The entire process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage is referred to as:
A) strategic analysis.
B) strategy formulation.
C) strategy implementation.
D) strategic management.
E) strategic outsourcing.

Question

Quizplus · Accepted Answer

Strategic management encompasses all aspects of the process, including strategic analysis, strategy formulation, and strategy implementation. It involves setting long-term goals, analyzing internal and external environments, formulating strategies to achieve those goals, and implementing and evaluating those strategies to sustain competitive advantage. Strategic outsourcing is a specific type of strategy implementation involving the delegation of business activities to external vendors or partners.

The Entire Process of Formulating and Implementing Strategies to Accomplish