1. Which of the following best describes the concept of strategic management? A. Managing day-to-day operations of a business B. Setting long-term goals and objectives for a business C. Implementing short-term tactical plans D. Delegating tasks to employees Answer: B. Setting long-term goals and objectives for a business Rationale: Strategic management involves analyzing external and internal factors to set long-term goals and strategies for a business to achieve sustainable competitive advantage. 2. Which of the following is NOT a component of a SWOT analysis? A. Strengths B. Opportunities C. Weaknesses D. Threats Answer: E. None of the above