Strategic Management Chapter 1

In the external analysis phase of the AFI strategy framework, managers should ask,

How do external forces affect our strategy and competitive advantage?

'how do we implement the formulated strategy through an organizational structure, culture, and control system that values and encourages ethical behavior?" These question would most likely be asked by managers in the______ phase of the AFI strategy framework/

Implementaion

In order to achieve and sustain competitive advantages, a company devises and adopts a set of directed actions known collectively as a(n)_____?

Strategy.

Which of the following could accurately be called a strategy?

A set of activities designed to achieve a sustainable competitive advantages.

A________ outlines what an organization does, while a vision outlines what the organization wants.

Mission

Burger Bomb is a new hamburger restaurant. In order to compete successfully against its many competitors, Burger Bomb has decided to focus on quality and an interesting, unique menu that uses locally sourced organic ingredients. This is known as burger Bomb's______?

Strategy

In the_____ step of the strategy implementation phase of the AFI strategy, framework managers would examine how the firm should be structured in order to implement the desired strategy

organizational design

Strategy is_____?

Set of actions a firm takes to achieve a competitive advantage.

What should a successful vision do for an organization?

-It should make employees feel that their work is important. -It should inspire employees

Which of the following topics should be considered during the strategy analysis phrase of the AFI framework?

-the role of strategic leadership and the strategy-making process -External and internal challenges and strengths. -First business model and competitive advantages