STRAMAN-Prelim-Part1

What is strategic management?

• Managing short-term goals

• Managing an organization's overall long-term purpose

• Managing daily tasks

• Managing financial reports

Strategic management integrates which functions?

• Only finance and marketing

• Finance, marketing, production, and R&D

• HR and legal

• IT and customer service

The purpose of strategic management is to:

• Manage daily operations

• Focus on long-term objectives and innovate

• Cut costs

• Increase employee retention

Which is more often used in the business world?

• Strategic management

• Strategic planning

• Tactical planning

• Crisis management

What does strategy formulation involve?

• Implementing plans

• Evaluating performance

• Developing a vision and mission

• Creating daily schedules

What stage comes after strategy formulation?

• Strategy implementation

• Strategy evaluation

• Environmental analysis

• Risk assessment

What does strategy evaluation focus on?

• Measuring performance and taking corrective actions

• Formulating new goals

• Marketing plans

• Hiring new staff

What is the prime task of strategic management?

• Assessing competitors

• Thinking through the overall mission of a business

• Raising capital

• Improving customer service

According to Peter Drucker, strategic management is about:

• Making future financial predictions

• Asking the question, "What is our business?"

• Evaluating employee performance

• Reducing costs

Intuition in strategic management is particularly useful in:

• Highly predictable situations

• Situations with great uncertainty and little precedent

• Day-to-day operations

• Handling customer complaints