Strategic Management Study
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Questions and Answers

What is the main focus of strategic management?

  • Daily operational decisions
  • Short-term performance evaluation
  • Environmental scanning (correct)
  • Budget allocation for the next month

    • Which phase of strategic management involves proposing the next year's budget with most information coming internally?

  • Strategic management
  • Forecast-based planning
  • Externally oriented planning
  • Basic financial planning (correct)

    • What is the time horizon for Phase 2 of strategic management?

  • Ten years
  • One year
  • Five years
  • Three to five years (correct)

    • In which phase of strategic management are formal strategic planning initiatives taken by top management to improve responsiveness?

    <p>Externally oriented planning</p> Signup and view all the answers

    What is one benefit of strategic management mentioned in the text?

    <p>A clear strategic vision for the firm</p> Signup and view all the answers

    What distinguishes strategic management from basic financial planning?

    <p>Proposing five-year plans with external data</p> Signup and view all the answers

    What is a key characteristic of Phase 3 of strategic management?

    <p>Top management controls the planning process</p> Signup and view all the answers

    What distinguishes Phase 4 of strategic management from the previous phases?

    <p>Emphasis on probable scenarios and contingency strategies</p> Signup and view all the answers

    How does Phase 2 of strategic management differ from Phase 4?

    <p>Strategic thinking at all levels is emphasized in Phase 2</p> Signup and view all the answers

    What is a major difference between Phase 3 and Phase 4 of strategic management?

    <p>Phase 4 involves top management forming planning groups</p> Signup and view all the answers

    What is a primary reason for top management taking control of the planning process in Phase 3?

    <p>To increase responsiveness to changing markets</p> Signup and view all the answers

    How does strategic information usage change from Phase 3 to Phase 4 of strategic management?

    <p>Strategic information is used by people throughout the organization in Phase 4</p> Signup and view all the answers

    What is the primary focus of strategic management?

    <p>Developing strategies to achieve long-term organizational performance</p> Signup and view all the answers

    Which phase of strategic management involves considering projects that may take more than one year?

    <p>Forecast-based planning</p> Signup and view all the answers

    What is the primary difference between basic financial planning and strategic management?

    <p>Basic financial planning involves proposing annual budgets, while strategic management focuses on long-term performance</p> Signup and view all the answers

    Which of the following is NOT a phase of strategic management mentioned in the text?

    <p>Resource allocation</p> Signup and view all the answers

    What is a limitation of basic financial planning?

    <p>It pretends to be strategic management without substantial analysis</p> Signup and view all the answers

    What is the primary source of environmental information used in basic financial planning?

    <p>The company's sales force</p> Signup and view all the answers

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