Dicussion Questions for test
Dicussion Questions for test BADM 490
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This 1 page Class Notes was uploaded by Michelle Notetaker on Thursday September 22, 2016. The Class Notes belongs to BADM 490 at Southern University at New Orleans taught by Dr. Alkhateeb in Fall 2016. Since its upload, it has received 3 views. For similar materials see Strategic management and business policy in Business Administration at Southern University at New Orleans.
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Date Created: 09/22/16
Michelle N. Ainey August 28, 2016 Chapter 1 Basic Concepts in Strategic Management 1) What are the benefits of strategic management? The benefits of strategic management is a clearer sense of strategic vision for the firm, sharper focus on what is strategically important, improved understanding of rapidly changing environment, improved organizational performance, achieves a match between the organization’s and its strategy, structure and processes, important in unstable, strategic thinking, and organizational learning. 2) Define globalization and identify the role of strategic management in globalization. It is the integration and internationalization of markets and corporations. Environmental Sustainability is the use of business practices to reduce a company’s impact on the natural physical environment. 3) What are the four main activities of a learning organization? The four main activities of a learning organization are solving problems systematically, experimenting with new approaches, learning from past experience, history and experiences of others, and transferring knowledge quickly and easily throughout the organization. 4) Briefly describe the four basic elements of strategic management. a. Environmental Scanning is the monitoring, evaluating and disseminating of information from the external and internal environments to key people within the organization. b. Strategy Formulation is the development of longrange plans for the effective management of environment opportunities and threat in light of organizational strengths and weaknesses (SWOT) c. Strategy implementation is the process by which strategies and policies are put into action through the development of: programs, budgets, and procedures. d. Evaluation and control is the process in which corporate activities and performance results are monitored so that actual performance can be compared to desired performance. 5) What is a triggering event? List some possible examples. Triggering event is something that acts as a stimulus for a change in strategy and can include: New CEO, External intervention, threat of change of ownership, performance gap, and strategic inflection point. 6) What is a strategic decision and what are its three characteristics. Strategic decision making focuses on the longrun future of the organization. Characteristics of strategic decision making include: rare, consequential, and directive. 1