Page 19 - DCOM506_DMGT502_STRATEGIC_MANAGEMENT

Unit 1: Introduction to Strategic Management

1.10 Self Assessment Notes

Fill in the blanks:
1. Strategic management provides overall ......................... to the enterprise.

2. Strategic management is a question of interpreting, and continuously ........................., the
possibilities presented by ......................... circumstances for advancing an organisation's
objectives.

3. The foundation of strategy is a definition of organisational ..........................
4. Organisations set up appropriate monitoring and control systems, develop standards and
targets to judge .....................

5. ......................... and ......................... of strategy rarely proceed according to plan.
6. The first step in the strategic management process is to develop the corporate .........................
and .........................

7. Once a firm has committed itself to a particular strategy, its ......................... and .........................
are tied to it.
8. A ......................... can be defined as the overall goal of an organisation that all business
activities and processes should contribute toward achieving.
9. Formulation and implementation of strategy must occur side-by-side rather than
.........................
10. When a strategy becomes internalized into a corporate culture, it can lead to .........................
11. Strategic planning goes far beyond the ......................... process.
12. Generally, only the ......................... has the perspective needed to understand the broad
implications behind the strategic plans.
13. The real strategic goals are realized only along with the analysis of the ......................... and
......................... environment of the organisation.
14. Developing an organisational strategy involves ......................... main elements.
15. Strategic planning is a ......................... exercise in terms of the time that needs to be devoted
to it by managers.

1.11 Review Questions

1. Discuss the various elements of strategic management.
2. Examine the significance of strategic management.

3. "Strategic management process is the way in which strategists determine objectives and
strategic decisions". Discuss.

4. Bring out the distinguishing features of strategic management.
5. Can the process of strategic management really be depicted in a given model or it is a
prompt and dynamic process? Give reasons.

6. Depict the model of strategic management and explain its components.

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