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Mastering Strategic Management

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Questions and Answers

What is the art of war by Sun Tzu regarded as?

The first treatise on strategy (correct)

A guide to achieving success

A historical account of ancient wars

A book on military tactics

Which of the following is NOT one of the four basic elements on which strategies are built?

Understanding competitive environment

Objective appraisal of resources

Goal

Effective implementation (correct)

What is the role of strategy in an organization or individual?

To establish a favorable direction and purpose

To deploy resources effectively

To give coherence and direction to actions and decisions (correct)

To coordinate decisions of different individuals

What is the main purpose of strategic management?

To determine the long-run performance of a corporation Signup and view all the answers

What is the relationship between business strategy and military strategy?

Enterprises need business strategy, while armies need military strategy Signup and view all the answers

What is the definition of strategic management?

Strategic management is a set of managerial decisions and actions that determines the long-run performance of a corporation. Signup and view all the answers

What are the four basic elements on which strategies are built?

The four basic elements on which strategies are built are goal, understanding competitive environment, objective appraisal of resources, and effective implementation. Signup and view all the answers

What is the purpose of strategy?

The purpose of strategy is to provide coherence and direction to the actions and decisions of an individual or an organization. Signup and view all the answers

What is the relationship between strategy and tactic?

Strategy is the overall plan for deploying resources, while tactic refers to the specific actions taken to achieve a strategic goal. Signup and view all the answers