Strategic Management Process and Strategy Formulation

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What is a common roadblock to putting strategic plans into effect, especially when plans must be implemented rapidly?

Difficulty in understanding the strategic plans

Resistance by individuals who feel threatened by the plans (correct)

Lack of financial resources to carry out the plans

Lack of top management support for the plans

Why is delay often considered as an effective resistance tactic against strategic plans?

It gives top managers more time to review and approve the plans

It allows more time for detailed planning

It provides an opportunity to gather additional resources

It makes it easier to come up with excuses for not executing the plans (correct)

What is the main purpose of evaluating strategy alternatives during the strategic management process?

To ensure the selection of the best strategy to achieve strategic goals (correct)

To increase the number of options available

To prolong the decision-making process

To eliminate all alternatives except one

What is a key aspect of strategic control in the strategic management process?

Monitoring strategy execution and taking corrective action Signup and view all the answers

In strategic management, what does strategy formulation involve?

Adjusting strategies to fit the organization's needs Signup and view all the answers

How can top managers effectively implement strategic plans according to the text?

By actively selling the plans to middle and supervisory managers Signup and view all the answers

How does strategic planning become effective within an organization according to the text?

By translating into lower-level plans effectively Signup and view all the answers

Which factor is crucial for maintaining strategic control over the execution of a strategy?

Engaging people in clarifying the group's objectives and methods Signup and view all the answers

What does strategic implementation involve in the context of the text?

Putting strategic plans into action Signup and view all the answers

What is one form of strategic control mentioned in the text?

Monitoring and controlling financial expenditures through budgets Signup and view all the answers

In the Microsoft Example provided in the text, how did Microsoft utilize its Azure platform?

As a base for launching new products and services Signup and view all the answers

Why did Microsoft reorganize its structure according to the text?

To better pursue ambitions in the fast-moving cloud market Signup and view all the answers

Which step of the strategic-management process involves assessing where the organization currently stands?

Step 2: Assess the Current Reality Signup and view all the answers

What is the core focus of Porter's Five Forces analysis in strategic management?

Analyzing industry attractiveness and competitiveness Signup and view all the answers

In strategic planning, what does SWOT analysis stand for?

Strengths, Weaknesses, Opportunities, Threats Signup and view all the answers

Which step of the strategic-management process involves formulating corporate, business, and functional strategies?

Step 3: Formulate Corporate, Business, and Functional Strategies Signup and view all the answers

What is a key aspect of gaining a competitive advantage in strategic management?

Lowering operational costs Signup and view all the answers

How does feedback play a role in the strategic-management process according to the text?

It enables constructive action by all stakeholders Signup and view all the answers