Mastering Strategic Management
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Questions and Answers

Which of the following best describes strategic management?

  • The process of formulating and implementing major goals and initiatives for an organization (correct)
  • The process of setting short-term goals for an organization
  • The process of monitoring the execution of plans in an organization
  • The process of allocating resources to achieve organizational objectives

    • What does strategic management involve?

  • Analyzing external environments
  • Setting short-term goals
  • Monitoring execution of plans
  • Developing policies to achieve objectives (correct)

    • What is the purpose of strategic management?

  • To set short-term goals
  • To monitor competitive dynamics
  • To create a unique and valuable market position (correct)
  • To allocate resources effectively

    • What role do models and frameworks play in strategic decision-making?

    <p>They inform the next round of planning</p> Signup and view all the answers

    What is the nature of strategic management?

    <p>Dynamic</p> Signup and view all the answers

    Which of the following best describes the role of strategic management in an organization?

    <p>Monitoring execution and informing planning</p> Signup and view all the answers

    What is the purpose of strategic management?

    <p>To formulate and implement major goals and initiatives</p> Signup and view all the answers

    What does strategic management involve?

    <p>Considering resources and assessing environments</p> Signup and view all the answers

    According to Michael Porter, what are the three principles underlying strategy?

    <p>Creating a unique and valuable market position</p> Signup and view all the answers

    What is the nature of strategic management?

    <p>Dynamic and evolving</p> Signup and view all the answers

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