The set of decisions and actions used to formulate and execute strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals is known as:
A) competitive advantage.
B) strategic planning.
C) strategic management.
D) a SWOT analysis.
E) a strategy.

Question

Quizplus · Accepted Answer

Strategic management involves the entire process of formulating, implementing, and evaluating strategies to achieve organizational goals. This includes analyzing the external and internal environment, setting objectives, formulating strategies, implementing and executing the strategies, and evaluating the outcomes. Competitive advantage, strategic planning, SWOT analysis, and strategy are all important components of strategic management, but they are not the same as strategic management itself.

The Set of Decisions and Actions Used to Formulate and Execute