Lesson 1

Question 1

Process of making decisions and implementing action that enable organizations to achieve its goals and objectives.

Answer 1

Strategic Management

Question 2

What are the 5 phases of Strategic management?

Answer 2

A. Assess the organizations’s strategic direction
B. Identify and analyze strangths and weaknesses.
C. Formulatye action plans/ strategic plans
D. Execute action plans
E. Evaluate success of the Action Plans

Question 3

Strategic Intent
Vision
Mission

Answer 3

Strategic Direction

Question 4

internal and external

Answer 4

Weakness and Strengths

Question 5

What are the examples of internal environments?

Answer 5

resources (technologies, materials, human)

Question 6

What are the examples of external environments?

Answer 6

Capabilities (abilities, things that you can do and how you do it)

Question 7

Benefits of Strategic Management

Answer 7

• Creating better future
  -Identifying strategic directions
  -Making better business decisions
  -Increasing market share and profitability
  -Avoiding competitive convergence
  -Financial Benefits or more profits

Question 8

Disadvantages of Strategic Management

Answer 8

• Complex process
• time consuming
• tough implementation
• proper planning