STAMA MIDTERM
Cards (158)
- is the dynamic process that is full of commitment to decisions and actions to deliver strategic competencies to achieve the desired results in terms of corporate profitability and growth.
- is the result of the internal and external analyses of the corporate environment for the formulation of the strategy and action plans that are directed to set goals and targets.
- are prerequisites to achieving the desired corporate profit goals and above average return on investments.
- refers to a process of collecting, scrutinizing and providing information for strategic purposes. It helps in analyzing the internal and external factors influencing an organization.
- is the process of deciding best course of action for accomplishing organizational objectives and hence achieving organizational purpose.
- implies making the strategy work as intended or putting the organization’s chosen strategy into action.
- is the final step of strategy management process. The key strategy evaluation activities are: appraising internal and external factors that are the root of present strategies, measuring performance, and taking remedial/corrective actions.
- Refers when a firm implements a strategy that creates superior value for customers; competitors are unable to duplicate it or find too costly to imitate it.
- focused and responsible for examining the environment in the industry.
- firm’s unique resources, capabilities, and core competencies have more of an influence on selecting and using strategies than does the firm’s external environment. . This will focus on how to use internal resources to gain competitive advantages in the market. Its resources should be valuable, rare, imperfectly imitable, and non-substitutable.
- the advantage of the firm’s resources and core competencies to accomplish business goals.
- provide a sense of direction or where an organization is going through.
- it is the firm’s direction in the pursuit of its operation. It provides general description of the products and services it offers as core competencies.
- an integrated management challenge in which policies and programs are formulated.
- scanning the present scenarios and making amendments to operational programs
- research and development of new products that will satisfy customer needs and wants are strategic action plans need to be addressed by the company in order to survive.
- Strategic management goals are often large and complex aims & objectives that almost always require many resources scattered across many departments and locations to accomplish them.
- Even with proper goal-setting, teams and people in the organization can be challenged with a lack of alignment that typically causes prioritization issues and collaboration conflicts that have to face in daily work to achieve the strategic goal.
- Many organizations are still using spreadsheets or google documents to track objectives. This can work between a manager and employee;
- This is a common problem in organizations that organizations don't understand important to understand what kind of dependencies can arise and what role is required to fulfil them.
- have become challenge as corporate directions change. New opportunities are taken over by big companies as the spread their resources into new ventures that would generate greater return on investments.
- Managers and corporate leaders need new orientation in terms of flexibility and foresight. Competitive environments are broader and increasingly more complex
- emergence of a global economy
- Refers to intense and dynamic competition in the market where companies must continually innovate and adapt to gain a competitive advantage and stay ahead of rivals.
- the speed at which new technologies become available and are used; has increased substantially over the past 15 to 20 year.
- describes how rapidly and consistently new, information-intensive technologies replace older ones.
- the shorter product life cycles resulting from rapid diffusions of new technologies place a competitive premium on being able to quickly introduce new, innovative goods and services.
- technologies that destroy the value of an existing technology and create new markets, many times representing radical or breakthrough innovation
- in information technology have occurred in recent years, e.g., personal computers, cellular phones, artificial intelligence, virtual reality, massive databases, and multiple social networking sites.
- enables small firms to be flexible and competitive in the global arena.
- both the pace of change in information technology and its diffusion will continue to increase.
- the declining costs of information technologies and the increased accessibility to them are evident in the current competitive landscape.
- the global proliferation of computers increases the speed and diffusion of information technologies and enables a level playing field.
- knowledge gained through experience, observation, and inference is an intangible resource; the value of intangible resources is growing as a proportion of total shareholder value.
- having a well asset management.
- produces more products for global supply.
- firms trying to capture the other market by buying them, offer franchising, and implement new market strategy.
- concentrating on their field of expertise.