18 Questions
What is the purpose of conducting an external analysis in strategic management?
To examine the external environment and identify opportunities and threats
What are an organization's skills and abilities in doing work activities called?
Capabilities
What is the term used to describe an organization's most valuable resources and capabilities?
Core competencies
What is the purpose of a SWOT analysis in strategic management?
To analyze an organization's strengths, weaknesses, opportunities, and threats
What is the term used to describe the positive trends in the external environment?
Opportunities
What is the purpose of identifying an organization's strengths and weaknesses?
To inform strategic decision-making and planning
What is the primary purpose of functional strategies in an organization?
To support a competitive strategy
What is the focus of a company's business model?
Whether customers will value the company's offerings and whether the company can make money doing that
What is strategic management?
What managers do to develop the organization's strategies
What is the first step in the process of strategic management?
Identifying the organization's current mission, goals, and strategies
What is a mission statement?
A statement of purpose
Why is strategic management important?
Because it involves all the basic management functions
What is the primary focus of Step 6 in the strategic management process?
Evaluating the effectiveness of strategies
What is one of the factors responsible for the evolution of strategic management?
Changes in technology
What is a feature of strategic management?
Independent of the planning approach
What is a benefit of strategic management?
Helps organizations to be strategically alert
What is an importance of strategic management in organizational processes?
Helps in effective transitions between lifecycle phases
What does strategic management provide in terms of decision making?
Robust information for strategic decision making
Learn about the steps involved in doing an external analysis in strategic management, including examining economic, demographic, political/legal, sociocultural, technological, and global components to identify trends, opportunities, and threats.
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