Test Prep This preview shows page 2 - 4 out of 26 pages. 6) What is a company's plan for how it will match its internal strengths and weaknesses withexternal opportunities and threats to maintain a competitive advantage?A) strategic planB) situation analysisC) SWOT analysisD) tactical planAnswer:Explanation:A) A strategic plan is a firm's plan for assessing internal strengths andweaknesses with external opportunities and threats. The essence of strategic planninginvolves asking, "Where are we now as a business and where do we want to be?" Managersthen develop specific strategies for taking a firm where it wants to be.A 7) A course of action that a firm can pursue to achieve its strategic aims is known as a________.C Get answer to your question and much more 8) Strategic management is best defined as the process of identifying and executing theorganization's strategic plan by matching the company's capabilities with its ________.A Get answer to your question and much more 9) All of the following are steps involved in the strategic management process EXCEPT________. Get answer to your question and much more We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Strategic Human Resource Management Mello Expert Verified
Get answer to your question and much more 10) What is the first step in the strategic management process?A) formulating a strategyB) defining the current business and its missionC) translating a mission into goalsD) implementing an environmental scanAnswer:Explanation:B) The first step in the strategic planning process is defining a firm's currentbusiness situation, which involves assessing where are we now as a business.B Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 26 pages? Upload your study docs or become a Course Hero member to access this document We have textbook solutions for you!The document you are viewing contains questions related to this textbook. The document you are viewing contains questions related to this textbook. Strategic Human Resource Management Mello Expert Verified What is a firm's method for matching its internal strengths and weaknesses with external opportunities and threats to maintain a competitive advantage?Strategic planning is the company's overall planning for how it will match its internal strengths and weaknesses with its external opportunities and threats in order to maintain a competitive position.
How do you determine the firm's internal strengths and weaknesses?How to Identify Your Company's Strengths and Weaknesses. Start with a SWOT analysis. ... . Consult with others. ... . Closely monitor customer complaints. ... . Match your business against the competition. ... . Join a peer advisory board.. Is SWOT analysis internal or external?A SWOT (strengths, weaknesses, opportunities and threats) analysis looks at internal and external factors that can affect your business. Internal factors are your strengths and weaknesses. External factors are the threats and opportunities.
What is internal strength and weaknesses in strategic management?The Internal Analysis of strengths and weaknesses focuses on internal factors that give an organization certain advantages and disadvantages in meeting the needs of its target market. Strengths refer to core competencies that give the firm an advantage in meeting the needs of its target markets.
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What is a firms method for matching its internal strengths and weaknesses with external opportunities and threats to maintain a competitive advantage?
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