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</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.</p> Signup and view all the answers

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