Strategic Planning Process Quiz

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Questions and Answers

What is the primary goal of strategic management?

  • Following a strict rule-based approach
  • Maximizing profit in the short term
  • Minimizing internal resources
  • Adapting to changes in the external environment (correct)

According to Peter Drucker, how does he compare strategic management?

  • To a mathematical equation
  • To a game of chess (correct)
  • To a marathon race
  • To a game of chance

In strategic management, what does SWOT analysis focus on?

  • Budget allocation for marketing activities
  • Strategic partnerships with suppliers
  • Monitoring competitors' activities
  • Internal and external factors affecting the organization (correct)

What is the first stage in the breakdown of strategic management according to the text?

<p>Mission determination (C)</p> Signup and view all the answers

Which activity is NOT part of strategic planning according to the text?

<p>Selecting specific tactics (B)</p> Signup and view all the answers

What does strategic management involve aligning according to Definition 2 provided in the text?

<p>Internal capabilities with external opportunities (B)</p> Signup and view all the answers

Which term best describes the process of anticipating and reacting to changes in the external environment?

<p>Environmental scanning (D)</p> Signup and view all the answers

What aspect of strategic management is likened to constantly making adjustments while steering a ship through unpredictable waters?

<p>&quot;Adapting to changes in the external environment&quot; (D)</p> Signup and view all the answers

"Formulating, implementing, and evaluating cross-functional decisions" is associated with which concept from the text?

<p>&quot;Decision-making&quot; (C)</p> Signup and view all the answers

"Aligning the organization's internal capabilities with external opportunities" is an essential aspect of which stage of strategic management?

<p>&quot;Strategy implementation&quot; (A)</p> Signup and view all the answers

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