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MSU MGT 409 Exam 1 Questions & Answers 2024/2025

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MSU MGT 409 Exam 1 Questions & Answers 2024/2025 Strategic Management - ANSWERSA.) Analysis B.) Decisions-Formulation c.) Actions-Implementation Key attributes of strategic management - ANSWERS-Directs organization toward overall goals and objectives -Includes multiple stakeholders in decision making -Needs to incorporate short-term and long-term perspectives -Recognizes trade-offs between efficiency and effectiveness Analysis - ANSWERS-Strategic Goals(vision, mission, strategic objectives) -Internal and external environment Decisions-Formulation - ANSWERS-What industries should we compete in? -How should we compete in those industries? Actions-Implementation - ANSWERS-Allocate necessary resources -Design the organization to bring intended strategies to reality Five Elements of Strategy - ANSWERS1.) Arenas 2.) Differentiators 3.) Vehicles 4.) Staging 5.) Economic Logic

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