Research shows strategic management in small firms is more formal than in large firms.
One of the dangers of remaining a local competitor is that more aggressive companies
will use their global growth to capture economies of scale and learning.
While interesting, organizational culture does not significantly affect business
decisions.
Walgreens and CVS pharmacies are located generally across the street from each other
and battle each other every day on price and customer service.
According to Greenley, strategic management provides increased discipline, enhanced
communication, and more effective allocation of time and resources.
The process of performing an internal audit, compared to the external audit, provides
more opportunity for participants to understand how their jobs, departments and
divisions fit into the whole organization.
Firms should strive to engage in social activities that have no economic benefits, to
avoid their being viewed as public relations ploys.
There are seven basic functions of marketing: customer analysis, selling products and
services, product and service planning, pricing, distribution, marketing research, and
opportunity analysis.
Value chain analysis can enable a firm to better identify its own strengths and
weaknesses especially as compared to competitors’ value chain analyses and their own
data over time.
When developing an organizational chart, the title president should be reserved for the
top executive of the firm.
One benefit of having a clear mission and vision is that it projects a sense of worth and
intent to all stakeholders.
A firm’s philosophy in a mission statement addresses the question, “What is the firm’s
distinctive competence?”
Diversification strategies are becoming more popular as organizations are finding it
easier to manage diverse business activities.