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WorksheetsStrategic Management- Midterm
Total questions: 32
Worksheet time: 23mins
THE products are "services" rather than goods.
True
False
This can be described as the identification of the purpose of the organization and the plans and actions to achieve the purpose.
(a)
These are intangible and are things done on your behalf or for your benefit.
(a)
A field of study that involves the process through which firms define their missions, visions, goals, and objectives, as well as craft and execute strategies at various levels of the firms’ hierarchies to create and sustain a competitive advantage.
(a)
The Greek word for strategy which means general.
(a)
Tick the 4 answers that best describe strategic management.
concepts
frameworks
tools
techniques
key issues
The following are elements of strategy, except:
determination of the basic long-term goals and objectives
adoption of courses of action
allocation of resources
a position in respect to others
It is about changing the culture of a certain group of people- usually the members of the organization itself.
Perspective Strategies
Ploy Strategies
Plan Strategies
Position Strategies
THE mean
Tourism, Hotel and Events
Tourism, Hospitality and Events
Travel, Hotels and Exhibits
Tourism, Hospitality and Exhibits
This is probably the way in which most people use the word strategy. It tends to imply something that is intentionally put in place and its progress is monitored from the start to a predetermined finish.
(a)
A type of objective which is stated in quantitative terms, specific in form and timescale.
(a)
This describes what the organization does.
(a)
This sets out some desired future state; it articulates, often in bold term, what the company would like to achieve.
(a)
Choose three words that best describe an effective mission statement
Relevant
Current
Enduring
Geographic focus
commitment to employees
The missions are normally enduring and often closely associated with the organizational leadership since they set the parameters within which the organization operates.
True
False
This normally relate to the whole organization and are set by senior management.
Goal
Objectives
Corporate Objectives
Mission
This service characteristic makes the product harder to buy, since you cannot test them, but easier to distribute, since there is no physical product to distribute.
Heterogeneity
Inseparability
Ownership
Intangibility
A service characteristic which are sales that have not taken place and that can never be recovered because they are services offered on a certain date and cannot be ‘stored’ for when demand increases. The income foregone cannot be recovered.
Perishability
Heterogeneity
Ownership
Inseparability
This service characteristic explains that one hotel in a chain of hotels, one person’s holiday or one person’s experience of an event will never be identical to another.
Ownership
Heterogeneity
Intangibility
Perishability
The demand for the product in THE is largely related to climate, but is also related to factors such as school holidays, religious festivals and historic travel patterns
Seasonality
High Cost
Ease of entry/exit
Interdependence
Choose at least 4 examples of external shocks.
9/11 attack
COVID-19
Hurricane Katrina
Phuket Tsunami
Mañanita of General Debold
A form of analysis which focuses on the structure of society and provides a way of seeing society as a unified whole. In this macro perspective minimal attention is given to the individual or the subjectivity of actors.
(a)
Strengths and (a) lie within the internal environment of the firm.
This provides a situation analysis of the firm in terms of its current position in a given market.
(a)
Difficulty in accurately predicting the occurrence of an event.
Environmental Hostility
Environmental Volatility
Environmental Uncertainty
Illiberality
The unfavorable conditions in the firm's general environment that have a negative impact on the firm.
Environmental Hostility
Market Hostility
Environmental Turbulence
Environmental Dynamism
Degree of change in key factors in the environment categories, especially the general and task environments.
Environmental Turbulence
Environmental Munificence
Environmental Dynamism
Environmental Volatility
It is a condition in which the management of a business can see clearly those things that are to take place in the short term, but have only a fuzzy view of what their future might be over the longer term.
(a)
This method involves all managers at various levels of the organization's hierarchy.
(a)
It is about scanning the environment to seek information about the various trends from a macro perspective.
(a)
Systems are included in the external environment.
True
False
The following are components of internal environment, except.
Human resources
materials management
products and services
administration
