Strategic Thinking

What is strategic thinking?

• Being able to analyze and make effective decision

• A type of board game

• Out-thinking someone else and overpowering them

• Making decisions on gut feeling

What are key elements of Strategic Thinking (select all correct answers)?

• Broad view

• Focuses on supporting goals

• Important, non-intuitive, framework breaking ideas

• Concrete with no engagement of imagination

Which one of the following is at the core of strategic management?

• Choosing which organizational objectives to focus on

• Being alert for opportunities to change work responsibilities

• Adapting the organization to a changing external environment

• Choosing whether to make decisions autocratically or on the basis of participation

The task of strategy choice involves:

• Developing plans and activities which will improve the organization’s performance and competitive position

• Determining how the organization can be more market and efficiency oriented

• Monitoring whether the organization is achieving good financial performance

• Keeping the organization free of debt

The term strategy is derived from the word ‘strategos’ which means:

• Tactics

• Leadership

• Generalship

• Management

Strategic Management does not involve:

• Setting Objectives

• Analyzing the competitive environment

• Analyzing the internal organization

• Analyzing the external organization

Strategic Management is the management of an organizations resources to achieve its:

• Profit

• Goals and Objectives

• Market Share

• Competitiveness

In strategic thinking, how long is the long term, approximately?

• Any of these

• 1 to 12 months

• 1 to 5 years

• More than 5 years

• None of these

Which of the following is NOT a major element of the strategic management process?

• Formulating strategy

• Implementing strategy

• Evaluating strategy

• Assigning administrative tasks

When defining strategic management the most important thing to remember is that it is:

• Not as easy as you think

• Mainly the province of senior managers

• A living evolving process

• More conceptual than practical

• A way of determining responsibilities