The set of decisions and actions used to formulate and implement 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 is the set of decisions and actions used to formulate and implement strategies to achieve organizational goals while considering the organization's environment, resources, and capabilities. Strategy formulation is the process of developing strategies, whereas strategic planning is the process of developing plans to implement those strategies. Strategy implementation is the process of carrying out the strategies, and strategy evaluation is the process of assessing their effectiveness. Therefore, the best answer is C, which encompasses all of these processes.

The Set of Decisions and Actions Used to Formulate and Implement