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Strategic Management Introduction

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Questions and Answers

What is the primary focus of strategic planning?

Exploiting and creating new opportunities for tomorrow

Creating a vision and mission

Optimizing today's trends for tomorrow (correct)

Strategy formulation, implementation, and evaluation

During which period did strategic planning gain popularity?

Mid-1980s to mid-1990s

Mid-1970s to mid-1980s

Mid-1960s to mid-1970s (correct)

Mid-1950s to mid-1960s

What is the primary purpose of a strategic plan?

To prioritize specific markets and policies

To act as a company's game plan (correct)

To create a vision and mission

To allocate resources

What is the outcome of strategic planning in the 1980s?

It was abandoned due to unsatisfactory results Signup and view all the answers

What is the primary goal of strategy formulation?

To generate alternatives and select specific strategies Signup and view all the answers

What is the result of strategy formulation decisions?

They define long-term competitive advantages Signup and view all the answers

What is the main goal of strategic management?

To achieve organisational success Signup and view all the answers

What is the difference between 'strategic management' and 'strategic planning'?

One is used in academia and the other in business Signup and view all the answers

What is the art of developing, putting into practice, and assessing cross-functional decisions known as?

Strategic Management Signup and view all the answers

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 Signup and view all the answers

What is the term for the integration of marketing, finance/accounting, production/operations, research and development, and information systems with management?

Strategic Management Signup and view all the answers

What is the purpose of strategic management?

To achieve and maintain competitive advantage Signup and view all the answers