Question

The strategic management process is the: a. full set of commitments, decisions, and actions firms take to achieve strategic competitiveness and earn above-average returns. b. analysis of the firm's external environment and internal organization to identify external opportunities and threats. c. utilization of the resource-based model of above-average returns to identify the internal resources a company should leverage to achieve strategic competitiveness. d. set of capabilities firms use to respond to various demands and opportunities existing in today's dynamic and uncertain competitive environmen

Answer 1

The answer is, full set of commitments, decisions, and actions firms take to achieve strategic competitiveness and earn above-average returns.

What is the strategic management process?

• Setting policies, procedures, and goals in order to increase a company's or organization's competitiveness is the process of strategic management.
• Strategic management typically focuses on efficiently allocating personnel and assets to accomplish these objectives.

What are the two major process of strategic management?

• The formulation and implementation of strategy are frequently cited as the two main stages involved in strategic management.

Why is strategic management process important?

• For a corporation to succeed in the long run, effective strategic management is crucial.
• It entails formulating a business strategy with specific goals in mind, making plans for how those goals will be realized, coordinating daily operations with those goals, and allocating the resources required to reach those goals.

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