BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a process of setting long term direction for the organization
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a process of measuring performance of the organization
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a process od setting written long-term profit plans
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a process of operational planning
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Detailed explanation-1: -Strategic management process is a continuous culture of appraisal that a business adopts to outdo the competitors. Simple as it may sound, this is a complex process that also covers formulating the organization’s overall vision for present and future objectives.
Detailed explanation-2: -Company Profile 2.0 Developing a Strategy Strategy is the long-term direction of the business. It is likely to express the direction the business should be going in and the action needed to achieve its objectives.
Detailed explanation-3: -Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. Changes in business environments will require organizations to constantly assess their strategies for success.
Detailed explanation-4: -Effective strategic management occurs on an ongoing basis. Long-term planning typically involves establishing goals that you expected to achieve five or more years ahead. Strategic management involves assessing relationships to ensure that each department’s objectives align to the company’s overall goals.