Strategic Management Concepts Assessment

The video covers strategic management, including its definition, process, types, advantages, and disadvantages. It explains the strategic management process in five phases: goal setting, gathering information, strategy forming, implementation, and monitoring. The video also discusses SWOT analysis and balanced scorecard as types of strategic management. Advantages include providing a framework for decision-making and enabling progress measurement, while disadvantages involve anticipating future environments and complexity.

What is the primary purpose of strategic management?

• To manage daily operations

• To manage financial transactions

• To plan and monitor organizational goals

• To handle employee grievances

Which phase of the strategic management process involves setting short-term goals?

• Implementing the strategy

• Strategy forming

• Goal setting

• Monitoring

What is the main focus during the information gathering phase of the strategic management process?

• Setting long-term goals

• Analyzing internal and market data

• Implementing strategies

• Monitoring progress

Which strategic management type involves analyzing internal strengths and weaknesses?

• Porter's Five Forces

• PEST analysis

• SWOT analysis

• Balanced scorecard

What are the four areas evaluated in the balanced scorecard method?

• Goals, Strategies, Implementation, Monitoring

• Strengths, Weaknesses, Opportunities, Threats

• Learning and growth, Business processes, Customer perspectives, Financial data

• Planning, Monitoring, Analysis, Assessment

How does strategic management help in decision-making?

• By providing a framework for operational decisions

• By setting daily tasks

• By managing financial transactions

• By handling employee grievances

What is one of the key advantages of strategic management?

• It discharges the responsibility of the board of directors

• It reduces the need for planning

• It simplifies daily operations

• It eliminates the need for monitoring

What is a significant disadvantage of strategic management?

• It reduces organizational complexity

• It eliminates the need for external consultants

• It requires anticipating the future environment

• It is easy to implement

Why is strategic management considered a complex process?

• It involves only short-term objectives

• It requires minimal resources

• It involves multiple interrelated components

• It is quick to implement

Why might not-for-profit organizations struggle with strategic management?

• They have simple organizational structures

• They do not need strategic planning

• They cannot afford external consultants

• They have too many resources