Understanding Strategic Management
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Questions and Answers

What encompasses the study of Strategic Management?

  • Strategy formulation, implementation, and evaluation (correct)
  • Vision and mission setting
  • Only environmental scanning
  • Just the establishment of strategic intent

    • Which phase involves devising the strategy or few strategies?

  • Formulation of Strategy (correct)
  • Implementation of Strategy
  • Strategic Evaluation
  • Establishment of Strategic Intent

    • What is the role of Strategic Management in shaping the future of a business?

  • Ensuring short-term profits
  • Focusing on day-to-day operations
  • Centralized management
  • Decentralized management (correct)

    • Which aspect is NOT included in the 4 Phases of Strategic Management?

    <p>Vision and Mission setting</p> Signup and view all the answers

    What emphasizes monitoring external opportunities and threats in light of strengths and weaknesses?

    <p>Environmental scanning</p> Signup and view all the answers

    What defines Strategic Management as a dynamic process?

    <p>Formulation and control of strategies</p> Signup and view all the answers

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