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Chapter 1 The Nature of Strategic
management Exam Questions With Verified
Answers.
Strategic Management - answer✔✔Art and science of formulating, implementing, and evaluating
cross-functional decisions that enable an organization to achieve its objectives.
Strategic Planning - answer✔✔Refers only to strategy formulation.
Strategic-Management - answer✔✔Refer to strategy formulation, implementation, and
evaluation
Strategic Plan - answer✔✔A company's game plan.
Strategies - answer✔✔Determine long-term competitive advantages
Strategy formulation - answer✔✔Developing mission/vision, identifying organizations external
opportunities & threats, detecting internal strengths & weaknesses, estimating long-term
objectives, generating alternative strategies, & choosing particular strategies to pursue.
Strategy implementation - answer✔✔Requires a firm to establish annual objectives, devise
policies, motivate employees, & allocate resources so that formed strategies can be executed.
Strategy implementation - answer✔✔Often considered to be the most difficult stage in strategic
management,
"action stage" - answer✔✔Strategy implementation often is called the "_________" of strategic
management
Interpersonal skills - answer✔✔Critical for successful strategy implementation
Strategy Evaluation - answer✔✔Managers need to know which strategies not working well;
primary means for obtaining this information
Strategy Evaluation - answer✔✔It is needed because success today is no guarantee of success
tomorrow!
Chapter 1 The Nature of Strategic
management Exam Questions With Verified
Answers.
Strategic Management - answer✔✔Art and science of formulating, implementing, and evaluating
cross-functional decisions that enable an organization to achieve its objectives.
Strategic Planning - answer✔✔Refers only to strategy formulation.
Strategic-Management - answer✔✔Refer to strategy formulation, implementation, and
evaluation
Strategic Plan - answer✔✔A company's game plan.
Strategies - answer✔✔Determine long-term competitive advantages
Strategy formulation - answer✔✔Developing mission/vision, identifying organizations external
opportunities & threats, detecting internal strengths & weaknesses, estimating long-term
objectives, generating alternative strategies, & choosing particular strategies to pursue.
Strategy implementation - answer✔✔Requires a firm to establish annual objectives, devise
policies, motivate employees, & allocate resources so that formed strategies can be executed.
Strategy implementation - answer✔✔Often considered to be the most difficult stage in strategic
management,
"action stage" - answer✔✔Strategy implementation often is called the "_________" of strategic
management
Interpersonal skills - answer✔✔Critical for successful strategy implementation
Strategy Evaluation - answer✔✔Managers need to know which strategies not working well;
primary means for obtaining this information
Strategy Evaluation - answer✔✔It is needed because success today is no guarantee of success
tomorrow!
