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Questions and Answers
What is the prime task of strategic management according to Peter Drucker?
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?
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?
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?
What do internal strengths and weaknesses refer to according to the text?
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What is the purpose of annual objectives in strategic management?
What is the purpose of annual objectives in strategic management?
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According to Edward Deming, what is essential for strategic management?
According to Edward Deming, what is essential for strategic management?
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