Importance of Strategic Management

Question 1

Identification

Vision/Mission

Answer 1

Clear Direction

Question 2

Identification.

It helps the company to identify uniques strengths that helps them to differentiate their company from competitors.

Answer 2

Competitive Advantage

Question 3

Identification.

Monitoring the strategy, you were able to evaluate or optimize the resources.

Answer 3

Performance Measurement

Question 4

Identification.

Coming up with innovative strategy to improve company’s performance.

Ex: Mcdo came up with kiosk to improve customer service.

Answer 4

Operational Improvement

Question 5

Resource Maximization, expands the sales

Answer 5

Resource Optimization

Question 6

Predicts certain/uncertain risk, mitigates them when planning.

Answer 6

Risk Management

Question 7

Analyzes the environment for continuous sustainable growth.

Answer 7

Sustainable growth

Question 8

Analyzes the environment for continuous sustainable growth.

Answer 8

Sustainable growth