Strategic Management Basics Quiz
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Questions and Answers

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?

  • 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?

  • 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?

    <p>Comprehensive analysis of various business factors</p> Signup and view all the answers

    Which statement best describes the role of top management in strategic management?

    <p>Top management is involved in creating and implementing strategies for the company's goals.</p> Signup and view all the answers

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