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About this document
- Pages
- 9 pages
- Price
- $9 one-time, yours to keep
- Membership
- Included in every plan
- Format
- Subject
- Business Management, Business Strategy, Strategic Management
- Module
- MGT498
This document contains multiple-choice questions on strategic management, covering topics such as the benefits of strategic management, phases of strategic management, corporate governance, and social responsibility. It is useful for students preparing for their final exam in strategic management.
What's inside
- Benefits of strategic management
- Phases of strategic management
- Corporate governance
- Social responsibility
- Strategic management process
- External environmental scanning
Who it is for: Students taking a strategic management course, preparing for their final exam. (Undergraduate)
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Summary
Strategic management is the process of making decisions and taking actions to shape a corporation's long-term performance. Students get an overview of strategic management, its phases, elements, and key concepts. They also get multiple-choice questions on these topics.
Strategic Management Benefits
Strategic management brings various benefits to a corporation. These include a clearer sense of vision, higher levels of employee motivation, and improved productivity. It also helps in reducing employee turnover.
Strategic Management Phases
Strategic management evolves through four sequential phases. These phases are basic financial planning, internally-oriented planning, externally-oriented planning, and forecast-based planning. The document asks which phase comes first.
Strategic Management Process
The strategic management process includes several basic elements. These are strategy formulation, strategy implementation, evaluation and control, and environmental scanning. The document asks which element is not part of this process.
Corporate Governance and Responsibility
Corporate governance is the relationship among the board of directors, top management, and shareholders. Social responsibility is the concept that corporations have responsibilities to society beyond making a profit. The document asks about these topics and who said that the social responsibility of business is fundamentally subversive.
Key terms
- Corporate governance
- The relationship among the board of directors, top management, and shareholders.
- Social responsibility
- The concept that corporations have responsibilities to society beyond making a profit.
- Strategic management
- The set of managerial decisions and actions that determine the long-run performance of a corporation.
- External environmental scanning
- A tool to monitor, evaluate, and disseminate information from the external environment to key people within the corporation.
- Corporate strategy
- The firm's overall direction in terms of its general orientation toward growth, the industries or markets in which it competes, and the manner in which it coordinates activities and transfers resources among business units.
- Strategy implementation
- The sum total of the activities and choices required for the execution of a strategic plan.
Questions this document helps with
- What are the benefits of strategic management?
- What are the phases of strategic management?
- What is the difference between corporate governance and social responsibility?
Summary written with AI from the document's text.
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