It includes analyzing the organizations external and internal environments and then selecting appropriate strategies

Failure to do this may result in failure over the long run because managers in their initials enthusiasm for planning techniques we forget that the picture is inherently unpredictable

It serves to pinpoint the strengths and weaknesses of the organization

Their sphere of responsibility is generally confined to one organizational activity, whereas general managers oversee the operation of a whole company or division.

These are examples of characteristics of good strategic leader except:

Decision makers have already exerted significant resources to a project, exert even more resources if they receive feedback that the project is failing

This means that the business history is replete with example of accidental event that helps to push companies in you and profitable directions

These are individuals and groups which are not part of the organization but have some claims on the company

It arises when conditions in the external environment endangered the integrity and profitability of the company

This means that the profit of the company is greater than the average profit of all firms in its industry

It is the performance of actions that increase the word of good service or even business

It is a condition or circumstances that puts the company in favorable or superior business position

It is a success key of retailing by obtaining special selling rights conditions and fast moving merchandise

It is a formal strategic planning which has been characterized as the fit model of strategy making

It brings back customers voluntarily and then sends them back with a smiling face

This means that retailers should supply exactly the same quantity quality and price as to what their customers need

It is an idea of considering a manufacturing (or service) organization as a dynamic system made up of various subsystems each with inputs transformation processes and outputs

It refers to the terms with the suppliers and includes all of the activities needed to receive store and disseminate inputs

It includes all set of activities need collect store and distribute the output

It refers to the entire activities needed to transform the various inputs into outputs (the products and services).

It is the inheritance of outputs or the various sources for the firm

It is the equipment hardware and software and the processes involved in the transformation of inputs

It refers to those activities needed to keep the product or service functioning effectively after it is sold and delivered

These arecge functions or departments such as accounts, legal and regulative, finance , planning, etc.

It consists of companies which are not in a position to determine industry prices

It is a process of changing standards and is not a process of selection analysis corrective action on the standard or process education and training

It is a process for creating new standards and is not a process for maintaining or improving existing standards.

It is often viewed as an application of better solutions that meet new requirements, unarticulated needs, or existing market needs

it is the process laden with surprise unexpected technological advancement, competitive moves, customer feedback, political and regulatory shifts, and other unforeseen events.

These are the sources of competitive advantage and the primary source of profitability for any firm

Businesses must implied values that plays a strong emphasis on ethical behavior

Building on organizational culture that places a high value on ethical behavior requires an incentive and promotion system

Movement in currency exchange rate has a direct impact on the competitiveness of a company's products in the local marketplace

If inflation keeps increasing, investment planning becomes hazardous

Global forces have unleashed a process that has been called " a perennial gale of creative destruction"

During shake out, revenue and earnings continued to increase but are not expected to grow at the same pace that may have characterized the earlier phases of development

A declining industry is an industry where growth is either negative or does not going at at the broader rate of economic growth

The bargaining power of supplier is the ability of suppliers lower the price inputs

The bargaining power of buyers increases when there are only limited sellers in the marketplace

Since all companies in a strategic group are pursuing similar strategies, customers tend to view the products of such companies as direct substitutes for each other.

These are individuals who are responsible for making sure that all employees are trained to be ethically aware

it is a self-contained division with its own functions, e.g. finance, purchasing, production, and marketing departments , that provides a product for a particular market

It arises than companies can take advantage of the conditions in its environment to formulate and implement strategies that enable them to become more profitable

These are stakeholders which include the stockholders and employees, execute officers, other managers, and board members

He is the one who bears responsibility for the overall performance of the company.

It is the way human decision makers process information and reach decisions

It is the set of values norms and standards that control how employees work to achieve an organizations mission and goals

It is the company's desired future state it articulates often in bold terms what the company would like to achieve

It gives employees the strength to say no to a superior who intructs them to pursue actions that are unethical and gives employees integrity to go to the media individual persistent unethical behavior in a company

It is typically thought of in terms of one company's profitability relative to that of other companies

It is a precise and measurable desired future state that a company attempts to realize

Their roles include defining the goals of the organization determining what businesses it should be in allocating resources among the different businesses formulating and implementing strategies

It is rooted in the tendency to generalize from a small sample or even a single vivid anecdote

This means the decision makers have strong prior beliefs about the relationship between two variables and tend to make decisions on these beliefs

It is a key indicator of how an organization views the claims of its stakeholders