______ means more than one year. Objectives are essential for organizational success because they provide direction; aid in evaluation; create synergy; reveal priorities; focus coordination; and provide a basis for effective planning, organizing, moti- vating, and controlling activities.

Generally, there is give-and-take among hierarchical levels of an organiza- tion. Many organizations conduct formal meetings semiannually to discuss and update the firm’s vision, mission, opportunities, threats, strengths, weaknesses, strategies, objectives, policies, and performance. These meetings are commonly held off-premises and are called

______ that organizations must achieve to reach long- term objectives. Like long-term objectives, annual objectives should be measurable, quanti- tative, challenging, realistic, consistent, and prioritized. They must also be established at the corporate, divisional, and functional levels in a large organization. ______ should be stated in terms of management, marketing, finance/accounting, production/operations, R&D, and MIS accomplishments. A set of ______ is needed for each long-term objective. These objectives are especially important in strategy implementation, whereas long-term objec- tives are particularly important in strategy formulation. ______ provide the basis for allocating resources.

model that represent a clear and practical approach for formulating, implementing, and evaluating strategies. Relationships among major components of the strategic-management process are shown in the model, which appears in all subsequent chapters with appropriate areas shaped to show the particular focus of each chapter.

Generally, there is give-and-take among hierarchical levels of an organiza- tion. Many organizations conduct formal meetings semiannually to discuss and update the firm’s vision, mission, opportunities, threats, strengths, weaknesses, strategies, objectives, policies, and performance. These meetings are commonly held off-premises and are called

is the act of strengthening employees’ sense of effectiveness by encour- aging them to participate in decision making and to exercise initiative and imagination, and rewarding them for doing so. William Fulmer said, “You want your people to run the business as it if were their own.”

Strategic management allows an organization to be more proactive than reactive in shaping its own future; it allows an organization to initiate and influence (rather than just respond to) activities—and thus to exert control over its own destiny. Small business owners, chief executive officers, presidents, and managers of many for-profit and nonprofit organizations have recog- nized and realized the benefits of strategic management.

should be challenging, measurable, consistent, reasonable, and clear. In a multidimensional firm, objectives are needed both for the overall company and each division.

_______ include guidelines, rules, and procedures established to support efforts to achieve stated objectives. Policies are guides to decision making and address repetitive or recurring situations. Usually, policies are stated in terms of management, marketing, finance/accounting, production/ operations, R&D, and MIS activities. They may be established at the corporate level and apply to an entire organization, at the divisional level and apply to a single division, or they may be established at the functional level and apply to particular operational activities or departments.

______ means more than one year. Objectives are essential for organizational success because they provide direction; aid in evaluation; create synergy; reveal priorities; focus coordination; and provide a basis for effective planning, organizing, moti- vating, and controlling activities.

_______ is a key to successful strategic management. ______ may be the most important word in management.

allow consistency and coordination within and between organizational departments.

is dynamic and continuous. A change in any one of the major components in the model can necessitate a change in any or all of the other components. For instance, African countries coming online could represent a major opportunity and require a change in long-term objectives and strategies; a failure to accomplish annual objectives might require a change in policy;

What Activity Is Most Important in the Strategic-Management Process? Recent research has examined the strategic-management process and concluded that perhaps the most important

____ by which long-term objectives will be achieved. Business strategies may include geographic expansion, diversification, acquisition, product development, market penetration, retrenchment, divestiture, liquidation, and joint ventures. _____ currently being pursued by some companies

Organizations that use strategic-management concepts are generally more profitable and successful than those that do not.

is the act of strengthening employees’ sense of effectiveness by encour- aging them to participate in decision making and to exercise initiative and imagination, and rewarding them for doing so. William Fulmer said, “You want your people to run the business as it if were their own.”

_____ are potential actions that require top-management decisions and large amounts of the firm’s resources. They affect an organization’s long-term prosperity, typically for at least five years, and thus are future-oriented.

What Activity Is Most Important in the Strategic-Management Process? Recent research has examined the strategic-management process and concluded that perhaps the most important

Strategic management allows an organization to be more proactive than reactive in shaping its own future; it allows an organization to initiate and influence (rather than just respond to) activities—and thus to exert control over its own destiny. Small business owners, chief executive officers, presidents, and managers of many for-profit and nonprofit organizations have recog- nized and realized the benefits of strategic management.

model that represent a clear and practical approach for formulating, implementing, and evaluating strategies. Relationships among major components of the strategic-management process are shown in the model, which appears in all subsequent chapters with appropriate areas shaped to show the particular focus of each chapter.

