1. What does it mean strategic management?

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2. Describe and explain the stages of strategic management process?
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3. Describe the benefits of good strategic management at list three of them.
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4. Identify the components of mission statements
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5. Write your own vision and mission statements.
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Part two
1. One of the following statements is not true about the strategy formulation stages
A. Deciding what new businesses to enter,
B. What businesses to abandon
C. How to allocate resources
D. Proper allocation of resources
2. ___________focuses on identifying and evaluating trends and events beyond the control of
a single firm.
A. Internal environmental analysis
B. Eternal environmental analysis
C. Strength analysis
D. Weakness analysis
3. Which one of the following statements answers the questions, where do we want go? And
what do we want to become?
A. Mission statement
 B. Vision statement
C. Objective statement
D. Strategic management
4. One of the strategic management model that focuses on establish objectives, performing
internal and external audit, generate, evaluate and select strategies was:
A. Strategy evaluation
B. Strategy implementation
C. Strategy formulation
D. All
5. One of the following is not benefits to a firm that does strategic planning
A. Enhanced communication
B. Improved understanding
C. Great commitment
D. Result
E. None of the above