Strategic Management

What is the primary focus of strategic management?

• To enhance the company's social responsibility

• To create a competitive advantage in the market

• To increase the salary of the employees

• To expand the business globally

Which of these is not a common strategic management approach?

• SWOT Analysis

• PORTER’S Five Forces

• Balance Scorecard

• Traffic Light System

In a SWOT analysis, what does "S" stand for?

• Strategy

• Social

• Strength

• Situation

The PORTER’S Five Forces model is used to analyze what?

• Political environment

• Industry competition

• Internal operations

• Environmental impact

What is the Balance Scorecard used for?

• Performance measurement

• Market research

• Budget planning

• Product development

In a PESTEL analysis, what does "E" stand for?

• Energy

• Earnings.

• Ethics

• Economy

The Blue Ocean Strategy mainly focuses on:

• Competing in existing market space

• Creating uncontested market space

• Aligning the organization with its environment

• Following the strategies of industry leaders

McKinsey's 7S framework includes all the following EXCEPT:

• Strategy

• Structure

• Skills

• Salaries