Strategic Management Ch1

What is the cornerstone of every business?

• Marketing strategy

• Human resource planning

• Corporate strategy

• Budgeting

Strategy helps a business define its relationship with:

• Government agencies

• Investors only

• Internal and external environment

• Technology partners

Which of the following is not one of the Five Tasks of Strategic Management?

• Developing Vision & Mission

• Setting Objectives

• Hiring New Employees

• Evaluating Performance & Making Adjustments

Crafting a strategy falls under which task in the strategic management process?

• Task 1

• Task 2

• Task 3

• Task 5

Who is responsible for performing strategic management tasks?

• Only the CEO

• Managers at different levels

• Customers

• Suppliers

Which of the following is the first task in the strategic management process?

• Setting Objectives

• Evaluating Performance

• Crafting a Strategy

• Developing Vision & Mission

What does a well-developed strategy provide to an organization?

• Stock market valuation

• Legal compliance

• Direction and alignment

• Weekly schedules

Which task involves measuring success and making changes?

• Developing Vision

• Setting Objectives

• Evaluating and Adjusting

• Crafting the Mission

What does crafting a strategy help to achieve?

• Organizational culture

• Strategic objectives

• Risk analysis

• Vision development

A strategic vision helps the organization understand:

• Financial performance

• Where it is going

• Legal risks

• Supply chain needs