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Questions and Answers
What is the process by which objectives, strategies, and policies are put into action?
What is the process by which objectives, strategies, and policies are put into action?
- Strategy Formulation
- Strategy Implementation (correct)
- Tactical Planning
- Budget Development
Which is considered the key part of strategic management?
Which is considered the key part of strategic management?
- Formulation
- Implementation (correct)
- Budgeting
- Policy Development
What follows strategy in the process of organizing for action?
What follows strategy in the process of organizing for action?
- Program Development
- Structure (correct)
- Budgeting
- Tactical Planning
What is the sum total of the activities and choices required for the execution of a strategic plan?
What is the sum total of the activities and choices required for the execution of a strategic plan?
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What is the process by which objectives, strategies, and policies are put into action through the development of programs and tactics, budgets, and procedures?
What is the process by which objectives, strategies, and policies are put into action through the development of programs and tactics, budgets, and procedures?
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Study Notes
Strategic Management Process
- Objectives, strategies, and policies are implemented through a structured process known as strategic management.
- Essential components of strategic management include the formulation, implementation, and evaluation of strategies.
Key Part of Strategic Management
- Execution of strategies is considered the key part of strategic management.
- Successful execution bridges the gap between strategic planning and operational activities.
Organizing for Action
- Following the establishment of strategies, organizing for action involves allocating resources, assigning responsibilities, and coordinating efforts.
- This phase ensures that the right people and resources are aligned to achieve strategic goals.
Activities Required for Execution
- The sum total of activities and choices necessary for executing a strategic plan is termed strategic execution.
- This includes all steps taken from planning to delivery, ensuring that objectives are met effectively.
Implementation Process
- The process of putting objectives and strategies into action is known as operationalization.
- This involves developing programs and tactics, allocating budgets, and establishing procedures to guide teams in achieving strategic aims.
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