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Strategy Evaluation Activities and Importance
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Strategy Evaluation Activities and Importance

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Questions and Answers

What is a key benefit of strategic management besides avoiding financial demise?

  • Increased resistance to change
  • Lack of understanding of competitors' strategies
  • Decreased employee productivity
  • Enhanced awareness of external threats (correct)
  • How do business and military organizations differ in their strategic approach?

  • Military strategy involves exploiting strengths to gain competitive advantage, unlike business strategy
  • Military strategy is formulated based on competition, unlike business strategy (correct)
  • Business strategy focuses on conflict resolution unlike military strategy
  • Business strategy assumes collaboration while military strategy assumes competition
  • What does a gap analysis primarily help in strategic planning?

  • Adapting to the status quo
  • Monitoring internal events
  • Decision-making (correct)
  • Avoiding external threats
  • In strategic management, what benefit does an improved understanding of competitors' strategies provide?

    <p>Gaining competitive advantage</p> Signup and view all the answers

    What are the three fundamental strategy evaluation activities mentioned in the text?

    <p>Reviewing external and internal factors, measuring performance, and taking corrective actions</p> Signup and view all the answers

    Why is strategy evaluation considered necessary according to the text?

    <p>To avoid future problems and complacency created by current success</p> Signup and view all the answers

    What approach does the strategic management process attempt to follow?

    <p>Objective, logical, and systematic</p> Signup and view all the answers

    Why is strategic management not considered a pure science according to the text?

    <p>Because it involves both qualitative and quantitative information under uncertainty</p> Signup and view all the answers

    What is the main focus when developing a strategic plan for a business according to the text?

    <p>Setting top-level objectives for the future</p> Signup and view all the answers

    Why is it necessary to compare the business to competitors when gathering information for strategic planning?

    <p>To identify similarities and differences in internal operations</p> Signup and view all the answers

    What is one key aspect to consider while deciding on the best way to implement changes for a business's strategic plan?

    <p>Evaluating the timeframe with deadlines for implementation</p> Signup and view all the answers

    What approach is recommended when analyzing a business's environment according to the text?

    <p>Being detached and critical in the analysis</p> Signup and view all the answers

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