Learn the Basics of Strategic Management with These PDF Quizzes and Answers
Strategic Management Questions and Answers PDF Download Quiz
Strategic management is the process of planning, implementing, and evaluating the goals and actions of an organization. It helps organizations to achieve their vision, mission, and objectives by aligning their resources, capabilities, and environment. Strategic management also enables organizations to gain a competitive advantage, improve performance, and adapt to changing conditions.
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In this article, you will learn more about what strategic management is, how to create a strategic management plan, and how to test your knowledge of strategic management with quizzes. You will also find some examples of strategic management questions and answers in PDF format that you can download and use for your own learning or assessment purposes.
What is strategic management?
Strategic management can be defined as a decision-making process that leads to the development and execution of the strategic position of an organization. The strategic position reflects how an organization matches its internal strengths and weaknesses with its external opportunities and threats. The strategic position also guides the organization's actions and responses to achieve its desired outcomes.
There are different types and models of strategic management that can be applied depending on the nature, size, and goals of the organization. Some common types of strategic management are:
Prescriptive strategic management: This type of strategic management focuses on developing strategies in advance based on rational analysis, planning, and control. It follows a top-down approach where senior managers set the direction and objectives for the organization.
Descriptive strategic management: This type of strategic management focuses on putting strategies into practice based on emergent situations, learning, and adaptation. It follows a bottom-up approach where strategies are shaped by the actions and interactions of various stakeholders within and outside the organization.
Hybrid strategic management: This type of strategic management combines elements of both prescriptive and descriptive approaches. It allows for flexibility and creativity while maintaining coherence and consistency. It involves collaboration and communication among different levels and functions of the organization.
Some common models of strategic management are:
Balanced Scorecard: This model uses four perspectives (financial, customer, internal, and learning and growth) to measure and manage the performance of an organization. It links the vision, mission, and objectives of the organization with specific indicators, targets, and initiatives.
SWOT Analysis: This model analyzes the strengths, weaknesses, opportunities, and threats of an organization or a project. It helps to identify the internal and external factors that affect the success or failure of an organization or a project.
Porter's Five Forces Model: This model evaluates the competitive forces that shape an industry: rivalry among existing competitors, threat of new entrants, threat of substitute products or services, bargaining power of buyers, and bargaining power of suppliers. It helps to determine the attractiveness and profitability of an industry.
Red-Blue Ocean Strategy: This model distinguishes between two types of markets: red oceans, where competition is fierce and profits are low, and blue oceans, where competition is minimal and profits are high. It helps to create value innovation by offering something unique and desirable to customers.
Some examples of strategic management in practice are:
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Apple: Apple is known for its innovation and differentiation strategy that creates products and services that are highly valued by customers. Apple uses the balanced scorecard model to align its vision, mission, and objectives with its financial, customer, internal, and learning and growth perspectives. Apple also uses the red-blue ocean strategy to create new markets and segments that are less competitive and more profitable.
Netflix: Netflix is known for its disruption and diversification strategy that transformed the entertainment industry. Netflix uses the SWOT analysis model to identify its strengths, weaknesses, opportunities, and threats in the changing market. Netflix also uses the Porter's five forces model to evaluate the competitive forces that affect its industry and position itself accordingly.
Starbucks: Starbucks is known for its quality and social responsibility strategy that creates a loyal customer base and a positive brand image. Starbucks uses the descriptive strategic management approach to adapt to the local cultures, preferences, and needs of its customers. Starbucks also uses the hybrid strategic management approach to balance between planning and execution, as well as collaboration and communication among its stakeholders.
How to create a strategic management plan?
A strategic management plan is a document that outlines the goals, actions, and measures of an organization or a project. It serves as a guide and a tool for implementing and evaluating the strategic management process. A strategic management plan can vary in length, detail, and format depending on the purpose, scope, and audience of the plan.
However, there are some common steps and tips for developing a strategic management plan:
Define the vision, mission, and objectives of the organization or the project. These statements should reflect the purpose, values, and direction of the organization or the project.
Analyze the internal and external environment of the organization or the project. This involves identifying the strengths, weaknesses, opportunities, and threats (SWOT) that affect the performance and potential of the organization or the project.
Formulate the strategies that will help achieve the objectives of the organization or the project. These strategies should be based on the analysis of the environment and should address the key issues and challe