BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Not as easy as you think
|
|
|
Mainly the province of senior managers
|
|
|
A living evolving process
|
|
|
More conceptual than practical
|
Detailed explanation-1: -The essence of strategic management is matching business resources to market opportunities. Strategic management involves seeking and identifying opportunities and threats in the market and industry as well as the outside world in general.
Detailed explanation-2: -Strategic management sets a direction for the organization and its employees. Unlike once-and-done strategic plans, effective strategic management continuously plans, monitors and tests an organization’s activities, resulting in greater operational efficiency, market share and profitability.
Detailed explanation-3: -The most important element of strategic management revolves around the concept of defining and understanding the organization’s specific goals. Setting short-term goals is an ideal way to start, as it serves as a direct blueprint in achieving long-term goals.
Detailed explanation-4: -Successful strategic management involves three steps: Planning, Execution and Monitoring Developments & Progress.