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Questions and Answers
Which of the following best describes strategic management?
Which of the following best describes strategic management?
- The monitoring of execution and feedback loop in planning
- The formulation and implementation of goals and initiatives by an organization's managers (correct)
- The allocation of resources to implement plans
- The development of policies and plans to achieve objectives
What is the purpose of strategic management?
What is the purpose of strategic management?
- To assess the internal and external environments
- To create a unique and valuable market position
- To provide overall direction to an enterprise (correct)
- To specify an organization's objectives
What do academics and practicing managers develop in the context of strategic decision-making?
What do academics and practicing managers develop in the context of strategic decision-making?
- Feedback loops
- Allocation of resources
- Models and frameworks (correct)
- Policies and plans
According to Michael Porter, what are the three principles underlying strategy?
According to Michael Porter, what are the three principles underlying strategy?
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Is strategic management a static process or a dynamic process?
Is strategic management a static process or a dynamic process?
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