5 Questions
What is strategic management?
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.
What is the focus of strategic management?
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.
What is the Diamond-E Framework?
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.
What are the key elements of strategic management according to the text?
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.
What are the big picture questions that strategic management aims to answer?
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.
Test your knowledge of strategic management with this quiz reviewing key concepts in business policy. Topics include evaluating a firm's direction, assessing the competitive environment, and setting goals. Ideal for students studying at Wilfrid Laurier University.
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