Strategic Management Activities and Concept of Strategy

Play an AI-generated podcast conversation about this lesson

What does strategic management involve?

Developing the firm’s vision and mission, and tactical analysis

Developing the firm’s vision and mission, strategic analysis, and measuring performance (correct)

Choosing and implementing strategies, and evaluating performance

Creating objectives, and responding to external forces

In the context of business, what does the term 'strategy' seek to relate?

Goals to means of achieving them (correct)

Goals to resources

Goals to customer satisfaction

Goals to organizational structure

What does the term 'strategy' imply for corporate functioning?

Immediate response to changes in the environment

Short-term planning

Ad hoc decision making

Unified design and action for achieving major goals (correct)

How can strategy be defined based on the text?

Long-range blueprint of an organization’s desired image, direction, and destination Signup and view all the answers

What are the three levels at which strategies are formulated in large organisations?

Corporate, divisional, and functional Signup and view all the answers

What do corporate strategies include according to the text?

Expansion plans, diversification, takeovers and mergers Signup and view all the answers

What is the nature of a company's strategy based on the text?

Flexible and pragmatic Signup and view all the answers

How does a company cope with the uncertain business environment according to the text?

By using proactive and reactive strategies Signup and view all the answers

What is the primary responsibility of corporate-level managers?

Maximizing shareholders’ wealth Signup and view all the answers

What is the strategic role of business-level managers?

Translating general statements of direction and intent into concrete strategies Signup and view all the answers

What is the responsibility of the CEO, according to the passage?

Ensuring that the corporate and business strategies are consistent with maximizing shareholders’ wealth Signup and view all the answers

What defines a strategic business unit, as per the text?

Self-contained division providing a product or service for a particular market Signup and view all the answers

Strategic Management Activities and Concept of Strategy

Podcast Beta

Questions and Answers