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  • Strama Quiz 3

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    Yi Zara
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    Strategic management involves integrating various business functions to formulate, implement, and evaluate strategies that allow an organization to achieve its goals. The formulation stage determines internal strengths and weaknesses, implementation requires interpersonal skills to carry out strategies, and evaluation monitors changes in the external environment and internal factors to identify if corrective actions need to be taken.

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    Strategic management involves integrating various business functions to formulate, implement, and evaluate strategies that allow an organization to achieve its goals. The formulation stage determines internal strengths and weaknesses, implementation requires interpersonal skills to carry out strategies, and evaluation monitors changes in the external environment and internal factors to identify if corrective actions need to be taken.

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    36 views1 page

    Strama Quiz 3

    Uploaded by

    Yi Zara
    Strategic management involves integrating various business functions to formulate, implement, and evaluate strategies that allow an organization to achieve its goals. The formulation stage determines internal strengths and weaknesses, implementation requires interpersonal skills to carry out strategies, and evaluation monitors changes in the external environment and internal factors to identify if corrective actions need to be taken.

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    of 1

    21.

    The goal of strategic management is to

    Answer: achieve and maintain competitive advantage.

    22. Strategic management focuses on integrating management, ______, and information systems to
    achieve organizational success.

    Answer: all of the above

    23. What can be defined as the art and science of formulating, implementing and evaluating cross-
    functional decisions that enable an organization to achieve its objectives?

    Answer: Strategic management

    24. Sometimes ______ is used to refer to strategic formulation, implementation and evaluation,
    with ______ referring only to strategic formulation.

    Answer: strategic management; strategic planning

    25. During what stage of strategic management are a firm's specific internal strengths and
    weaknesses determined?

    Answer: Formulation

    26. An important activity in ______ is taking corrective action.

    Answer: strategy evaluation

    27. What types of skills are especially critical for successful strategy implementation?

    Answer: Interpersonal

    28. ______ is NOT a strategy-implementation activity.

    Answer: Taking corrective actions

    29. Strategy evaluation is necessary because

    Answer: internal and external factors are constantly changing.

    30. Which statement best describes intuition?

    Answer: It should be coupled with analysis in decision-making.

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