Question

The 4 basic elements of Strategic Management are: A. Environmental scanning, strategy formulation, strategy implementation, evaluation and control B. Organizational scanning, strategy planning, strategy implementation, evaluation of sales C. Environmental scanning, strategy scanning, strategy planning, strategy evaluation D. Organizational planning, strategy formulation, policy implementation, policy evaluation and control E. Environmental scanning, strategy scanning, policy scanning, sales scanning

Answer 1

Answer:

A. Environmental scanning, strategy formulation, strategy implementation, evaluation and control.

Explanation:

In Business management, a strategy can be defined as a set of guiding principles, actions and decisions that an organization combines so as to achieve its business goals, attract customers and possess a competitive advantage over its rivals in the industry.

Typically, to formulate strategies that are well aligned with the mission of an organization or business firm, some of the activities that needs to be performed includes the following;

1. Knowing your core competencies.

2. Assessment of the organization's internal strengths and weaknesses.

3. Examination of the organization's external environment.

4. Analyze your competitors.

Furthermore, the four (4) basic elements of Strategic Management are: environmental scanning, strategy formulation, strategy implementation, and evaluation and control.

In conclusion, a business strategy or strategic plan sets the overall direction for an organization or business because it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan, thereby, giving it certain advantages, edge over rivals in the same industry and to meet the needs of various customers by analyzing their strengths, weaknesses, opportunities and threats (SWOT).