15 Questions
What is the purpose of performing an external and internal 'audit' in the strategic management process?
To study the firm's environment and internal strengths and weaknesses
What does a SWOT analysis focus on?
Strengths, Weaknesses, Opportunities, Threats
What is the purpose of formulating a new direction in the strategic management process?
To identify what the company wants to become
What comes after translating the mission into strategic goals in the strategic management process?
Formulating new strategies
What is the primary focus of corporate strategy in the strategic management process?
Identifying portfolio of businesses
What does concentration strategy in strategic management involve?
Having one product line in one market
Which strategy involves expansion by producing its own raw materials or by directly selling?
'Vertal' Integration Strategy
What is the purpose of evaluating performance in the strategic management process?
'Assessment of progress' of strategic decisions
What should a company do if its strategic goals are not met as planned?
'Re-strategize'
What is the purpose of the Hierarchy of Goals in a company?
To view the goals from the top of the firm down to frontline employees as a chain
What is the main focus of a Strategic Plan?
Matching internal strengths and weaknesses with external opportunities and threats
Which process involves identifying and executing the strategic plan by matching a company’s capabilities with the demands of the environment?
Strategic Management Process
What do Policies in a company provide?
Broad guidelines delineating how employees should act
What is the purpose of Procedures in a company?
Spell out what to do in a specific situation
What is the fifth step in the Basic Management Process?
Choosing and implementing your plan
Test your knowledge of the basic management process, including setting objectives, making planning forecasts, reviewing alternative courses of action, evaluating options, and implementing plans. This quiz also covers the hierarchy of goals in an organization.
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