Global Strategic Management Challenges Quiz

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What is the main focus of strategic management?

Developing new and innovative strategies

What is the purpose of a strategic vision?

Leveraging firm's resources and core competencies to achieve goals

What does the industry-based model strategy focus on?

Competitive advantages within the industry

What does the resource-based model strategy analyze?

Internal resources available to the firm Signup and view all the answers

What is the role of top executives in strategic management?

Formulating policies and programs to guide the company Signup and view all the answers

What are the challenges of strategic management in the economic global arena?

The challenges are substantial for both big corporations operating in the multi-national environment and small firms. Signup and view all the answers

How is strategy described in the context of integrated management?

Strategy is an integrated management challenge as the top executive formulates policies and programs to bring the company in its desired direction. Signup and view all the answers

What is the main focus of the industry-based model strategy in strategic management?

It focuses on analyzing the prevailing industry where the firm has its competitive advantages over other firms in the environment. Signup and view all the answers

What is the main focus of the resource-based model strategy in strategic management?

It focuses on analyzing the prevailing resources available to the firm in the internal environment that could be utilized to develop competitive advantage. Signup and view all the answers

What is the advantage of a strategic vision in the competitive environment?

A strategic vision leverages the firm's resources and core competencies to accomplish its goals in the competitive environment. Signup and view all the answers