Answered: SUBJECT: STRATEGIC MANAGEMENT…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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SUBJECT: STRATEGIC MANAGEMENT DIRECTIONS: Answer the following questions. 1. How will you define strategic management? 2. What roles do organizational input play in the attainment of the success of an organization? Identify each of these inputs. 3. Differentiate strategic analysis from strategic decision making. Give an example. 4. Differentiate strategic intelligence from strategic thinking. Show this difference using companies that have demonstrated the application of both processes 5. When does an organization enjoy competitiveness? Explain by giving an example. 6. What is comparative advantage? Cite example. 7. What role does strategic control play in the strategic management of an organization. Give examples.

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

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