Strategic Management Activities and Concept of Strategy
12 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

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?

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

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

    <p>Corporate, divisional, and functional</p> Signup and view all the answers

    What do corporate strategies include according to the text?

    <p>Expansion plans, diversification, takeovers and mergers</p> Signup and view all the answers

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

    <p>Flexible and pragmatic</p> Signup and view all the answers

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

    <p>By using proactive and reactive strategies</p> Signup and view all the answers

    What is the primary responsibility of corporate-level managers?

    <p>Maximizing shareholders’ wealth</p> Signup and view all the answers

    What is the strategic role of business-level managers?

    <p>Translating general statements of direction and intent into concrete strategies</p> Signup and view all the answers

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

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

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

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

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser