BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Strategy implementation
|
|
|
Strategy evaluation
|
|
|
Strategy formulation
|
|
|
Strategic planning
|
Detailed explanation-1: -Mission statements should be developed after completing the SWOT assessment, and before going into the rest of the planning process. This allows your team to be grounded and in alignment with where your organization is today and what the organization’s strengths and contributions are.
Detailed explanation-2: -Stage 4: Strategy Formulation These long-term objectives indicate how a company can improve its competitive position in the long run.
Detailed explanation-3: -Once prioritized, begin formulating the strategy. Because business and economic situations are fluid, it is critical in this stage to develop alternative approaches that target each step of the plan.
Detailed explanation-4: -Strategy implementation further includes the following. The stage of strategy implementation is also referred to as the action stage of strategic management. The managers & employees are mobilized in the implementation phase so that the formulated strategies are put into action.