Strategic Management Fundamentals
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Questions and Answers

What is the primary focus of strategic management?

  • Formulating and implementing major goals and initiatives (correct)
  • Expanding the workforce
  • Maximizing short-term profits
  • Achieving operational efficiency
  • Which principle is identified by Michael Porter as underlying strategy?

  • Avoiding trade-offs
  • Ignoring company activities alignment
  • Minimizing customer satisfaction
  • Creating a unique and valuable market position (correct)
  • What does corporate strategy primarily aim to answer?

  • How to attract new customers
  • How to maximize shareholder wealth
  • How to reduce operational costs
  • What business should we be in (correct)
  • What does business strategy primarily aim to answer?

    <p>How shall we compete in this business</p> Signup and view all the answers

    What does strategic management involve specifying?

    <p>The organization's objectives</p> Signup and view all the answers

    What is an example of qualitative marketing research?

    <p>Focus groups</p> Signup and view all the answers

    Which technique is considered an observational marketing research method?

    <p>Ethnographic observation</p> Signup and view all the answers

    What does a brand audit primarily examine?

    <p>Brand's current position compared to competitors</p> Signup and view all the answers

    What is a key aspect of environmental scanning for marketing managers?

    <p>Identifying trends and informing marketing analysis</p> Signup and view all the answers

    What should be carefully examined and assessed in a brand audit?

    <p>How well the business's current brand strategy is working</p> Signup and view all the answers

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