Strategic Management: External Analysis
18 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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</p> Signup and view all the answers

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

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

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

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

    What is strategic management?

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

    What is a mission statement?

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

    Why is strategic management important?

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

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

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

    What is a feature of strategic management?

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

    What is a benefit of strategic management?

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

    What does strategic management provide in terms of decision making?

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

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser