ManagementLesson 1 of 1 in the course The Strategic Management Process: Achieving and Sustaining Competitive Advantage

Strategic Objectives, Strategy Levels, and Grand Strategies

5 flashcards · 5 quiz questions · 5 match pairs · 5 fill-in sentences · English

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Summary

Strategic objectives turn a company’s purpose and strategic analysis into important goals. They describe what the organization intends to accomplish as it works to fulfill its mission.

Strategic planning proceeds from understanding the organization and its environment to deciding what it will do. Strategic analysis provides information about customer preferences, competitors, and the firm’s resources and capabilities. With that information, managers can set objectives that are relevant to both the organization’s purpose and its circumstances.

All flashcards

Strategic objective
A major intended result that guides an organization’s efforts to fulfill its mission.
Business-level strategy
The framework for how a business competes and organizes activities across its value chain.
Corporate strategy
The overall direction and portfolio decisions of an organization operating multiple businesses.
International strategy
Strategic choices about entering and competing in foreign geographic markets.
Grand strategy
An organization’s broad direction: growth, stability, or defense.

Quiz questions

  1. What does a business-level strategy primarily guide?Answer: How a business competes and organizes activities across its value chain.
  2. What is the main concern of corporate strategy in a multi-business organization?Answer: The direction and performance of the corporation’s businesses as a whole.
  3. In the BCG Matrix, which role is associated with cash cows?Answer: Providing income to the corporation.
  4. Which statement best describes international strategy?Answer: It concerns entering and competing in a new geographic market.
  5. Which outcome is consistent with a growth strategy?Answer: Increasing revenue, market share, or geographic reach.

Based on Principles of Management by David S. Bright, Anastasia H. Cortes, Eva Hartmann, K. Praveen Parboteeah, Jon L. Pierce, Monique Reece, Amit Shah, Siri Terjesen, Joseph Weiss, Margaret A. White, Donald G. Gardner, Jason Lambert et al. (OpenStax), licensed CC BY 4.0. Adapted into a summary, flashcards and quizzes.

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