BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
strategy must be directed toward overall organizational goals and objectives
|
|
|
strategy must be focused on long-term objectives
|
|
|
strategy must be focused on one specific area of an organization
|
|
|
strategy must focus on competitor strengths
|
Detailed explanation-1: -1) It is directed toward overall organizational goals and objectives; 2) It includes multiple stakeholders in decision making; 3) It requires incorporating both short-term and long-term perspectives; 4) It involves the recognition of trade-offs between effectiveness and efficiency.
Detailed explanation-2: -The four phases of strategic management are formulation, implementation, evaluation and modification.
Detailed explanation-3: -The correct answer for the given question is Option A) strategy must be directed toward overall organizational goals and objectives. A company’s goals and objectives must be the first focus of strategic management.
Detailed explanation-4: -It is directed toward overall organizational goals and objectives; It includes multiple stakeholders in decision making; It requires incorporating both short-term and long-term perspectives; It involves the recognition of trade-offs between effectiveness and efficiency.