BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Goal setting
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Corporate entrepreneurship
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Strategy analysis
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Organizational design
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Detailed explanation-1: -Strategy analysis may be looked upon as the starting point of the strategic management process. It consists of the “advance work” that must be done in order to effectively formulate and implement strategies.
Detailed explanation-2: -Annual objectives are especially important in strategy formulation. According to research, a healthier workforce can more effectively and efficiently implement strategies. Identifying an organization’s existing vision, mission, objectives, and strategies is the final step for the strategic management process.
Detailed explanation-3: -2. Assessing The Organizational Environment. The second step of strategy formulation involves assessing the industrial and economic environment in which an organization operates. This means that competitors within an industry need to be observed, tracked and analyzed.
Detailed explanation-4: -Successful strategic management involves three steps: Planning, Execution and Monitoring Developments & Progress. With strategic management, actions speak louder than words. Even effective strategic planning that yields the appropriate decisions can come up short on delivering performance improvements.