12 Questions
What is the primary focus of strategic planning?
Optimizing today's trends for tomorrow
During which period did strategic planning gain popularity?
Mid-1960s to mid-1970s
What is the primary purpose of a strategic plan?
To act as a company's game plan
What is the outcome of strategic planning in the 1980s?
It was abandoned due to unsatisfactory results
What is the primary goal of strategy formulation?
To generate alternatives and select specific strategies
What is the result of strategy formulation decisions?
They define long-term competitive advantages
What is the main goal of strategic management?
To achieve organisational success
What is the difference between 'strategic management' and 'strategic planning'?
One is used in academia and the other in business
What is the art of developing, putting into practice, and assessing cross-functional decisions known as?
Strategic Management
What is the moral of the story about the two company presidents and the bear?
That it's not necessary to outrun the bear, but rather the competitor
What is the term for the integration of marketing, finance/accounting, production/operations, research and development, and information systems with management?
Strategic Management
What is the purpose of strategic management?
To achieve and maintain competitive advantage
This chapter introduces the concept of strategic management, providing a practical and integrative model, including key terms and activities. Learn how to achieve and maintain competitive advantage through strategic planning. Understand the importance of strategic management in business.
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