Questions and Answers
What is the scope of strategic management?
Long term direction and resources configuration for organizational advantage
What does strategic management seek to match with available resources and competencies?
Internal activities
What does corporate strategy concern?
Types of business the organization is in
What is the primary focus of strategic planning?
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What characterizes strategic management in relation to organizational activities?
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Study Notes
Scope of Strategic Management
- The scope of strategic management encompasses the entire organization and its environment, involving the formulation, implementation, and evaluation of strategies to achieve organizational goals.
Matching Resources and Competencies
- Strategic management seeks to match the organization's mission, objectives, and goals with its available resources and competencies.
Corporate Strategy
- Corporate strategy concerns the overall purpose and scope of an organization, its configuration, and the allocation of resources to achieve its goals.
Primary Focus of Strategic Planning
- The primary focus of strategic planning is to position the organization to take advantage of opportunities and overcome threats in its environment.
Characteristics of Strategic Management
- Strategic management is characterized by its integrated and holistic approach, cutting across various organizational activities and functions to achieve a common goal.
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