BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Yes
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no
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Detailed explanation-1: -Order of play: Strategy will always come first. ‘Changeability’: Strategies take time, research and careful planning to create because of their long-term vision. This means that they can be changed, but not lightly or easily. Tactics, on the other hand, can easily be adjusted to correct the course of action.
Detailed explanation-2: -The first step is to define the vision, mission, and values statements of the organization. This is done in combination with the external analysis of the business environment (PESTEL) and internal analysis of the organization (SWOT).
Detailed explanation-3: -Grand strategies outline an approach to firm growth. The three grand strategies are growth, stability, and defensive, and a firm chooses one of these approaches in addition to their choice of business-level, corporate, and/or international strategies.
Detailed explanation-4: -The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.