BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Establishment of mission, vision, and goals
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Analysis of external opportunities and threats
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Analysis of internal strengths and weaknesses
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Strategic Control
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Detailed explanation-1: -The External Assessment, or External Environmental Scan, is an inventory of the political, economic, social, and technological forces that influence the mission and goals of an organization, and how it functions. It involves analysis of the current environment and the trends that may affect it.
Detailed explanation-2: -Strategic management provides overall direction by developing plans and policies designed to achieve objectives and then allocating resources to implement the plans. Ultimately, strategic management is for organisations to gain a competitive edge over their competitors.
Detailed explanation-3: -The purpose of a strategic analysis is to analyze an organization’s external and internal environment, assess current strategies, and generate and evaluate the most successful strategic alternatives.
Detailed explanation-4: -’ SWOT analysis is a useful technique that pulls together the internal and external aspects of the strategic position by considering the organisation’s strengths, weaknesses, opportunities and threats. It can be difficult to identify whether a particular issue is actually a strength or a weakness.