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.