18 Questions
What is the primary characteristic of strategic decisions?
They have a high risk, organization-wide impact, and a long-term focus
What is the primary goal of achieving organizational goals?
Acquiring resources and deciding how they’ll be utilized
Who typically makes strategic decisions in an organization?
Senior managers
What is the primary focus of tactical decisions?
Medium-term goals
What is the primary role of a disturbance handler in an organization?
To handle disturbances and crises
What is the primary goal of strategic management?
To achieve organizational goals
What does corporate-level strategy focus on?
Overall purpose and scope of an organization
What is the primary concern of business-level strategy?
How to compete successfully in particular markets
What aspect should be considered for formulating strategic decisions according to the text?
Analysis of internal and external environment
Which factor is crucial for a strategic choice to be relevant and appropriate?
Match between decisions and environmental requirements
Why is a SWOT analysis carried out by a company?
To support the decision-making process
Which level of strategy deals with how different parts of an organization deliver the corporate and business strategies?
Functional (operational) strategy
What is the primary goal of the strategy formulation process?
To ensure strategic decisions align with internal and external environments
What is the purpose of segmentation in the strategic process?
To divide customers into groups with similar needs and behaviors
What is a strategic business unit (SBU)?
A part of an organization with a distinct external market
What is the risk of not aligning strategic decisions with internal and external environments?
Strategic drift
What is the benefit of tracking revenues, costs, and profits independently in a strategic business unit?
To quickly react to market changes
What is the outcome of effective segmentation in the strategic process?
The identification of new market opportunities
Test your knowledge on aspects of strategic management such as managerial roles, types of decisions, and key functions of management. Focus on Decisional Roles, Strategic Decisions, and the functions of management according to the reference book 'Introduction to strategic management'.
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