BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Vision and Mission are formed to guide the selection of strategies based on the information from the analyses of the firm’s internal organization and external environment.
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True
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False
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Explanation:
Detailed explanation-1: -A vision statement identifies the scope of a firm’s operations in product and market terms. Strategy implementation is often considered to be the most difficult stage in the strategic-management process because it requires personal discipline, commitment, and sacrifice.
Detailed explanation-2: -A strategic management process helps an organization and its leadership to think about and plan for its future existence, fulfilling a chief responsibility of a board of directors. Strategic management sets a direction for the organization and its employees.
Detailed explanation-3: -A firm’s internal strengths and flaws are identified at the formulation stage-an initial stage of the strategic management process.
There is 1 question to complete.