Strategic Management, Direction, & Internal Analysis

What are the key elements of strategy? (tick all relevant)

• Sustainability.

• Competitive Advantage.

• Alignment with its environment.

• Process development to deliver the strategy.

• Adding of value.

What are The Four Stages of Strategy?

• Environmental analysis, Strategy formulation, Implementation phase, & Strategy review and evaluation.

• Economic analysis, Strategy formulation, Introduction phase, & Strategy review and evaluation.

• Environmental analysis, Tactical formulation, Implementation phase, & Strategy interest and evaluation.

• Environmental introduction, Strategy formulation, Implementation stage, & Tacticalreview and evaluation.

What are the different approaches to the strategic management process?

• The Prescriptive approach & electric strategic approach.

• The Prewritten approach & emergent strategic approach.

• The Prescriptive approach & emergent strategic approach.

• The Prescriptive approach & emergent tactical approach.

Name the 2 groups of benefits for strategic management.

• General & supportive benefits.

• Financial benefits, & Non-financial benefits.

• Long-term & short-term benefits.

Name a risk of Strategic Management.

• Poor time management.

• Good responsibilities.

• Attained expectations.

• The positive perception of strategic management.

Strategic direction encompasses what 4 aspects?

• Strategic intent.

• Tactical goals.

• Mission Statement.

• Core values.

• Vision.

Which one of these statements is a vision?

• "to generate necessary change in the healthcare market by providing members with quality services & healthcare products that adhere to the public’s fundamental healthcare needs."

• "We Serve with our hearts, we create a great place to be, & with our minds we create an excellent place to shop.”

• “United and transformed agriculture, forestry and fisheries sector that ensures food security for all and economic prosperity.”

Why are core values important?

• Behaviour is not congruent with values.

• It does not guide employees in decision-making.

• It is easy to follow.

• It creates consistency & guidance.

The SWOT Analysis is:

• Strength, Weaknesses (External). Opportunities, Threats (Internal).

• Strength, Weaknesses (Internal). Opportunities, Threats (External).

• Opportunities, Weaknesses (Internal). Strength, Threats (External).

• Opportunities, Weaknesses (External). Strength, Threats (Internal).

What are the 3 aspects of Internal Analysis?

• Resources, capabilities, & core competencies.

• Research, capabilities, & core competencies.

• Research, consistency, & core competencies.