Strategic Management Fundamentals
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Strategic Management Fundamentals

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@RadiantManticore

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What is the prime task of strategic management according to Peter Drucker?

  • Thinking through the overall mission of a business (correct)
  • Formulating strategies for competitive advantage
  • Evaluating the effectiveness of strategies
  • Implementing strategies and allocating resources

    • What do vision and mission statements aim to answer?

  • How to allocate resources effectively?
  • How to achieve competitive advantage?
  • What do we want to become? (correct)
  • What products or services to offer?

    • Which of the following is NOT one of the three main stages of strategic management?

  • Strategy implementation
  • Resource allocation (correct)
  • Strategy evaluation
  • Strategy formulation

    • What do internal strengths and weaknesses refer to according to the text?

    <p>Controllable activities performed well or poorly</p> Signup and view all the answers

    What is the purpose of annual objectives in strategic management?

    <p>To serve as short-term milestones for achieving strategies</p> Signup and view all the answers

    According to Edward Deming, what is essential for strategic management?

    <p>Relying on data and evidence</p> Signup and view all the answers

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