Concepts of Strategic Management
Introduction | Concepts | Exercises | Resolution | Case | Discussion | Print
Exercises

Part 2: Solution

Let's see how well you answered the questions.

Now that we have identified what Liz needs to do, let's help her create a strategic management process for CanGo.

Below you will find the steps to the strategic management process and their descriptions. Please match the steps with the appropriate description.

1. SWOT Analysis
    Your Answer:
    Correct Answer: c. Identifying the organization's strengths and weaknesses, and the opportunities and threats in its external environments.
     
     
2. Mission Statement
    Your Answer:
    Correct Answer: d. Clarifying why the organization exists-what it does, how, and for whom.
     
     
3. Long Term Goals
    Your Answer:
    Correct Answer: b. Identifying what the organization wants to achieve through implementing a specific strategy.
     
     
4. Implementation
    Your Answer:
    Correct Answer: g. Launching tactical and functional plans with clearly-defined success objectives.
     
     
5. Strategic Choice
    Your Answer:
    Correct Answer: a. Identifying courses of action that create the best fit between a firm's internal environment and the external environment.
     
     
6. Evaluation
    Your Answer:
    Correct Answer: e. Establishing whether objectives and goals are being fulfilled by the existing strategy.
     
     
7. Revision
    Your Answer:
    Correct Answer: f. Identifying changes in courses of action and making those changes to create a better fit between the firm's internal and external environments.
     
     
8. Vision Statement
    Your Answer:
    Correct Answer: h. Identifying what the organization wants to achieve in its future.
   
     

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