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Questions and Answers
What is the primary focus of strategic management?
What is the primary focus of strategic management?
- Formulating, implementing, and evaluating long-term strategies and plans (correct)
- Day-to-day operations management
- Employee satisfaction and retention
- Short-term financial gains
What is involved in the formulation phase of strategic management?
What is involved in the formulation phase of strategic management?
- Conducting daily operational tasks
- Implementing short-term tactics
- Hiring new employees
- Defining mission, vision, values, and conducting SWOT analysis (correct)
Why is resource allocation important in strategic management?
Why is resource allocation important in strategic management?
- To gain a sustainable competitive advantage (correct)
- To meet short-term financial targets
- To maintain status quo
- To reduce employee workload
What do organizations develop in the strategy development phase of strategic management?
What do organizations develop in the strategy development phase of strategic management?
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What does strategic management aim to adapt to?
What does strategic management aim to adapt to?
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