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Strategic ManagementFor an organization to meet its goals in an increasingly complex competitive environment, its managers must develop and implement sound strategies. Doing so aligns the organization with its environment and allows it to navigate opportunities and challenges.Components of StrategyStrategy at the Business Level and Corporate LevelStrategy Formulation and ImplementationAn organization’s strategy is a comprehensive plan that describes the set of alternatives from which an organization chooses as it seeks to achieve its goals. An effective strategy aligns the organization with its environment and positions it to achieve strategic goals. Strategic management is a thorough, ongoing process for developing and implementing strategies.An effective strategy addresses three areas:•A distinctive competence is something the organization does very well—better than its competitors. For example, if a technology company designs software with a better user interface (UI) than competing software, it has a distinctive competence in UI.•The scope of an organization’s strategy describes the types of markets in which the organization will compete. A company, for example, might choose to manufacture casual sports attire; manufacture sports equipment; or manufacture sports attire and equipment, and operate sports arenas. Those are all different scopes of strategy.•Resource deployment is how the organization will allocate various resources across the businesses competing in different markets. A financial services company might choose to invest more in retirement planning, invest less in mortgage lending, and withdraw completely from brick-and-mortar retail banking.Select the terms that best complete the following sentences.Managers determine an organization’s when they develop a comprehensive plan that describes the directions the organization may take to achieve its goals.Select the terms that best complete the following sentences.A statement describing which markets or businesses the organization will compete in is describing the of the organization’s strategy.Select the correct response for the following question.What are managers focusing on when they execute a strategy?Strategy implementationStrategy formulationGrade It NowSave & Continue Continue without saving
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