WITH ANSWERS GRADED A+
◉ Strategy Analysis. Answer: Study of a firms' external and internal
environments, and their fit with organization vision and goals
◉ Strategy Formulation. Answer: decisions made by firms regarding
investments, commitments, and other aspects, of operations that
create and sustain competitive advantage.
◉ Strategy Implementation. Answer: actions made by firms that
carry out the formulated strategy, including strategic controls,
organizational design, and leadership.
-Designing organizational structure
-Designing control systems
-Market and output controls
-Bureaucratic controls
-Control through organizational culture
-Rewards and incentives
-Matching strategy, structure,
and controls
-Congruence (fit) among strategy,
structure, and controls
, ◉ Strategic managers for all levels. Answer: Corporate -CEO, board
of directors, corporate stuff
Business Level - Divisional managers
Functional Level- functional managers, business functions
◉ Corporate governance. Answer: the relationship among various
participants in determining the direction and performance of
corporations. The primary participants are the shareholders, the
management, the board of directors
◉ Secondary goals. Answer: Are objectives to be attained that lead
to superior performance.
◉ Mission. Answer: set out why the organization exist and what
should it be doing .
◉ vision. Answer: Is a shared vision that reduces daily monotony,
provides opportunity & Challenge
◉ BUSINESS LEVEL (ways to overcome 5 forces). Answer: -Overall
Cost leadership