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: -The first step in the strategic management process is analyzing the external environment. An external analysis will identify the threats to a company’s well-being, but not opportunities for success.
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: -Step 1: Environmental Scan The first step of any strategic planning process starts with research. Agency Alpha conducts an environmental scan, a process where they identify and monitor factors that may impact the long-term direction of the agency.
Detailed explanation-4: -The RBV focuses managerial attention on the firm’s internal resources in an effort to identify those assets, capabilities and competencies with the potential to deliver superior competitive advantages.