10 Questions
Strategic management is a set of managerial decisions and actions that help determine the long-term performance of an organization. It includes environmental scanning (both -. Discuss the external and internal)
analysis
Strategy formulation (strategic or long-range planning), ______ benefits of strategic implementation, and evaluation and control.
realizing
Originally called business policy, strategic management has advanced substantially with the concentrated efforts of ______ and practitioners.
researchers
Today, we recognize both a science and an art to the application of strategic management ______.
techniques
Creating a Learning Organization: Strategic management has now evolved to the point that its primary value is in helping an organization operate successfully in a ______, complex environment.
dynamic
What is strategic management?
Strategic management is a set of managerial decisions and actions that help determine the long-term performance of an organization.
What does strategic management include?
Strategic management includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), benefits of strategic implementation, and evaluation and control.
How has strategic management evolved?
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.
What are the benefits of strategic management?
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.
What is the primary value of strategic management?
Strategic management has now evolved to the point that its primary value is in helping an organization operate successfully in a dynamic, complex environment.
Test your knowledge of strategic management with this quiz. Explore the concepts of environmental scanning, strategy formulation, implementation, and evaluation. Assess your understanding of this critical aspect of organizational performance.
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