fundamentals of strategic_management

May 29th, 2015
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Abilene Christian University
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It entails specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Recent studies and leading management theorists have advocated that strategy needs to start with stakeholders expectations and use a modified balanced scorecard which includes all stakeholders.

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Section A Q no.1 Objective when stated in specific terms become 0.75Marks TargetsRulesAimsGoalsQ no.2 Large business generally devise strategies at three levels (tick wrong one) 0.75Marks Company(corporate)levelDivision levelFunctional levelField levelQ no.3 A good mission statement invariably includes the firms 0.75Marks VisionBusiness DefinitionCorporate PlanStrategyQ no.4 A broad term which includes goals, procedures, rules and steps to be taken in putting a plan into action is 0.75Marks ProjectPlanBudgetProgramQ no.5 Divisional strategies flow from 0.75Marks Corporate strategyFunctional strategyGovernment strategyMarketing strategyQ no.6 An Executive Assistant has a generalist orientation and excellent communication skills. He assists the 0.75Marks CEOChairmanExecutive DirectorCompany secretaryQ no.7 Good strategies give rise to good 0.75Marks PoliciesProceduresTacticsProjectsQ no.8 Strategy implementation means 0.75Marks Resource allocationValuation of strategyControl of strategyEnvironmental assessmentQ no.9 Contingency planning comes into operation due to changes in a firms 0.75Marks Organisational set-upExternal EnvironmentBoard of DirectorsCEOs DismissalQ no.10 The terms long range planning, corporate planning and are used synonymously 0.75Marks Contingency PlanningStrategic PlanningShort-term PlanningProject PlanningQ no.11 T

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