Podcast
Questions and Answers
What is the purpose of performing an external and internal 'audit' in the strategic management process?
What is the purpose of performing an external and internal 'audit' in the strategic management process?
- To formulate new strategies for achieving goals
- To evaluate the performance of the company's products
- To study the firm's environment and internal strengths and weaknesses (correct)
- To identify the company's current business direction
What does a SWOT analysis focus on?
What does a SWOT analysis focus on?
- Strategic goals and tasks
- Environmental scan worksheet
- Strengths, Weaknesses, Opportunities, Threats (correct)
- Mission statement and vision
What is the purpose of formulating a new direction in the strategic management process?
What is the purpose of formulating a new direction in the strategic management process?
- To set strategic goals for each department
- To implement existing strategies
- To evaluate the performance of the company
- To identify what the company wants to become (correct)
What comes after translating the mission into strategic goals in the strategic management process?
What comes after translating the mission into strategic goals in the strategic management process?
What is the primary focus of corporate strategy in the strategic management process?
What is the primary focus of corporate strategy in the strategic management process?
What does concentration strategy in strategic management involve?
What does concentration strategy in strategic management involve?
Which strategy involves expansion by producing its own raw materials or by directly selling?
Which strategy involves expansion by producing its own raw materials or by directly selling?
What is the purpose of evaluating performance in the strategic management process?
What is the purpose of evaluating performance in the strategic management process?
What should a company do if its strategic goals are not met as planned?
What should a company do if its strategic goals are not met as planned?
What is the purpose of the Hierarchy of Goals in a company?
What is the purpose of the Hierarchy of Goals in a company?
What is the main focus of a Strategic Plan?
What is the main focus of a Strategic Plan?
Which process involves identifying and executing the strategic plan by matching a company’s capabilities with the demands of the environment?
Which process involves identifying and executing the strategic plan by matching a company’s capabilities with the demands of the environment?
What do Policies in a company provide?
What do Policies in a company provide?
What is the purpose of Procedures in a company?
What is the purpose of Procedures in a company?
What is the fifth step in the Basic Management Process?
What is the fifth step in the Basic Management Process?
