AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Learning Objective: 01-01 The definition of strategic management and its four key attributes. Level of Difficulty: 1 Easy Topic: The Strategic Management Process 5. Strategic management is concerned with how to create competitive advantage in the not marketplace. The essence of strategic management is the of why some firms outperform others. Managers need to determine how a firm is to compete so that it can obtain advantages that are sustainable over a lengthy period of time. That means focusing on how to compete in order to create competitive advantages in the marketplace and how to create competitive advantages in the marketplace that are unique, valuable, and difficult for rivals to copy or substitute. AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Learning Objective: 01-01 The definition of strategic management and its four key attributes. Level of Difficulty: 2 Medium Topic: What is Strategic Management? 6. Management innovations such as quality, just-in-time, benchmarking, business process reengineering, and outsourcing are important, but not enough for building sustainable competitive advantage. TRUE Sustainable competitive advantage cannot be achieved through operational effectiveness alone. Popular management innovations of the last two decades like total quality, just-in-time, benchmarking, business process reengineering, and outsourcing are concerned with operational effectiveness. AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Learning Objective: 01-01 The definition of strategic management and its four key attributes. Level of Difficulty: 2 Medium Topic: What is Strategic Management? 7. Making trade-off decisions between effectiveness and efficiency is central to the practice of strategic management. TRUE The fourth attribute of strategic management is that it involves the recognition of trade-offs between effectiveness and efficiency. Some authors have referred to this as the difference between doing the right thing (effectiveness) and doing things right (efficiency). Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Learning Objective: 01-01 The definition of strategic management and its four key attributes. Level of Difficulty: 2 Medium Topic: What is Strategic Management?
AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Learning Objective: 01-01 The definition of strategic management and its four key attributes. Level of Difficulty: 1 Easy Topic: The Strategic Management Process 5. Strategic management is not concerned with how to create competitive advantage in the marketplace. The essence of strategic management is the of why some firms outperform others. Managers need to determine how a firm is to compete so that it can obtain advantages that are sustainable over a lengthy period of time. That means focusing on how to compete in order to create competitive advantages in the marketplace and how to create competitive advantages in the marketplace that are unique, valuable, and difficult for rivals to copy or substitute. AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Learning Objective: 01-01 The definition of strategic management and its four key attributes. Level of Difficulty: 2 Medium Topic: What is Strategic Management? 6. Management innovations such as quality, just-in-time, benchmarking, business process reengineering, and outsourcing are important, but not enough for building sustainable competitive advantage. TRUE Sustainable competitive advantage cannot be achieved through operational effectiveness alone. Popular management innovations of the last two decades like total quality, just-in-time, benchmarking, business process reengineering, and outsourcing are concerned with operational effectiveness. AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Learning Objective: 01-01 The definition of strategic management and its four key attributes. Level of Difficulty: 2 Medium Topic: What is Strategic Management? 7. Making trade-off decisions between effectiveness and efficiency is central to the practice of strategic management. TRUE The fourth attribute of strategic management is that it involves the recognition of trade-offs between effectiveness and efficiency. Some authors have referred to this as the difference between doing the right thing (effectiveness) and doing things right (efficiency). Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Learning Objective: 01-01 The definition of strategic management and its four key attributes. Level of Difficulty: 2 Medium Topic: What is Strategic Management?
TBChap001-1.docx