BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a set of activities that will assure a temporary advantage and average returns for the firm.
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a decision-making activity concerned with a firm’s internal resources, capabilities, and competencies, independent of the conditions in its external environment.
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a process directed by top-management with input from other stakeholders that seeks to achieve above-average returns for investors through effective use of the organization’s resources.
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the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness..
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Detailed explanation-1: -Answer and Explanation: The correct answer is d) the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness. Strategic management comprises a bundle of activities used to manage the overall organization under proper strategy and planning.
Detailed explanation-2: -The strategic management process is the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns.
Detailed explanation-3: -Strategic management is the process of defining and implementing an organization’s strategy. It involves analyzing current circumstances, developing a plan to reach important goals, and executing that plan. All businesses can benefit from strategic management to help them meet long-term objectives.
Detailed explanation-4: -Strategic management provides overall direction by developing plans and policies designed to achieve objectives and then allocating resources to implement the plans. Ultimately, strategic management is for organisations to gain a competitive edge over their competitors.