Strategic Management Overview

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Questions and Answers

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?

Strategic management
Cross-functional decisions
Strategic planning (correct)
Managerial choices

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?

<p>Formulation, implementation, and evaluation of cross-functional decisions (C)</p> Signup and view all the answers

How is the term 'strategic planning' contrasted with 'strategic management' in this course?

<p>'Strategic management' covers cross-functional decisions, whereas 'strategic planning' deals only with strategy formulation. (A)</p> Signup and view all the answers

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