiescanbeexecuted;strategyimplementationincludesdevelopingastrategy-supportiveculture,creatinganeffectiveorganizationalstructure,redirectingmarketingefforts,preparingbudgets,developingandutilizinginformationsystems,andlinkingemployeecompensationtoorganizationalperformance.

c.Strategyevaluationisthefinalstageinstrategicmanagement.Managersdesperatelyneedtoknowwhenparticularstrategiesarenotworkingwell;strategyevaluationistheprimarymeansforobtainingthisinformation.

2.Threefundamentalstrategyevaluationactivitiesareprovidedbelow:

a.Reviewingexternalandinternalfactorsthatarethebasesforcurrentstrategies

b.Measuringperformance

c.Takingcorrectiveaction

3.Strategyformulation,implementation,andevaluationactivitiesoccuratthreehierarchicallevelsinalargeorganization:

corporate,divisional,andfunctional.Smallerbusinessesmayonlyhavethecorporateandfunctionallevels.

C.IntegratingIntuitionandAnalysis

1.Thestrategic-managementprocesscanbedescribedasanobjective,logical,systematicapproachformakingmajordecisionsinanorganization.Itattemptstoorganizequalitativeandquantitativeinformationinawaythatallowseffectivedecisionstobemadeunderconditionsofuncertainty.

2.Mostpeoplerecognizethatintuitionisessentialtomakinggoodstrategicmanagementdecisions.Intuitionisparticularlyusefulformakingdecisionsinsituationsofgreatuncertaintyorlittleprecedent.

D.AdaptingtoChange

1.Thestrategic-managementprocessisbasedonthebeliefthatorganizationsshouldcontinuallymonitorinternalandexternaleventsandtrendssothattimelychangescanbemadeasneeded.Therateandmagnitudeofchangesthataffectorganizationsareincreasingdramatically.

2.Byeliminatingboundariesandspeedingtheflowofinformation,e-commerceandglobalizationaretransformingbusinessandsociety.

3.Theneedtoadapttochangeleadsorganizationstokeystrategic-managementquestions,suchas,“Whatkindofbusinessshouldwebecome?

”“Areweintherightfield?

”“Shouldwereshapeourbusiness?

”“Whatnewcompetitorsareenteringourindustry?

”

4.TheInternethaschangedthewayweorganizeourlives,inhabitourhomes,andinteractwithfamily,friends,neighbors,andourselves.Consumerstodayareflockingtoblogs,forums,videosites,andsocialnetworkingsitesinsteadoftelevision,radio,newspapers,andmagazines.

TeachingTip:

Strategy&Businessisamagazinethatpublishesarticlesthatfocusonstrategicmanagementissues.Themagazine,whichcontainsexcellentfeaturearticles,isavailableonlineathttp:

//www.strategy-

TeachingTip:

TheBusinessPolicy&StrategyDivisionoftheAcademyofManagementmaintainsawebsitethatcontainsawidevarietyofusefulinformationonstrategicmanagementtopics.TheAcademyofManagementwebsiteisavailableathttp:

//www.aomonline.org/aom.asp.ThewebsitefortheBusinessPolicyandStrategyDivisionisavailableathttp:

//www.bpsdiv.org/.

II.KEYTERMSINSTRATEGICMANAGEMENT

A.CompetitiveAdvantage

1.Competitiveadvantageisdefinedasanythingthatafirmdoesespeciallywellcomparedtorivalfirms.

2.Firmsshouldseekasustainedcompetitiveadvantagebycontinuallyadaptingtochangesinexternaltrendsandinternalcapabilitiesandevaluatingstrategiesthatcapitalizeonthosefactors.

3.AnincreasingnumberofcompaniesaregainingacompetitiveadvantagebyusingtheInternetfordirectsellingandforcommunicationwithsuppliers,customers,creditors,partners,shareholders,clients,andcompetitorswhomaybedispersedglobally.

B.Strategists

1.Strategistsareindividualswhoaremostresponsibleforthesuccessorfailureofanorganization.

2.Strategistsholdvariousjobtitles,suchaschiefexecutiveofficers,president,owner,chairoftheboard,executivedirector,chancellor,dean,orentrepreneur.

3.Strategistshelpanorganizationgather,analyze,andorganizeinformation.Theytrackindustryandcompetitivetrends,developforecastingmodelsandscenarioanalyses,evaluatecorporateanddivisionalperformance,spotemergingmarketopportunities,identifybusinessthreats,anddevelopcreativeactionplans.

C.VisionandMissionStatements

1.Visionstatementsanswerthequestion:

“Whatdowewanttobecome?

”

2.Missionstatementsare“enduringstatementsofpurposethatdistinguishonebusinessfromothersimilarfirms.Amissionstatementidentifiesthescopeofafirm’soperationsinproductandmarketterms.”Itaddressesthebasicquestionthatfacesallstrategists:

“Whatisourbusiness?

”Itshouldincludethevaluesandprioritiesofanorganization.

D.ExternalOpportunitiesandThreats

1.Externalopportunitiesandexternalthreatsrefertoeconomic,social,cultural,demographic,environmental,political,legal,governmental,technological,andcompetitivetrendsandeventsthatcouldsignificantlybenefitorharmanorganizationinthefuture.

2.Opportunitiesandthreatsarelargelybeyondthecontrolofasingleorganization,thusthetermexternal.

3.Tosurviveinaglobaleconomicrecession,firmsmustbeawareofthenewopportunitiesandthreatsthathavesurfacedasaresult.

4.Abasictenetofstrategicmanagementisthatfirmsneedtoformulatestrategiestotakeadvantageofexternalopportunitiesandtoavoidorreducetheimpactofexternalthreats.

5.Theprocessofconductingresearchandgatheringandassimilatingexternalinformationiscalledenvironmentalscanningorindustryanalysis.

E.InternalStrengthsandWeaknesses

1.Internalstrengthsandinternalweaknessesareanorganization’scontrollableactivitiesthatareperformedespeciallywellorpoorly.

2.Identifyingandevaluatingorganizationalstrengthsandweaknessesinthefunctionalareasofabusinessisanessentialstrategic-managementactivity.

3.Strengthsandweaknessesaredeterminedrelativetocompetitorsandmaybedeterminedbybothperformanceandelementsofbeing.

F.Long-TermObjectives

1.Objectivescanbedefinedasspecificresultsthatanorganizationseekstoachieveinpursuingitsbasicmission.

2.Longtermmeansmorethanoneyear.

3.Objectivesstatedirection,aidinevaluation,createsynergy,revealpriorities,focuscoordination,andprovideabasisforeffectiveplanning,organizing,motivatinga