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Questions and Answers

Which of the following is a key financial benefit of strategic management according to the text?

Exploitation of opportunities

Effective allocation of time and resources

Making informed decisions for a high-performing firm (correct)

Improved coordination and control of activities

What does the 'scientific perspective' of strategic management emphasize according to the text?

Intuition and imagination

Objective data and analytical thinking (correct)

Comprehensive and analytical approach

Holistic thinking

What does the 'artistic perspective' of strategic management emphasize according to the text?

Visualizing outcomes associated with various alternatives, holistic thinking, and intuition & imagination (correct)

Competitive discipline

Profit maximization

Deliberate, explicit, and rational analysis

What is the key difference between the 'classical/traditional' and 'evolutionary/typical economists' approaches to strategy according to the text?

The classical approach emphasizes deliberate and explicit analysis, while the evolutionary approach emphasizes a fatalistic stance. Signup and view all the answers

What is the key difference between strategy formulation and implementation in the 'classical/traditional' approach?

In the classical approach, strategy formulation is done by the leader, while implementation is done by the manager. Signup and view all the answers

What does the text say about the speed of adaptation of complex organizations compared to their environment?

Complex organizations move slower than the environment in which they operate. Signup and view all the answers

What is a key non-financial benefit of strategic management?

Exploitation of opportunities Signup and view all the answers

What does the 'classical/traditional' approach to strategy emphasize according to the text?

Deliberate, explicit, and rational analysis, as well as profit maximization Signup and view all the answers

Which of the following is NOT mentioned as a non-financial benefit of strategic management in the text?

Increased revenue for the firm Signup and view all the answers

What does the text say about the 'scientific perspective' of strategic management in terms of creativity and imagination?

The scientific perspective rejects creativity and imagination. Signup and view all the answers