Question

_____ is best described as an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage.
A. Supply chain management
B. Integrated technology management
C. Strategic management
D. Inventory management

Answer 1

Answer:

Strategic management

Explanation:

Definition:

Strategic management is the identification, selection and implementation of an organisations long term goal and its objectives. It takes into account the concerns and existence of all stakeholders.

Three components of strategic management:

1. Strategic Analysis - takes into account factors affecting the internal and the external environment of the business.
2. Strategic Choice - involves the formulation, evaluation and selection of strategic options.
3. Strategic implementation - involves implementing and monitoring the strategies selected by the business.