Strategic Management Overview

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What is the key difference between strategic management and strategic planning as explained in the text?

Strategic management includes implementation, while strategic planning is limited to formulation.

Which term is used to signify an organization's commitment to specific markets, policies, procedures, and operations?

Strategic planning

What does a strategic plan result from according to the text?

Tough managerial choices among numerous good alternatives

In the context of this text, what does strategic management encompass?

Formulation, implementation, and evaluation of cross-functional decisions

How is the term 'strategic planning' contrasted with 'strategic management' in this course?

'Strategic management' covers cross-functional decisions, whereas 'strategic planning' deals only with strategy formulation.

Learn about the art and science of formulating, implementing, and evaluating cross-functional decisions to help organizations achieve their objectives. This quiz covers the key concepts of strategic management, strategic planning, and strategic plans.

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