Strategic Management Chapter 1 Exam Questions With Correct Answers
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Course
Strategic Management
Institution
Strategic Management
Strategic Management Chapter 1 Exam
Questions With Correct Answers
Strategic management is the ______ of any organization - answerfoundation
Focus of strategic management - answerunlock the organization's potential and create longterm value
for stakeholders
3 basic theories of strategic manage...
Strategic Management Chapter 1 Exam
Questions With Correct Answers
Strategic management is the ______ of any organization - answer✔foundation
Focus of strategic management - answer✔unlock the organization's potential and create longterm value
for stakeholders
3 basic theories of strategic management - answer✔1) Industry Organization Theory
2) Resource Based Theory
3) Contingency Theory
Approaches of Strategic Management - answer✔1) Prescriptive
2) Descriptive
Prescriptive - answer✔Focuses on 'what should be' and believes that one size fits all
Descriptive - answer✔Evaluates 'what is' and describes how strategy is implemented in specific and
customized contexts
Key benefits of strategic management - answer✔1) Helps organizations to build vision for its future
2) Helps people to understand what organization stands for
3) Educates the people to understand the structure
4) Facilitates better delegation, coordination, monitoring, performance, evaluation, and overall control
at strategic levels
5) Identification of strengths and weaknesses help organization to leverage the strength and overcome
the weakness
6) Helps company to adopt suitable strategies to address market opportunities
Limitations of Strategic Management - answer✔1) Adopting unrealistic strategies would lead to failures
and frustrations
2) Inadequacies in data lead to wrong strategies
3) Ineffective implementation of strategy will not produce desired results
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