MGT CHAPTER 1

Contemporary field to strategic management draws on multiple traditions. Which of the following traditions and event are NOT contributors to contemporary understanding of strategic management?

20th business practitioners, ancient Chinese strategists, military history, scientific management

is the strategy that an organization actually follows. _______are a product of a firm's intended strategy (i.e., what the firm planned to do), the firm's deliberate strategy (i.e., the parts of the intended strategy that the firm continues to pursue over time), and its emergent strategy (i.e., what the firm did in reaction to unexpected opportunities and challenges)

realized strategy

Economies of _____ refer to a cost advantage that is created when a firm can produce a good or service at a lower per unit price due to producing the good or service in large quantities.

scale

For example, major business decisions are often categorized as "______" while more minor decisions (such as small changes in price or the opening of a new location) are referred to as "_____" decisions

strategic tactical

examines how actions and events involving top executives (such as Elon Musk), firms (Tesla), and industries (the electric car market) influence a firm's success or failure. the utilization or planned allocation of resources to implement major initiatives taken by executives on behalf of stakeholders to improve performance of firms in an environment

strategic management

It involves goals and objectives that an organization needs to achieve to be successful in the marketplace. a higher level, broad goal, without a lot of specifics. It is long-term in nature

strategy

refers to the abandoned parts of the intended strategy

unrealized strategy

The key question examined by strategic management is:

why do some companies outperform other companies?

an unplanned strategy that arises in response to unexpected opportunities and/or challenges

Emergent strategy

A pizza shop plans to deliver pizzas to households. The delivery would be made without any extra charge. It hopes to execute this strategy in the suburbs. This is an example of a(n) _____ strategy

intended

the primary matter facing the organization, typically long-term in nature, requires a significant commitment of organizational attention and resources to resolve, and is difficult/impossible to avoid. Is likely the result of multiple causes. - What's going on? - What's causing it? - What should we do?

Strategic Issue

You work for an international, publicly traded firm has had a decades long commitment to the same strategic management approach. They measure strategic success by meeting yearly revenue targets. Based on known critiques of the field of strategic management, which of the following statements is this firm MOST likely to demonstrate?

This firm is at risk to perpetuate power inequalities in the global market.

is the strategy that an organization hopes to execute usually described in detail within an organization's strategic plan.

intended strategy

When a strategic plan is created for a new venture, it is called a

business plan