Strategic management allows an organization to be more proactive than reactive in shaping its own future; it allows an organization to initiate and influence (rather than just respond to) activities—and thus to exert control over its own destiny. Small business owners, chief executive officers, presidents, and managers of many for-profit and nonprofit organizations have recog- nized and realized the benefits of strategic management.

is the act of strengthening employees’ sense of effectiveness by encour- aging them to participate in decision making and to exercise initiative and imagination, and rewarding them for doing so. William Fulmer said, “You want your people to run the business as it if were their own.”

______ can be defined as specific results that an organization seeks to achieve in pursuing its basic mission.

______ means more than one year. Objectives are essential for organizational success because they provide direction; aid in evaluation; create synergy; reveal priorities; focus coordination; and provide a basis for effective planning, organizing, moti- vating, and controlling activities.

model that represent a clear and practical approach for formulating, implementing, and evaluating strategies. Relationships among major components of the strategic-management process are shown in the model, which appears in all subsequent chapters with appropriate areas shaped to show the particular focus of each chapter.

Strategic management allows an organization to be more proactive than reactive in shaping its own future; it allows an organization to initiate and influence (rather than just respond to) activities—and thus to exert control over its own destiny. Small business owners, chief executive officers, presidents, and managers of many for-profit and nonprofit organizations have recog- nized and realized the benefits of strategic management.

______ that organizations must achieve to reach long- term objectives. Like long-term objectives, annual objectives should be measurable, quanti- tative, challenging, realistic, consistent, and prioritized. They must also be established at the corporate, divisional, and functional levels in a large organization. ______ should be stated in terms of management, marketing, finance/accounting, production/operations, R&D, and MIS accomplishments. A set of ______ is needed for each long-term objective. These objectives are especially important in strategy implementation, whereas long-term objec- tives are particularly important in strategy formulation. ______ provide the basis for allocating resources.

_______ include guidelines, rules, and procedures established to support efforts to achieve stated objectives. Policies are guides to decision making and address repetitive or recurring situations. Usually, policies are stated in terms of management, marketing, finance/accounting, production/ operations, R&D, and MIS activities. They may be established at the corporate level and apply to an entire organization, at the divisional level and apply to a single division, or they may be established at the functional level and apply to particular operational activities or departments.

_______ include guidelines, rules, and procedures established to support efforts to achieve stated objectives. Policies are guides to decision making and address repetitive or recurring situations. Usually, policies are stated in terms of management, marketing, finance/accounting, production/ operations, R&D, and MIS activities. They may be established at the corporate level and apply to an entire organization, at the divisional level and apply to a single division, or they may be established at the functional level and apply to particular operational activities or departments.

Organizations that use strategic-management concepts are generally more profitable and successful than those that do not.

______ that organizations must achieve to reach long- term objectives. Like long-term objectives, annual objectives should be measurable, quanti- tative, challenging, realistic, consistent, and prioritized. They must also be established at the corporate, divisional, and functional levels in a large organization. ______ should be stated in terms of management, marketing, finance/accounting, production/operations, R&D, and MIS accomplishments. A set of ______ is needed for each long-term objective. These objectives are especially important in strategy implementation, whereas long-term objec- tives are particularly important in strategy formulation. ______ provide the basis for allocating resources.

Organizations that use strategic-management concepts are generally more profitable and successful than those that do not.

Generally, there is give-and-take among hierarchical levels of an organiza- tion. Many organizations conduct formal meetings semiannually to discuss and update the firm’s vision, mission, opportunities, threats, strengths, weaknesses, strategies, objectives, policies, and performance. These meetings are commonly held off-premises and are called

Organizations that use strategic-management concepts are generally more profitable and successful than those that do not.

Strategic management allows an organization to be more proactive than reactive in shaping its own future; it allows an organization to initiate and influence (rather than just respond to) activities—and thus to exert control over its own destiny. Small business owners, chief executive officers, presidents, and managers of many for-profit and nonprofit organizations have recog- nized and realized the benefits of strategic management.

What Activity Is Most Important in the Strategic-Management Process? Recent research has examined the strategic-management process and concluded that perhaps the most important

______ can be defined as specific results that an organization seeks to achieve in pursuing its basic mission.

should be challenging, measurable, consistent, reasonable, and clear. In a multidimensional firm, objectives are needed both for the overall company and each division.

allow consistency and coordination within and between organizational departments.

_______ can be defined as specific results that an organization seeks to achieve in pursuing its basic mission.