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Full file at exigo.pro Business-Policyth-Edition-Wheelen-Solutions-Manual Concepts Instructor's. pdf. Strategic Management and Business Policy Thomas L. Wheelen, and Business Policy and Essentials of Strategic Management plus Concepts in. Brief Contents. PART ONE Introduction to Strategic Management and Business Policy 1. CHAPTER. 1 Basic Concepts of Strategic Management 2. CHAPTER.

Concepts In Strategic Management And Business Policy Pdf

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Azhar Kazmi, Business Policy and Strategic Management (Second. 5 Pages· ·31 KB·5, David, Fred R. Strategic management: concepts Stra. CHAPTER 1 Basic Concepts of Strategic Management 2. The Study of. B Suggested Azhar Kazmi, Business Policy and Strategic Management (Second. Strategic management Business policy Strategy. Whatever its name, it's . real -world situations to the concepts and principles presented in the course.

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Sign in Find your rep Exam copy bookbag Basket. Mass Comm Communication: Civil and Environmental Engineering: It should avoid use of jargons and connotations. There should be no misunderstandings in following the policy. Appropriate- Policy should be appropriate to the present organizational goal. Simple- A policy should be simple and easily understood by all in the organization.

Stable- Policy should be stable else it will lead to indecisiveness and uncertainty in minds of those who look into it for guidance. Policy formulation is responsibility of top level management. Beginning with basic financial planning, it develops into forecast-based planning, then into externally-oriented planning, and finally into a full-blown strategic management system. The evolution is most likely caused by increasing change and complexity in the corporation's external environment.

The phases are thus likely to be characterized by a change from primarily an inward-looking orientation in the first phase to primarily an outward-looking orientation in the third phase, and to a more integrative orientation in the final strategic management phase with equal emphasis on both the external and internal environments.

What is a learning organization? Is this approach to strategic management better than the more traditional top-down approach in which strategic planning is primarily done by top management? LO 3 Simply put, a learning organization is one that is able to learn from its experiences. In reality, it is much more complicated.


The text points out that learning organizations are skilled at four main activities: 1 systematic problem solving; 2 experimenting with new approaches; 3 learning from their own experience and past history as well as from the experiences of others; and 4 transferring knowledge quickly and efficiently throughout the organization.

This means that people at all levels, not just top management, need to be involved in strategic management - by helping to scan the environment for critical information, suggesting changes to strategies and programs to take advantage of environmental shifts, and working with others to continuously improve work methods, procedures, and evaluation techniques.

Research indicates that those organizations that are willing to experiment and able to learn from their experiences are more successful than those that do not.

Top-down strategic management assumes that only top management is in a position to contribute to strategic planning. This approach can work reasonably well in a bureaucratic organization with very little horizontal communication. Top-down strategic planning forces all units to get involved in the planning process and makes sure that all units fit into the overall corporate mission, objectives, strategies, and policies.

The likelihood of fresh, new strategic concepts at lower levels of the organization becomes less, the more the stimulus for strategic planning comes from above. Why are strategic decisions different from other types of decisions? LO 5 Strategic decisions deal with the long-run future of the entire organization and have three characteristics that differentiate them from other types of decisions: 1 they are rare — strategic decisions are unusual and typically have no precedent to follow; 2 they are consequential — strategic decisions commit substantial resources and demand a great deal of commitment; and 3 they are directive — strategic decisions set precedents for lesser decisions and future actions throughout the organization.

When is the planning mode of strategic decision making superior to the entrepreneurial and adaptive modes? LO 5 The planning mode is generally superior to the entrepreneurial and adaptive modes when the organization is fairly large, when knowledge is spread throughout the organization, and when the organization has at least a moderate amount of time to engage in strategic planning. The book proposes that the planning mode is more rational and thus a better way of making most strategic decisions.

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It may not, however, always be possible. The entrepreneurial mode can be very useful when time is short, when one person or group is able to grasp the essentials of the business and its environment, and that person or group is able to influence the rest of the organization to accept its strategic decision.

The adaptive mode is generally not considered to be very effective in most situations, but seems to be the fallback mode when entrepreneurial or planning modes can't operate effectively because of political infighting or lethargy.

Describe the triple bottom line. John Elkington coined the phrase in to suggest that organizations do pay attention to three different bottom lines. This has become increasingly important for organizations today. For instance, companies seek LEED certification for their buildings and mold a reputation for being friendly to the world. LEED certification is available to buildings that are created to be self-sustaining, with little impact on the environment.

What is meant by a hierarchy of strategy? LO 3 A hierarchy of strategy is a term used to describe the interrelationships among the three levels of strategy corporate, business, and functional typically found in large business corporations. Beginning with the corporate level, each level of strategy forms the strategic environment of the next level in the corporation. This means that corporate level objectives, strategies, and policies form a key part of the environment of a division or business unit.

The objectives, strategies, and policies of the division or unit must therefore be formulated so as to help achieve the plans of the corporate level. The same is true of functional departments that must operate within the objectives, strategies, and policies of a division or unit.

Does every business firm have business strategies? LO 1 Every business firm should have a business strategy for every industry or market segment it serves. A business strategy aims at improving the competitive position of a business firm's products or services in a specific industry or market segment. Firms must therefore have business strategies even if they are not organized on the basis of operating divisions. If they hope to be successful, however, they must have at least some rudimentary even though unstated position they take in terms of getting and keeping customers or clients.

Session 1_Ch-1_Basic Concepts of Strategic Management.pdf -...

What information is needed for the proper formulation of strategy? LO 3 In order to properly formulate strategy, it is essential to have information on the important variables in both the external and internal environments of the corporation.

This includes general forces in the societal environment as well as the more easy-to-identify groups such as customers and competitors in the task environment. A corporation needs to have this information in order to identify a need it can fulfill via its corporate mission. It is also important to have information on the corporation's structure, culture, and resources.

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Information on both the internal and external environments can also help a corporation predict likely opportunities and threats. Long-term strategies can be designed with these in mind. Reconcile the strategic decision-making process depicted in Fig. LO 3, LO 6 The strategic management model depicts the key input variables internal and external environments and the key output factors mission, objectives, strategy, and policies. It shows how strategy formulation, implementation, and evaluation and control are related, and how a change in any one factor e.

This model, however, does not depict how these output factors are generated. In contrast, the strategic decision-making model depicts how the process of strategic management happens in the form of strategic decisions. It is a series of interrelated activities depicted as eight distinct steps.

These two models therefore complement one another and are very useful in increasing one's understanding of strategic management.

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Decisions are made every day, but not all decisions are seen as strategic ones. The text states that strategic decisions are 1 rare, 2 consequential, and 3 directive.

These deal with the long- term future of the entire organization. To aid in the decision making, the authors suggest an eight step decision- making process.

Found on page 25 in the text, these include: 1 evaluating current performance results; 2 reviewing corporate governance; 3 scanning and assessing the external environment; 4 scanning and assessing the internal corporate environment; 5 analyzing the strategic factors; 6 generating and selecting the best alternative strategy; 7 implementing selected strategies; and 8 evaluating implemented strategies.

These guidelines for making and evaluating decisions at a strategic level can be important for leaders.Its weaknesses include turning the instructor from a teacher into an administrator. Understand the benefits of strategic management 2. How do the three elements of Globalization, Innovation, and Sustainability impact your understanding of Strategy?

Globalization is the integrated internationalization of markets and corporations. It is a series of interrelated activities depicted as eight distinct steps. Internal Scanning:

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