Strategic Management: The ongoing process of defining an organization’s strategy, setting objectives, and allocating resources to achieve long-term goals, considering internal capabilities and external environment.
Environmental Scanning: The systematic collection and analysis of external and internal information to identify opportunities, threats, strengths, and weaknesses that influence strategic decisions.
SWOT Analysis: A tool that assesses internal strengths and weaknesses, along with external opportunities and threats, to inform strategic planning.
Strategy Formulation: The development of long-term plans and choices, including corporate, business, and functional strategies, based on environmental analysis.
Strategy Implementation: The process of executing formulated strategies through organizational structure, resource allocation, and leadership to achieve strategic objectives.
1. What is the 'Strategic Management Process' primarily considered to be?
2. Which of the following best describes the primary purpose of environmental scanning in strategic management?
3. What is the primary role of SWOT analysis in strategic management?
Strategic Management — process?
Ongoing formulation, implementation, evaluation.
Environmental Scanning — purpose?
Identify external/internal factors affecting strategy.
SWOT Analysis — components?
Strengths, Weaknesses, Opportunities, Threats.
Strategic Management — definition?
Ongoing process of setting and achieving long-term goals.
Environmental Scanning — purpose?
Identify opportunities, threats, strengths, weaknesses.
SWOT Analysis — components?
Strengths, Weaknesses, Opportunities, Threats.
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