Podcast
Questions and Answers
What is the initial step in the strategic management process?
What is the initial step in the strategic management process?
- Analyzing internal and external strengths and weaknesses (correct)
- Executing action plans
- Formulating action plans
- Evaluating the success of action plans
Which of the following is NOT a component of strategic management?
Which of the following is NOT a component of strategic management?
- Creating major objectives
- Implementing initiatives
- Evaluating internal and external environments
- Analyzing financial performance (correct)
In strategic management, what should a company do after executing action plans?
In strategic management, what should a company do after executing action plans?
- Report outcomes to company owners
- Evaluate success and adjust if necessary (correct)
- Focus solely on external threats
- Start formulating new objectives
Strategic management primarily involves making decisions based on which of the following?
Strategic management primarily involves making decisions based on which of the following?
Which statement best describes the role of top management in strategic management?
Which statement best describes the role of top management in strategic management?
Flashcards
Strategic Management Process
Strategic Management Process
A structured approach for company leaders to analyze the company's current state, create strategies, and effectively implement them.
Strategic Management Components
Strategic Management Components
A series of steps including analysis, planning, execution, and evaluation to achieve long-term business objectives.
Internal/External Analysis
Internal/External Analysis
Evaluating a company's resources (internal) and its competition, market trends, etc. (external).
Action Plan Formulation
Action Plan Formulation
Signup and view all the flashcards
Strategic Management Objectives
Strategic Management Objectives
Signup and view all the flashcards
