Which statement about the strategic management process is most accurate?
A) Strategic management explains why firms translate their vision into actions.
B) Strategic management should be focused on both strategy formulation and implementation.
C) Strategic management is determined by forces in the firm's external environment.
D) Strategic management is a formula used to develop strategies.

Question

Quizplus · Accepted Answer

Strategic management is a process that involves both formulation and implementation of strategies to achieve the organization's goals and objectives. It is not a formula or a set of rules that guarantees success, nor is it determined solely by the external environment. The process also involves translating the organization's vision into specific actions and initiatives.

Which Statement About the Strategic Management Process Is Most Accurate