Strategic Management Quiz

analysis

realizing

researchers

<p>techniques</p> Signup and view all the answers

<p>dynamic</p> Signup and view all the answers

<p>Strategic management is a set of managerial decisions and actions that help determine the long-term performance of an organization.</p> Signup and view all the answers

<p>Strategic management includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), benefits of strategic implementation, and evaluation and control.</p> Signup and view all the answers

<p>Strategic management has advanced substantially with the concentrated efforts of researchers and practitioners. Today, we recognize both a science and an art to the application of strategic management techniques.</p> Signup and view all the answers

<p>The benefits of strategic management include a clearer sense of strategic vision for the firm, a sharper focus on what is strategically important, and an improved understanding of a rapidly changing environment.</p> Signup and view all the answers

<p>Strategic management has now evolved to the point that its primary value is in helping an organization operate successfully in a dynamic, complex environment.</p> Signup and view all the answers