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) strategy formulation.
B) strategic planning.
C) strategic management.
D) strategy implementation.
E) strategy evaluation.

Question

Quizplus · Accepted Answer

Strategic management involves both strategy formulation and implementation, and also includes ongoing evaluation and monitoring to ensure that the strategies are effective and adaptive to changes in the environment. Strategic planning only refers to the process of developing and documenting specific strategies, while strategy evaluation is focused on measuring the outcomes and results of strategic actions. Therefore, the best answer is C - strategic management - as it encompasses all aspects of the strategic decision-making process.

The Set of Decisions and Actions Used to Formulate and Execute