Strategic Management- Midterm

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.

These are intangible and are things done on your behalf or for your benefit.

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.

The Greek word for strategy which means general.

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.