12 Questions
Define the purpose of a vision statement.
Explains where you want to go and your desirable state.
What does a mission statement define?
Defines WHO you are, WHAT you do, and WHY you do it.
What is the difference between objectives and goals?
Objectives are broad, qualitative statements defining overall purpose, while goals are specific, measurable targets set to achieve objectives.
Explain the concept of SMART goals.
SMART goals are Specific, Measurable, Achievable, Relevant, and Time-defined.
Differentiate between short-term goals and long-term goals.
Short-term goals are set for a period not exceeding one year, while long-term goals are set for a period of three to five years.
What is the purpose of OKRs in goal-setting?
To help structure objectives and set actionable steps to achieve them.
What is the purpose of strategic management?
To create and sustain a competitive advantage, achieve goals, and survive in the long term.
What is involved in the strategy formation phase of strategic management?
Deciding what to do and defining the firm's course of action.
What is strategy implementation in strategic management?
Putting strategy into action by designing organizational structure and related systems.
Why is it important for organizations to prioritize what is important?
To focus resources and efforts on key objectives.
What are some key activities in strategy implementation?
Designing support systems, recruiting, hiring, training, and performance measurement.
How does strategic management help organizations achieve a holistic view?
By integrating vision, mission, goals, and strategies at different levels.
Learn about the significance of strategic management in setting goals, crafting strategies, and achieving competitive advantage for long-term survival. Discover how it provides a holistic view of an organization and helps in prioritizing key aspects. Dive into the two distinct phases of strategic management: strategy formation and execution.
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