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Strategic Management Quiz

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Questions and Answers

What is strategic management?

Strategic management involves the formulation and implementation of major goals and initiatives by an organization's managers based on consideration of resources and assessment of internal and external environments.

What does strategic management provide to an enterprise?

Strategic management provides overall direction, specifies objectives, develops policies and plans, and allocates resources to achieve those objectives.

What is the role of models and frameworks in strategic decision-making?

Models and frameworks assist in strategic decision-making in complex environments and competitive dynamics.

What are the three principles underlying strategy according to Michael Porter?

<p>Creating a unique and valuable market position.</p> Signup and view all the answers

How does strategic management differ from static management?

<p>Strategic management is not static in nature and includes a feedback loop to monitor execution and inform future planning.</p> Signup and view all the answers