Strategic ManagementFor an organization to meet its goals in an increasingly complex competitive environment, its managers must develop and implement sound strategies. Doing so aligns the organization with its environment and allows it to navigate opportunities and challenges.Components of StrategyStrategy at the Business Level and Corporate LevelStrategy Formulation and ImplementationAn organization’s strategy is a comprehensive plan that describes the set of alternatives from which an organization chooses as it seeks to achieve its goals. An effective strategy aligns the organization with its environment and positions it to achieve strategic goals. Strategic management is a thorough, ongoing process for developing and implementing strategies.An effective strategy addresses three areas:•A distinctive competence is something the organization does very well—better than its competitors. For example, if a technology company designs software with a better user interface (UI) than competing software, it has a distinctive competence in UI.•The scope of an organization’s strategy describes the types of markets in which the organization will compete. A company, for example, might choose to manufacture casual sports attire; manufacture sports equipment; or manufacture sports attire and equipment, and operate sports arenas. Those are all different scopes of strategy.•Resource deployment is how the organization will allocate various resources across the businesses competing in different markets. A financial services company might choose to invest more in retirement planning, invest less in mortgage lending, and withdraw completely from brick-and-mortar retail banking.Select the terms that best complete the following sentences.Managers determine an organization’s when they develop a comprehensive plan that describes the directions the organization may take to achieve its goals.Select the terms that best complete the following sentences.A statement describing which markets or businesses the organization will compete in is describing the of the organization’s strategy.Select the correct response for the following question.What are managers focusing on when they execute a strategy?Strategy implementationStrategy formulationGrade It NowSave & Continue Continue without saving
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more