About This Chapter
Who's It For?
Anyone who needs help learning or mastering strategic management material will benefit from the lessons in this chapter. There is no faster or easier way to learn about strategic management. Among those who would benefit are:
- Students who have fallen behind in understanding the steps involved in strategic planning or the decision-making tools used by managers
- Students who struggle with learning disabilities or learning differences, including autism and ADHD
- Students who prefer multiple ways of learning business (visual or auditory)
- Students who have missed class time and need to catch up
- Students who need an efficient way to learn about strategic management
- Students who struggle to understand their teachers
- Students who attend schools without extra business learning resources
How It Works:
- Find videos in our course that cover what you need to learn or review.
- Press play and watch the video lesson.
- Refer to the video transcripts to reinforce your learning.
- Test your understanding of each lesson with short quizzes.
- Verify you're ready by completing the Strategic Management chapter exam.
Why It Works:
- Study Efficiently: Skip what you know, review what you don't.
- Retain What You Learn: Engaging animations and real-life examples make topics easy to grasp.
- Be Ready on Test Day: Use the Strategic Management chapter exam to be prepared.
- Get Extra Support: Ask our subject-matter experts any strategic management question. They're here to help!
- Study With Flexibility: Watch videos on any web-ready device.
Students Will Review:
This chapter helps students review the concepts in a strategic management unit of a standard business management course. Topics covered include:
- Steps in the strategic management and planning processes
- Cost, differentiation and focus strategies
- Tactical, operational and contingency planning
- Steps in the decision-making process
- Methods for assessing risk and uncertainty
- Problem-solving strategies for managers
- Uses of decision trees, payback analyses and simulations
- The program evaluation and review technique (PERT analysis)
- Components of a SWOT analysis
1. The Strategic Management Process
Strategic management (planning) begins with environmental scanning: examining political, economical, sociocultural, technological, environmental, and legal factors. This lesson explores the development, implementation, and evaluation of a strategy.
2. Different Types of Business Strategies
A business may employ different business strategies (or plans) to achieve its organizational goals. Define a business strategy and learn about its different types, including cost, differentiation, and focus strategies.
3. What Is the Strategic Planning Process? - Model, Steps & Examples
The strategic planning process is a beneficial way that organizations create future goals and develop ways to implement them. Learn more about the strategic planning process and its steps, find out why a model is important, and see examples of implementation.
4. Types of Planning: Strategic, Tactical, Operational & Contingency Planning
Businesses use different types of plans such as strategic, tactical, operational, and contingency plans to achieve organizational goals. Discover the differences between these four types of planning and the advantages of using them.
5. The Seven Steps of Decision Making
Effective decision-making is an essential skill for every manager, and it can be broken down into seven steps. Learn about a seven-step process for effective decision-making, from decision identification to review an assessment and everything in between.
6. Decision Making for Managers: Certainty, Risk & Uncertainty
For each situation, managers research all possible variables and weigh the certainty and uncertainty of all possible risks to make the best decisions. Explore the strategies of decision-making for managers and learn how managers weigh risk.
7. Types of Problem Solving Methods in Management and Supervision
A big part of management and supervision is using the proper methods to solve problems in the workplace. Learn about a few problem-solving techniques to solve typical problems facing managers and supervisors, including the divide and conquer method, the 5-step model, and the Demin cycle techniques.
8. Quantitative Decision Making Tools: Decision Trees, Payback Analysis & Simulations
Successful managers use decision-making tools to analyze a problem and try to determine the best solution for that problem. Here, we will discuss three main decision-making tools and help you to understand their function and implementation.
9. PERT Analysis & Project Completion
The Program Evaluation and Review Technique (PERT) analysis is used to estimate the time it will take to complete a project. Learn more about PERT analysis and explore the different types of time.
10. What is a SWOT Analysis?
When creating a marketing plan, a business mission statement and a situational analysis are essential to understanding the organization's objective and current environment. Explore SWOT analysis--known as strengths, weaknesses, opportunities, and threats-- and how it is used in analyzing an organization's situation and selling proposition.
11. The Stages of Team Development
Team Development entails the processes in the creation and execution of a given team of individuals. Learn the different stages of team development through examples of forming, storming, norming, performing, and ending.
12. What is Five Why Analysis?
Have you ever faced a problem, yet had no idea how to get to the root of it? You could spend millions of dollars for a specialist to analyze the problem. Or spend no money with the Five Why Analysis. This lesson reviews the technique.
13. SLEPT Analysis: Example, Overview
Managers need to constantly watch their external environment if they want to remain competitive and successful. In this lesson you'll learn about a popular tool managers can use to better understand their external environment - the SLEPT analysis.
14. Social Influences on Business: Overview
Internal and external sociological phenomena can present both threats and opportunities to a business. In this lesson, you'll learn how social factors can affect a business. A short quiz follows the lesson.
15. Strategy Evaluation: Definition, Methods & Tools
In this lesson, we'll look at the steps in order to perform a strategy evaluation. We'll discuss key factors and will relate strategy evaluation to real life scenarios.
16. What Is a Social Audit? - Definition & Examples
Social audits are often taken in order to examine the influence a company has on its community. Working through examples, learn the definition of a social audit and explore the steps, advantages, and additional aims of the process.
17. Functional Strategy: Definition & Examples
A functional strategy assigns unit goals to functional areas or departments to support the business objectives. Explore levels of strategy, know the definition and examples of functional strategy, and distinguish operational from functional strategy.
18. Staggered Board of Directors: Definition & Examples
How does the board of directors structure help protect shareholders? This lesson will provide definitions and examples of how a staggered board of directors is structured.
19. What is Planned Obsolescence? - Definition & Examples
Planned obsolescence is a process of designing products to require periodic replacement. Explore the definition, examples, and strategies to achieve planned obsolescence. Consider the light bulb and recognize that for some products, customers demand obsolescence.
20. What is Perceived Obsolescence? - Definition & Examples
Perceived obsolescence is all around us. And most of us fall victim to it in one way or another at some point. Find out in this lesson what this term refers to and what some famous examples of it are.
21. Vertical Consolidation: Definition & Examples
In this lesson, we'll discuss what it means when a company or an industry vertically consolidates. We'll also give reasons why a company or an industry will do this and we'll give an example of vertical consolidation for a pizza parlor.
22. Hostile Takeover: Definition, Process & Example
Business can be a rough-and-tumble affair. Sometimes a company is acquired by another company against its wishes - a hostile takeover. In this lesson, we'll discuss hostile takeovers, examine the process, and provide real-world examples.
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Other chapters within the Business Management: Help & Review course
- Introduction to Management: Help & Review
- Leadership Types and Styles: Help & Review
- Individual Decision Making
- Motivation Theory: Help & Review
- Management Theory: Help & Review
- Human Resources Management: Help & Review
- Labor Relations: Help & Review
- Managerial Accounting: Help & Review
- International Business Management: Help & Review
- Business Ethics: Help & Review
- Tuition Reimbursement: Help & Review
- Using Kanban in Business Management: Help & Review
- Accounting Basics for Entrepreneurs
- Business Law for Entrepreneurs
- Contract Enforcement & Administration
- U.S. Labor Law in the Private Sector Post-1960
- HR Management
- Rights, Ethics & Employment
- Government Regulation on Business