Strategic Management: External Analysis

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Questions and Answers

What is the purpose of conducting an external analysis in strategic management?

  • To identify an organization's strengths and weaknesses
  • To allocate resources and assign tasks to employees
  • To examine the external environment and identify opportunities and threats (correct)
  • To develop an organization's mission and vision statements

What are an organization's skills and abilities in doing work activities called?

  • Strengths
  • Weaknesses
  • Capabilities (correct)
  • Resources

What is the term used to describe an organization's most valuable resources and capabilities?

  • Threats
  • Core competencies (correct)
  • Strengths
  • Weaknesses

What is the purpose of a SWOT analysis in strategic management?

<p>To analyze an organization's strengths, weaknesses, opportunities, and threats (A)</p> Signup and view all the answers

What is the term used to describe the positive trends in the external environment?

<p>Opportunities (A)</p> Signup and view all the answers

What is the purpose of identifying an organization's strengths and weaknesses?

<p>To inform strategic decision-making and planning (D)</p> Signup and view all the answers

What is the primary purpose of functional strategies in an organization?

<p>To support a competitive strategy (B)</p> Signup and view all the answers

What is the focus of a company's business model?

<p>Whether customers will value the company's offerings and whether the company can make money doing that (C)</p> Signup and view all the answers

What is strategic management?

<p>What managers do to develop the organization's strategies (C)</p> Signup and view all the answers

What is the first step in the process of strategic management?

<p>Identifying the organization's current mission, goals, and strategies (B)</p> Signup and view all the answers

What is a mission statement?

<p>A statement of purpose (A)</p> Signup and view all the answers

Why is strategic management important?

<p>Because it involves all the basic management functions (C)</p> Signup and view all the answers

What is the primary focus of Step 6 in the strategic management process?

<p>Evaluating the effectiveness of strategies (A)</p> Signup and view all the answers

What is one of the factors responsible for the evolution of strategic management?

<p>Changes in technology (A)</p> Signup and view all the answers

What is a feature of strategic management?

<p>Independent of the planning approach (D)</p> Signup and view all the answers

What is a benefit of strategic management?

<p>Helps organizations to be strategically alert (A)</p> Signup and view all the answers

What is an importance of strategic management in organizational processes?

<p>Helps in effective transitions between lifecycle phases (D)</p> Signup and view all the answers

What does strategic management provide in terms of decision making?

<p>Robust information for strategic decision making (A)</p> Signup and view all the answers

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