Which of the following statements is not correct about strategic management ?
It involves formulation and implementations of minor goals
Option 1 — "It involves formulation and implementations of minor goals" is the statement that is NOT correct.
Strategic management is fundamentally concerned with the major, long-term, organisation-wide goals and objectives that shape the firm's direction — not minor or routine operational goals. It is the process of formulating, implementing and evaluating cross-functional decisions that enable an organisation to achieve its overarching objectives. Describing it as dealing with "minor goals" contradicts its very nature, making option 1 the false statement.
Why the other options are correct:
| Statement | Why true |
|---|---|
| (2) Initiatives by top management | Strategy is set by top-level (corporate) management, who own the direction of the whole firm. |
| (3) Based on consideration of resources | Strategy matches the firm's resources and capabilities to opportunities (resource-based view). |
| (4) Assessment of internal and external environment | SWOT / environmental scanning of internal strengths-weaknesses and external opportunities-threats is core to strategy. |
Takeaway: Strategic management addresses major, long-term goals of the whole organisation — never merely minor goals.
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Important Questions from Strategic Management
When the organizational requirements advocate tight cost control; frequent, detailed control reports; structured organization and responsibilities and incentives based on meeting strict quantitative targets then it is called:
Which of the following strategies are types of combination strategies?
(A) No change strategies
(B) Pause/Proceed with caution strategies
(C) Turn around strategies
(D) Profit strategies
(E) Concentration strategies
As per Henry Mintsberg, which of the following is NOT a part of his conception of types of strategies?
- Strategic Management involves :
(a) Assessment of external environment
(b) Identification of subsystem
(c) Unity of command
(d) Span of control
(e) Assessment of resources and capabilities
(f) Identification of goal
Code : Put the following steps of strategic Management Process in correct sequence :
a. Scanning and Evaluation of Business Environment
b. Formulating strategies
c. Implementation of Corporate Strategy
d. Deciding about the Mission of the organisation
e. Setting Corporate Level Objective
Codes :
