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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?

Gaining competitive advantage Signup and view all the answers

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

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

Why is strategy evaluation considered necessary according to the text?

To avoid future problems and complacency created by current success Signup and view all the answers

What approach does the strategic management process attempt to follow?

Objective, logical, and systematic Signup and view all the answers

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

Because it involves both qualitative and quantitative information under uncertainty Signup and view all the answers

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

Setting top-level objectives for the future Signup and view all the answers

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

To identify similarities and differences in internal operations 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?

Evaluating the timeframe with deadlines for implementation Signup and view all the answers

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

Being detached and critical in the analysis Signup and view all the answers