Understanding Strategic Management

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6 Questions

What encompasses the study of Strategic Management?

Strategy formulation, implementation, and evaluation

Which phase involves devising the strategy or few strategies?

Formulation of Strategy

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

Decentralized management

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

Vision and Mission setting

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

Environmental scanning

What defines Strategic Management as a dynamic process?

Formulation and control of strategies

Learn about the concept of Strategic Management and its key components like environmental scanning, strategy formulation, implementation, and evaluation. Discover how this process helps organizations to monitor external opportunities and threats.

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