10 Questions
What is strategic management?
The planned use of a company's resources to reach its goals and objectives
What does strategic management require?
Ongoing evaluation of internal processes and external factors
Who can benefit from strategic management?
All companies
What does strategic management ensure?
Only the steps necessary to reach a goal are implemented company-wide
What are the benefits of strategic management?
Competitive advantage, not achieving goals, sustainable growth, cohesive organization, and increased managerial awareness
What are the steps involved in strategic management?
Setting objectives, analyzing competitors, reviewing internal structure, evaluating current strategies, and confirming implementation company-wide
What are the popular types of strategic management?
SWOT analysis and balanced scorecard
What is the first step in strategic management?
Analyzing the company's current direction
What should you do once you understand the current process in strategic management?
Analyze the details and create an action plan
What should you do after following the steps outlined in your strategic plan?
Evaluate the final product
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
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!
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