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Questions and Answers
What is the purpose of the strategic management process?
What is the purpose of the strategic management process?
- To determine an organisation's goals (correct)
- To maintain customer trust
- To create a competitive advantage
- To evaluate and implement a strategy
What is an example of a company that needs to use the strategic management process?
What is an example of a company that needs to use the strategic management process?
- A company with a strong reputation
- A company with a low cost of manufacturing
- A company that needs to access valuable or rare resources (correct)
- A company that needs to product differentiate
What is an important aspect of the strategic management process?
What is an important aspect of the strategic management process?
- Environmental scanning
- Forecasting
- Analysis
- Strategic control (correct)
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Study Notes
- Strategic management is the process of determining an organisation's goals and course of action to achieve them.
- The goals of an organisation can be anything from profit and growth to maintaining customer trust and creating a competitive advantage.
- The course of action an organisation takes to achieve its goals may include environmental scanning, forecasting, and analysis.
- Evaluation and implementation of the strategy are also important aspects of the strategic management process.
- Strategic control is the ability to make decisions that will ensure the achievement of the organisation's goals.
- The strategic management process is essential for businesses that need to access valuable or rare resources, product differentiation, or efficient processes.
- A well-managed company has a team of experts who are able to make decisions quickly and efficiently.
- The strategic management process is also important for businesses with a strong reputation and a low cost of manufacturing.
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