How does a business with a clear social responsibility objective differ in strategy from one focusing solely on shareholder returns? It ignores market trends It pursues different strategies It prioritizes short-term gains It focuses on cost-cutting

It pursues different strategies

What are the stages of strategic management and their purposes? Market research, product development, sales strategy Strategic analysis, strategic choice, strategic implementation Financial planning, risk assessment, execution Human resources, operations management, marketing

Strategic analysis, strategic choice, strategic implementation

Why is strategic management necessary for a business? To plan for the future and respond to changes To focus solely on short-term profits To reduce operational costs To ignore external market conditions

To plan for the future and respond to changes

What is the 'Blue Ocean' strategy in business development? Enhancing existing products Focusing on cost leadership Creating uncontested market spaces Competing in saturated markets

Creating uncontested market spaces

What are the benefits of scenario planning for managers? It focuses only on short-term gains It guarantees future success It eliminates all business risks It forces consideration of risks and uncertainties

It forces consideration of risks and uncertainties

Strategic Management Concepts and Applications in Business

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Sociology - Management

andrsonztdc Created by 10 mon ago

Cards in this deck(18)

What forces a business to choose which strategies to proceed with and which to drop or scale back?

When developing future strategies, what should a business apply if it has proven capabilities in certain areas?

What aspect of the business environment makes innovations by competitors difficult to copy or improve upon?

How does a business with a clear social responsibility objective differ in strategy from one focusing solely on shareholder returns?

What are the stages of strategic management and their purposes?

What is the process of looking in detail at a business's current position and future possibilities called?

Why is strategic management necessary for a business?

What is the 'Blue Ocean' strategy in business development?

What is the process called where senior managers identify possible outcomes or situations?

What are the benefits of scenario planning for managers?

What are the limitations of scenario planning?

What does SWOT analysis focus on within a business?

What does PEST analysis focus on in a business environment?

What is the goal of a market penetration strategy?

What does a product development strategy entail?

What is the focus of a market development strategy?

What does diversification in business growth involve?

What are decision trees used for in business decision-making?

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