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Questions and Answers
What is the key difference between strategic management and strategic planning as explained in the text?
What is the key difference between strategic management and strategic planning as explained in the text?
- Strategic management is about decision-making, while strategic planning concerns policies.
- Strategic management includes implementation, while strategic planning is limited to formulation. (correct)
- Strategic management focuses on evaluation, while strategic planning focuses on formulation.
- Strategic management involves cross-functional decisions, while strategic planning involves market commitment.
Which term is used to signify an organization's commitment to specific markets, policies, procedures, and operations?
Which term is used to signify an organization's commitment to specific markets, policies, procedures, and operations?
- Strategic management
- Cross-functional decisions
- Strategic planning (correct)
- Managerial choices
What does a strategic plan result from according to the text?
What does a strategic plan result from according to the text?
- Tough managerial choices among numerous good alternatives (correct)
- Easy decision-making
- Evaluation of poor alternatives
- Random selection
In the context of this text, what does strategic management encompass?
In the context of this text, what does strategic management encompass?
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How is the term 'strategic planning' contrasted with 'strategic management' in this course?
How is the term 'strategic planning' contrasted with 'strategic management' in this course?
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