MGT 487 Exam 1 Questions With Correct Answers.

MGT 487 Exam 1 Questions With Correct
Answers


What is strategic management? - CORRECT ANSWER✔✔-The art and
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science of formulating, implementing, and evaluating cross-functional
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decisions that enable an organization to achieve its objectives
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What term is used synonymous with the strategic management? -
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CORRECT ANSWER✔✔-Strategic planning
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A strategic plan is a company's _________________? - CORRECT
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ANSWER✔✔-game plan |




What are the stages of strategic management? - CORRECT ANSWER✔✔-
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Strategy formulation, Strategy implementation, Strategy evaluation
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What does strategy formulation consist of? - CORRECT ANSWER✔✔-
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Developing a vision and mission | | | |




Identifying organization's external opportunities and threats
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, Determining internal strengths and weaknesses
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Establishing long-term objectives
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What are some strategy formulation decisions? - CORRECT
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ANSWER✔✔-What new businesses to enter | | | |




What businesses to abandon
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Whether to expand/merge
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Strategy Implementation requires __________________. - CORRECT
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ANSWER✔✔-A firm to establish annual objectives, devise policies,
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motivate employees, and allocate resources so that formulated
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strategies can be executed.
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Strategy Evaluation (def) - CORRECT ANSWER✔✔-Determining which
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strategies are not working well.
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Three fundamental activities of strategy evaluation - CORRECT
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ANSWER✔✔-Reviewing internal/external factors | |




Measuring performance|