Strategic Management Quiz

Strategic management is an ongoing process that evaluates and evolves a firm’s direction by assessing the competitive environment, setting goals, determining and choosing between strategic choices, regularly re-assessing implementation, and evaluating changing or newly emerging circumstances.

Strategic management focuses on the business as a whole, taking a holistic approach to answer big picture questions on how to run a business, including where to compete, how to compete, and how to execute on it.

The Diamond-E Framework helps to organize analysis and make it comprehensive. It focuses on the integration of all relevant elements for a big picture view, including environment, strategy, management preferences, organization, resources, and capabilities.

<p>The key elements of strategic management include assessing the competitive environment, setting goals, choosing between strategic choices, regularly re-assessing implementation, and evaluating changing or newly emerging circumstances.</p> Signup and view all the answers

<p>Strategic management aims to answer big picture questions on how to run a business, including where to compete, how to compete, and how to execute on it, taking a holistic approach to business management.</p> Signup and view all the answers