STRATEGIC MANAGEMENT

What is the primary benefit of strategic management?

• Short-term profits

• Long-term sustainability

• Operational efficiency

• Minimal competition

What are the levels of strategy typically defined in strategic management?

• Lower and upper

• Functional and operational

• Corporate, business, and functional

• Global and local

What is the Strategic Management Process characterized by?

• One-time decision making

• Cyclical and iterative nature

• Linear progression

• Independent phases

What is the role of vision and mission in strategic management?

• Short-term goal setting

• Defining long-term objectives

• Analyzing market trends

• Assessing financial performance

What challenges are faced in strategic management in the global economy?

• Limited technological advancements

• Homogeneous market demands

• Cultural diversity and geopolitical risks

• Decreased competition

What does environmental scanning involve in strategy formulation?

• Monitoring competitor activities

• Conducting financial audits

• Analyzing employee performance

• Assessing customer satisfaction

Which model is used for industry and competition analysis?

• SWOT Analysis

• PEST Analysis

• BCG Portfolio Model

• McKinsey's 7S Framework

What does the Ansoff Matrix help in identifying?

• Market expansion strategies

• Employee training needs

• Financial performance ratios

• Legal compliance issues

What is the primary focus of strategic implementation?

• Vision setting

• Resource allocation

• Market analysis

• Customer satisfaction

What is the purpose of strategic evaluation and control?

• Achieving short-term goals

• Identifying new markets

• Ensuring strategy effectiveness

• Expanding workforce