Podcast
Questions and Answers
What is a key benefit of strategic management besides avoiding financial demise?
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?
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?
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?
In strategic management, what benefit does an improved understanding of competitors' strategies provide?
What are the three fundamental strategy evaluation activities mentioned in the text?
What are the three fundamental strategy evaluation activities mentioned in the text?
Why is strategy evaluation considered necessary according to the text?
Why is strategy evaluation considered necessary according to the text?
What approach does the strategic management process attempt to follow?
What approach does the strategic management process attempt to follow?
Why is strategic management not considered a pure science according to the text?
Why is strategic management not considered a pure science according to the text?
What is the main focus when developing a strategic plan for a business according to the text?
What is the main focus when developing a strategic plan for a business according to the text?
Why is it necessary to compare the business to competitors when gathering information for strategic planning?
Why is it necessary to compare the business to competitors when gathering information for strategic planning?
What is one key aspect to consider while deciding on the best way to implement changes for a business's strategic plan?
What is one key aspect to consider while deciding on the best way to implement changes for a business's strategic plan?
What approach is recommended when analyzing a business's environment according to the text?
What approach is recommended when analyzing a business's environment according to the text?
