Nikka Paula C.

Castillo
BSAT 4A
Strategic Management (MWF 2:35 3:35)
1) What is Strategic Management?
Strategic Management can be defined as the art and science of formulating,
implementing, and evaluation cross-functional decisions that enable an organization to
achieve its objectives. Strategic Management focuses on integrating management,
marketing, finance/accounting, production/operation, research and development, and
computer information system to achieve organizational success.
(Strategic Management: Concepts and Cases 7th Edition by Fred R. David).
Strategic management involves setting objectives, analyzing the competitive
environment, analyzing the internal organization, evaluating strategies, and making sure
that the strategies are rolled out across the organization. (www.investopedia.com)

2) What is an industry?
It is the aggregate of manufacturing or technically productive enterprises in a particular
field, often named after its principal product. Ex. Automobile industry, steel industry
(www.dictionary.reference.com)
3) What/Who is a strategist?
Strategists are individuals who are most responsible for the success or failure of an
organization. A strategist develops opinions on the future direction of a company and its
brand, based on existing and predicted conditions, other known variables, intuition and
research. A strategist uses big-picture thinking, storytelling, insights, criteria
development tools and synthesis in the development of agreed-upon end-goals. A
strategist looks at all inputs that will be important to a business and distills them into the
right solution for future success.
(www.peterjthomson.com and Strategic Management: Concepts and Cases 7 th Edition
by Fred R. David)

4) What is competitive advantage?

A superiority gained by an organization when it can provide the same value as its
competitors but at a lower price, or can charge higher prices by providing greater value
through differentiation. (www.businessdictionary.com)
5) Define strategy, objective and policy.
a. Strategy - is the direction and scope of an organization over the long-term:
which achieves advantage for the organization through its configuration of
resources within a challenging environment, to meet the needs of markets
and to fulfill stakeholder expectations.
(Exploring Corporate Strategy by Johnson and Scholes)
b. Objective - A specific result that a person or system aims to achieve within a
time frame and with available resources. (www.businessdictionary.com)
c. Policy - The set of basic principles and associated guidelines, formulated and
enforced by the governing body of an organization, to direct and limit its
actions in pursuit of long-term goals. (www.businessdictionary.com)