Strategic Management

Strategic Management
Name:
Institution: T or F, Tactics are not part of the strategic decision making process.
False, because every decision made is tactical and active strategy towards achieving a certain goal.
T or F, Business strategies and Generic strategies are the same?
True, because business strategies are intrinsically based on generic strategies
T or F, The Profit Strategy is a Stability Strategy?
True because stability strategies are based how much profit a company is making.
Analyze Southwest Airline using SWOT.
Strengths
The airline has a major strength in having experienced fast growth since 1971.
Highly qualified staffs
Low cost flights
Threats
The company faces high cost of fuel.
Strict government regulations
Terrorism
Opportunity
It also has the opportunity to venture into new markets.
Offering segmented seating
Weakness
The company has to overcome the weakness related to outdated products and minimal revenues.
No international flights
No segmented seating
What is a procedure?
It is a strategic process of conducting an activity or an orderly way of doing things.
What US Government agency requires a business to have a mission statement?
There is not a specific agency that requires businesses to have a mission statement; however it helps the business by helping clients understand what an organization does.
What is the basic premise of a Mission Statement?
A summarized formal highlight of the values and aims of an organization as communicated to the customers and potential clients
What is the "business environment"?
This is actually the sum total of the external and internal aspects or factors that influence the organization directly or indirectly. It refers to the aspects affecting the business internally such as staffs’ competence and externally such as competitors.
What is a multi-product company? Give an example?
This is an organization that offers more than one product line, such as Samsung. This is a company, ...