Strategic Management Exam Questions With Correct Answers
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Course
Strategic Management
Institution
Strategic Management
Strategic Management Exam Questions With
Correct Answers
Strategic Management - answerWhat managers do to develop the organization's strategies. It's an
important task involving all the basic management functions-planning organizing, leading, and
controlling.
Strategies - answerThe plans for h...
Strategic Management Exam Questions With
Correct Answers
Strategic Management - answer✔What managers do to develop the organization's strategies. It's an
important task involving all the basic management functions-planning organizing, leading, and
controlling.
Strategies - answer✔The plans for how the organization will do what it's in business to do, how it will
compete successfully, and how it will attract and satisfy its customers in order to achieve its goals.
Business Model - answer✔How a company is going to make money. It focuses on two things: 1. whether
customers will value what the company is providing, and 2. whether the company can make any money
doing that.
Strategic Management Process - answer✔A six-step process that encompasses strategic planning,
implementation, and evaluation.
Mission - answer✔A statement of an organization's purpose.
Opportunities - answer✔Positive trends in the external environment.
Threats - answer✔Negative trends in the external environment.
Resources - answer✔An organization's assets that are used to develop manufacture, and deliver
products to the customers.
Capabilities - answer✔An organization's skills and abilities in doing the work activities needed in the
business.
Core Competencies - answer✔The organization's major value-creating capabilities that determine its
competitive weapons.
Strengths - answer✔Any activities the organization does well or any unique resources that it has.
Weaknesses - answer✔Activities the organization does not do well or resources it needs but does not
possess.
SWOT Analysis - answer✔An analysis of the organization's strengths, weaknesses opportunities, and
threats.
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