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Strategic Management Questions

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Define the term "strategic management".
List four phases of strategic management
List four basic elements of strategic management.
Define the term "strategy".
Identify the five forces that shape competition as described by Porter.
Explain what is meant by the term "competitive advantage".
List three directional strategies.
List the five stages of international development.

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Define the term "strategic management"

Strategic management is an organisation-wide task involving both the development and implementation of strategy. It demands the ability to steer the organisation as a whole through strategic change under conditions of complexity and uncertainty.

List four phases of strategic management

1) Establishing the foundation of the strategy

2) Developing the strategic plan

3) Implementing the strategic plan

4) Evaluating the strategic plan

List four basic elements of strategic management.

Environmental Scanning

Strategy Formulation

Strategy implementation

Control and ...

Solution Summary

Define the term "strategic management".