Introduction

Question 1

Strategic Management is the dynamic process of ______, ______
and ______ ______-______ decisions that enables an organization to achieve its
objectives .

Answer 1

formulating, implementing, evaluating cross-functional

Question 2

Strategic Management gives organization a clear direction by defining their vision, mission and goals. It helps align all stakeholders towards a common purpose and provides a framework for decision making and resource allocation.

Answer 2

Clear Direction.

Question 3

2. Strategic Management helps to define a clear purpose and direction.. The organization efforts are more cohesive because everyone is focused on the same objectives, with successes tracked and measured. It identifies areas of improvement and drives continuous growth and innovation.

Answer 3

Operational Improvement.

Question 4

The ongoing analysis of external forces makes it possible for the organization to competitive threats more quickly and efficiently as well as capitalize on
potential opportunities. They become more pro active in carrying out business, potentially increasing its market share and profitability.

Answer 4

Competitive Advantage

Question 5

With the Strategic Management, resources of all types
(finance, human capital, technology) are better planned and managed, resulting in more efficient resource utilization.

Answer 5

Resource Optimization.

Question 6

5. Strategic Management requires the ongoing analysis of internal and external forces. It includes factors from social environment to the competitive landscape. This process can help mitigate risks and make it easier to adapt to market changes while improving the overall decision-making process.

Answer 6

Sustainable Growth

Question 7

Strategic Management involves assessing risks and uncertainties
associated with various strategies and making informed decisions to mitigate them..

Answer 7

Risk Management