Concepts and Cases
A COMPETITIVE ADVANTAGE APPROACH
OVERVIEW OF STRATEGIC MANAGEMENT
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long-term objectives (p. 128)
Long-term objectives represent the results expected from pursuing certain strategies.
Strategies represent the actions to be taken to accomplish long-term objectives. The time
frame for objectives and strategies
distinctive competencies (p. 91)
A firms strengths that cannot be easily matched or imitated by competitors are called
internal audit (p. 92)
The internal audit requires gathering and assimilating information abou
Strategic Management and Policy MGT 4000-50
Final Exam Study Questions
David 15ed - Chapters 1 - 11
You will need to earn 480 points on the Final Exam to receive a grade of
100%. Therefore, the tot
matching stage (p. 168)
matching stage, focuses on generating feasible alternative strategies by aligning key
external and internal factors.
strategy-formulation analytical framework (p. 168)
Important strategy-formulation techniques can b
Annual objectives are short-term milestones that organizations must achieve to reach
long-term objectives. Like long-term objectives, annual objectives should be measurable,
quantitative, challenging, realistic, consistent, and priori
environmental scanning (p. 60)
This chapter examines the tools and concepts needed to conduct an external strategic
management audit (sometimes called environmental scanning or industry analysis).
external audit (p. 60)
An external audit focuses on identi