Fundamentals of Strategic Management Quiz

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Questions and Answers

Which of the following is NOT a learning objective of this chapter?

Understanding the limitations of strategic management (correct)
Learning what business policy and strategy is all about
Understanding the importance of strategic management in Government and Not-for-profit Organizations
Knowing the framework management

According to Michael Porter, what happens to a company without a strategy?

It becomes more efficient
It is willing to try anything (correct)
It becomes successful
It becomes more innovative

According to Henry Mintzberg, what is the starting point of strategy?

Consequence (correct)
Planning
Management
Organization

What is the main focus of strategic management?

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What is the concept that strategic management is limited by?

<p>Limitations (D)</p> Signup and view all the answers

Flashcards

Strategic Management Limitations

Strategic management is constrained by several factors, making it less effective or efficient.

Strategy's Starting Point (Mintzberg)

According to Henry Mintzberg, strategy begins with anticipated results or consequences.

Unsuccessful Strategy (Porter)

A company without a strategy is likely to adopt a trial-and-error approach, attempting different methods without a clear direction.

Strategic Management Scope

Strategic management fundamentally revolves around the firm's operations at a business level.

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Non-learning Objective

Understanding the boundaries or constraints of strategic management isn't a core learning objective of the chapter.

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Study Notes

Strategy and Strategic Management

A company without a strategy will drift, according to Michael Porter.
The starting point of strategy is the concept of "5 Ps" - Plan, Ploy, Pattern, Position, and Perspective, according to Henry Mintzberg.
The main focus of strategic management is to achieve a sustainable competitive advantage.
Strategic management is limited by bounded rationality, which assumes that decision-makers have limited cognitive abilities and information processing capabilities.

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Description

Test your knowledge on the fundamentals of strategic management with this quiz. Learn about business policy and strategy, the framework of management, the different levels of strategy within an organization, and the importance of strategic management in government and not-for-profit organizations. See how well you understand the key concepts and principles of strategic management.