STRATEGIC MANAGEMENT

It is a continuous process of strategy creation.

• strategic analysis

• strategic implementation

• strategic management

• none of the above

It is more popular than strategic management

• strategic analysis

• strategic planning

• strategy formulation

• all of the above

Organizations conduct their businesses by offering:

• less products

• few products

• innovative products

• expensive products

Comparative advantage is the accomplishment of a high level of productivity that is characterized by efficiency in the context of lean and quantifiable management.

• YES

• NO

A medium/long-range plan is prepared:

• every monthly

• for one year

• from three to five, ten or more years

• less than one year

Strategic thinking is:

• is the cognitive process of competently and analytically weighing factors and arriving at critical decisions

• consist of a systematic evaluation

• is efficiently employed

• is the capability of an organization to possess relevant and related knowledge, abilities and foresight

The vision of an organization:

• is a nicely and attractively worded slogan of the organization

• motivates the organization to go where it wants to go

• is the same as its mission

• is an individual goal of a department

Strategic planning generates the blueprint of what an organization intends to accomplish.

• YES

• NO

It consists of the organization's dreams, aspirations, interests, expectations, philosophies, as well as, leadership and management styles and ethical practices.

• Organizational vision

• strategic management

• Value system

• mission statement

It is different from goals which need to be clearly defined, formulated, carefully chosen, specific and definite.

• vision

• objectives

• mision

• none of the above