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
We will be reviewing the strategic management process, starting with the four main steps of the process. These steps provide the foundation for understanding strategic management as a whole and will serve you well as you deal with management decision-making situations.
2. Different Types of Business Strategies
Businesses are in business to make money. In order to accomplish this objective, a business may employ different business strategies in order to win over customers and generate profit. In this lesson, you'll learn about some of the common strategies.
3. What Is the Strategic Planning Process? - Model, Steps & Examples
Strategic planning is essential for organizational success. In this lesson, you'll learn about strategic planning, including the steps in the process. A short quiz is provided after the lesson.
4. Types of Planning: Strategic, Tactical, Operational & Contingency Planning
This lesson will explain the four types of planning used by managers, including strategic, tactical, operational and contingency planning. Terms, such as single-use plans, continuing plans, policy, procedure and rule, will also be defined.
5. The Seven Steps of Decision Making
Effective decision-making is an essential skill for every manager. In this lesson, you'll learn about a seven-step process for effective decision-making. You'll also have an opportunity to take a short quiz after the lesson.
6. Decision Making for Managers: Certainty, Risk & Uncertainty
Making decisions with the most amount of certainty is something managers learn to do over time. In this lesson, we will review how managers work with certainty and risk in order to make informed decisions.
7. Types of Problem Solving Methods in Management and Supervision
A big part of management and supervision is solving problems. In this lesson, we'll take a look at a few problem-solving methods that can be used to solve typical problems facing managers and supervisors. A short quiz follows.
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
Time-based decision methods are used a great deal when a manager or company looks at a time-based project. To ensure the project can be done on time, managers use PERT analysis, a tool for estimating the time it will take to complete a project. This lesson will outline PERT and help you to understand how it is used to predict time based projects.
10. What is a SWOT Analysis?
In the business world, as in many other places, decisions aren't made lightly. Rather, management spends a long time considering the pros and cons of every choice. This lesson will teach you about one of the key ways they do that, the SWOT analysis.
11. The Stages of Team Development
You've noticed that many companies are moving toward working in teams. How do they do it? What does it entail? This lesson explains what to expect from team development and how to work through each stage.
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. Speculative Risk: Definition & Examples
This lesson will provide an overview of speculative risk. This overview will provide the definition and several examples of speculative risk from an investor's point of view.
16. 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.
17. What Is a Social Audit? - Definition & Examples
The purpose of this lesson is to discuss the concept of a social audit and how it fits into organizational planning. This lesson will provide key definitions and appropriate examples for clarification.
18. Functional Strategy: Definition & Examples
This lesson explains functional strategy and its role in the strategic and operational management of a business. An example of how a business defines and applies functional strategy is provided to help you to understand this concept.
19. 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.
20. What is Planned Obsolescence? - Definition & Examples
This lesson may seem like a giant conspiracy theory, but it's really not. That gadget of yours that's not working? It could've failed because it was designed to fail, not to last. Find out more about planned obsolescence in this lesson.
21. 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.
22. 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.
23. 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
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- 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