Show Are you ready for a Strategic management quiz? In the business world, the term "strategic management process" refers to any strategy which an organization uses to define itself; a strategy whereby managers within a company will choose from a number of different possible ways for that company to be run, picking the best one possible given the circumstances so that the organization can achieve the best performance available. Is used to refer to strategy formulation implementation and evaluation?Sometimes the term strategic management is used to refer to strategy formulation, implementation and evaluation, with strategic planning referring only to strategy formulation.
What refers to a strategic plan formulated and implemented?Strategy Formulation includes planning and decision-making involved in developing organization's strategic goals and plans. Strategy Implementation involves all those means related to executing the strategic plans. In short, Strategy Formulation is placing the Forces before the action.
What is strategy implementation and strategy evaluation?Strategy implementation is the process of putting a strategy into action. This includes all the steps necessary to ensure the strategy is executed correctly, such as planning, organizing, staffing, directing, and controlling. Strategy evaluation is assessing whether the strategy is effective and achieving its goals.
What refers to strategic formulation?Strategy formulation refers to the process of choosing the most appropriate course of action for the realization of organizational goals and objectives and thereby achieving the organizational vision.
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What is used to refer to strategy formulation implementation and evaluation?
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