STRATEGIC MANAGEMENT AND BUSINESS
POLICY GLOBALIZATION EXAM SCRIPT
VERIFIED QUESTIONS WITH ACCURATE
ANSWERS
●● How is strategic management related to strategic planning?
Answer: In this course, strategic management is used synonymously
with strategic planning, although it can also refer to strategy
formulation, implementation, and evaluation.
●● What is a strategic plan?
Answer: A company's game plan resulting from tough managerial
choices among alternatives, signaling commitment to specific markets,
policies, procedures, and operations.
●● What are the three main questions in the Strategic-Management
Model?
Answer: 1. Where are we now? 2. Where do we want to go? 3. How are
we going to get there?
●● What are the stages of strategic management?
Answer: 1. Strategy formulation 2. Strategy implementation 3. Strategy
evaluation
, ●● What decisions are involved in strategy formulation?
Answer: Decisions about new businesses to enter, businesses to
abandon, expansion, diversification, international markets, mergers, joint
ventures, and avoiding hostile takeovers.
●● What does strategy implementation require?
Answer: Establishing annual objectives, devising policies, motivating
employees, and allocating resources to execute formulated strategies.
●● What is the purpose of strategy evaluation?
Answer: To determine which strategies are not working well through
reviewing factors, measuring performance, and taking corrective actions.
●● What is competitive advantage?
Answer: Any activity a firm does especially well compared to rival
firms, or any resource a firm possesses that rival firms desire.
●● What are strategists responsible for?
Answer: They are individuals most responsible for the success or failure
of an organization, helping to gather, analyze, and organize information.
●● What is the difference between a vision statement and a mission
statement?
POLICY GLOBALIZATION EXAM SCRIPT
VERIFIED QUESTIONS WITH ACCURATE
ANSWERS
●● How is strategic management related to strategic planning?
Answer: In this course, strategic management is used synonymously
with strategic planning, although it can also refer to strategy
formulation, implementation, and evaluation.
●● What is a strategic plan?
Answer: A company's game plan resulting from tough managerial
choices among alternatives, signaling commitment to specific markets,
policies, procedures, and operations.
●● What are the three main questions in the Strategic-Management
Model?
Answer: 1. Where are we now? 2. Where do we want to go? 3. How are
we going to get there?
●● What are the stages of strategic management?
Answer: 1. Strategy formulation 2. Strategy implementation 3. Strategy
evaluation
, ●● What decisions are involved in strategy formulation?
Answer: Decisions about new businesses to enter, businesses to
abandon, expansion, diversification, international markets, mergers, joint
ventures, and avoiding hostile takeovers.
●● What does strategy implementation require?
Answer: Establishing annual objectives, devising policies, motivating
employees, and allocating resources to execute formulated strategies.
●● What is the purpose of strategy evaluation?
Answer: To determine which strategies are not working well through
reviewing factors, measuring performance, and taking corrective actions.
●● What is competitive advantage?
Answer: Any activity a firm does especially well compared to rival
firms, or any resource a firm possesses that rival firms desire.
●● What are strategists responsible for?
Answer: They are individuals most responsible for the success or failure
of an organization, helping to gather, analyze, and organize information.
●● What is the difference between a vision statement and a mission
statement?
