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Test Your Strategic Management Knowledge

10 Questions

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Test Your Strategic Management Knowledge

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Questions and Answers

What is strategic management?

The random use of a company's resources to reach its goals and objectives

The reactive use of a company's resources to reach its goals and objectives

The planned use of a company's resources to reach its goals and objectives (correct)

The unplanned use of a company's resources to reach its goals and objectives

What does strategic management require?

Evaluating external factors only

Ignoring internal processes and external factors

Ongoing evaluation of internal processes and external factors (correct)

Evaluating internal processes only

Who can benefit from strategic management?

Only small companies

All companies (correct)

Only large companies

None of the companies

What does strategic management ensure?

Only the steps necessary to reach a goal are implemented company-wide Signup and view all the answers

What are the benefits of strategic management?

Competitive advantage, not achieving goals, sustainable growth, cohesive organization, and increased managerial awareness Signup and view all the answers

What are the steps involved in strategic management?

Setting objectives, analyzing competitors, reviewing internal structure, evaluating current strategies, and confirming implementation company-wide Signup and view all the answers

What are the popular types of strategic management?

SWOT analysis and balanced scorecard Signup and view all the answers

What is the first step in strategic management?

Analyzing the company's current direction Signup and view all the answers

What should you do once you understand the current process in strategic management?

Analyze the details and create an action plan Signup and view all the answers

What should you do after following the steps outlined in your strategic plan?

Evaluate the final product Signup and view all the answers

Study Notes

Strategic management is the planned use of a company's resources to reach its goals and objectives
It requires ongoing evaluation of internal processes and external factors
All companies can benefit from strategic management
It ensures steps necessary to reach a goal are implemented company-wide
It offers benefits like competitive advantage, achieving goals, sustainable growth, cohesive organization, and increased managerial awareness
Strategic management requires setting objectives, analyzing competitors, reviewing internal structure, evaluating current strategies, and confirming implementation company-wide
Popular types of strategic management include SWOT analysis and balanced scorecard
The first step in strategic management is evaluating the company's current direction
Once you understand the current process, you must analyze the details and create an action plan
Follow the steps outlined in your strategic plan, evaluate the final product, reflect, and revise as needed

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Description

Are you familiar with the ins and outs of strategic management? Take this quiz to test your knowledge on the benefits, steps, and popular methods of strategic management. From analyzing competitors to evaluating internal processes, this quiz covers everything you need to know to ensure your company reaches its goals and objectives. Challenge yourself and see how much you know about strategic management!