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Ch1andCh2LearnObj - MGMT4890 Chapter 1 What is Strategy and...

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MGMT4890 Chapter 1 – What is Strategy and Why Is It Important? Chapter 2 – The Managerial Process of Crafting and Executing Strategy Learning Objectives: What is strategy? What is a sustainable competitive advantage and how does it relate to strategy? What is a company’s business model and does it differ from strategy? Identify and describe the 5 tasks of strategic management. Explain in some detail Figure 2.1 in the book. What is a strategic vision? What is a mission statement? How are strategic visions and mission statements different? Why is it important to develop a strategic vision? Why is communicating your strategic vision important? What are company values and why should they be linked to a company’s vision? What are objectives, what is the purpose of setting objectives, and why is it important to set objectives? What are strategic objectives and financial objectives? Explain the need for a balanced scorecard in terms of setting objectives.
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