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Why is strategic management beneficial for organizations?
Why is strategic management beneficial for organizations?
- To engage in firefighting activities to resolve internal crises.
- To allow them to be more reactive and follow the market trends.
- To solely focus on internal operations and neglect external threats.
- To help them initiate and influence activities, exert control over their destiny, and be more proactive than reactive. (correct)
What are some non-financial benefits of strategic management?
What are some non-financial benefits of strategic management?
- Enhanced awareness of external threats and improved understanding of competitors' strategies. (correct)
- Decreased employee productivity and increased resistance to change.
- No effect on performance-reward relationships and no reduction in resistance to change.
- Viewing planning as unnecessary and a waste of time.
Why do some firms avoid strategic planning?
Why do some firms avoid strategic planning?
- They have formal training in strategic management.
- They view planning as a waste of time and are content with current success. (correct)
- They value effective planning that takes time and effort.
- They have monetary rewards for strategic planning.
What is a common pitfall in strategic planning highlighted in the text?
What is a common pitfall in strategic planning highlighted in the text?
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How does business strategy differ from military strategy according to the text?
How does business strategy differ from military strategy according to the text?
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According to Sun Tzu's Art of War, why is strategic planning crucial?
According to Sun Tzu's Art of War, why is strategic planning crucial?
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