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1. Which of the following best describes strategic
management?
a) The process of achieving organizational goals through
effective planning, execution, and control.
b) The systematic analysis and evaluation of an
organization's external environment.
c) The development and implementation of long-term plans
to achieve a competitive advantage.
d) The process of identifying and capitalizing on market
opportunities.
Answer: c) The development and implementation of longterm plans to achieve a competitive advantage.
Rationale: Strategic management refers to the formulation
and implementation of strategies that enable organizations
to achieve their long-term goals and gain a competitive
advantage over competitors.
2. A SWOT analysis is a useful strategic management tool
because it:
a) Identifies strengths and weaknesses within the
organization.
b) Evaluates external opportunities and threats.
c) Assesses the internal and external factors affecting the
organization.
d) All of the above.
Answer: d) All of the above.Â
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