BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -Strategic management helps companies set goals, gain a competitive edge, better manage their resources, and more. There is not one prescription for all. Companies must create and adapt a strategic management process that works best for their company and those they serve.
Detailed explanation-2: -In management, the concept of strategy is taken in broader terms. Igor Ansoff (Father of Strategic Management) viewed that in developing strategy, it was essential to systematically anticipate future environmental challenges to an organization, and draw up appropriate strategic plans for responding to these challenges.
Detailed explanation-3: -Interpersonal skills are very critical in successful implementation of the strategy. Strategy implementation activities affects every employee and manager in an Organization.
Detailed explanation-4: -Strategic management involves planning, analyzing and implementing a business strategy. Strategic management is most effective if you can step back far enough and say “all things are possible.” The essence of strategic management is matching business resources to market opportunities.