Chapter 1 Management Strategies Questions and Answers Grade A+ 2023

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What is Strategic Management? - -A process through which: -Organizations analyze and learn from their internal and external environments -Establish strategic direction -Create Strategies that are i... ntended to move the organization in that direction and -implement those strategies -What are the 3 perspectives on Strategic Management? - --Traditional Perspective -Resource-based View -Stakeholder View -What is the Traditional Perspective? - -Analyzing the internal and external environments of the company to arrive at organizational SWOT -What is the Traditional Management Process? - --Situation Analysis (Internal/external environment) -Strategic Direction (Mission & Goals) -Strategy Formulation (take advantage of strengths/overcome weakness) -Strategy Implementation (development & execution of implementation plans) [Show More]

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