Strategic Management Chapter 1: Introduction and Learning Outcomes
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Questions and Answers

What is the main focus of this chapter on strategic management?

  • Acknowledging the limitations of strategic management
  • Identifying strategic decisions and behaviours within a firm
  • Formulating strategic intent - vision, mission, goals, and values (correct)
  • Describing strategic levels in organizations

    • According to Michael Porter, what is the consequence of a company without a strategy?

  • It is willing to try anything (correct)
  • It experiences limitations in strategic management
  • It recognizes the nature of strategic management
  • It acknowledges the importance of strategic intent

    • What does Henry Mintzberg's quote suggest about strategy?

  • It's the consequence of planning
  • It's not relevant in the modern business world
  • It's related to limitations in strategic management
  • It's the starting point of planning (correct)

    • Which level of an organization does strategic management primarily focus on?

    <p>Corporate level</p> Signup and view all the answers

    What is emphasized as important for the development of an overall business strategy?

    <p>Formulating strategic intent - vision, mission, goals, and values</p> Signup and view all the answers

    According to the learning outcomes, should all decisions be strategic?

    <p>No, all decisions need not be strategic</p> Signup and view all the answers

    What is the main focus of this chapter?

    <p>Discussing the concepts and significance of strategic management</p> Signup and view all the answers

    Which term is used to refer to a set of interrelated functions and processes carried out by the management of an organisation to attain its objectives?

    <p>Management</p> Signup and view all the answers

    What is the chief organ entrusted with the task of making an organisation a purposeful and productive entity?

    <p>Management</p> Signup and view all the answers

    Which process involves determination of the goals, design of the organisation, and installation of control systems?

    <p>Planning</p> Signup and view all the answers

    What is the term 'management' used in relation to, in addition to referring to a key group in an organisation in-charge of its affairs?

    <p>Set of interrelated functions and processes carried out by the management</p> Signup and view all the answers

    Which term refers to an influence process to make things happen, to gain command over phenomena, and to induce and direct events and people in a particular manner?

    <p>Influence process</p> Signup and view all the answers

    What do managers formulate to cope with, to adapt, and to adjust themselves with the behaviour and changes in the environment?

    <p>All of the above</p> Signup and view all the answers

    What does management systematically mobilize and utilize efficiently and effectively to make an organization a unified functioning system?

    <p>$Manpower, money, material, and technology$</p> Signup and view all the answers

    $The strategic management process is the set of activities that firm$ __________.

    <p>Seeks to achieve long-term objectives through strategic planning and implementation</p> Signup and view all the answers

    What is the survival and success of an organisation dependent on?

    <p>The competence and character of its management</p> Signup and view all the answers

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