ERAU Purpose of Strategic Management Answers

  • In your own words explain the purpose of strategic management and provide an example of at least three different methods of how strategic management is applied in today’s business world.
  • Explain in your own words the importance of having an updated and relevant mission and vision statement. Provide an example of what happens when a business organization does not have a current vision and mission statement.
  • Elaborate in your own words why it is important for a company to implement evaluation and control procedures, and provide examples of some of the elements that are used as part of the performance measurement process.
  • Evaluate how technology has changed the way business is performed globally in your own words. Compare and contrast how technology has helped the business environment and how it has harmed business today.
  • Describe in your own words what a strategic audit is, when it should be used, and who it benefits. Provide a recommendation of a section that was part of your own strategic audit report you completed in this course that should be eliminated and why, while also providing an example of a section that should be included that was not part of your strategic audit report and why.
  • In your own words, explain in detail why the implementation of strategies fail. What could be done to prevent strategy failure before being implemented?
  • In your own words explain in detail corporate social responsibility? Is including the social aspect of society imperative for the success of a business organization or does it depend or different elements and the goals of a company?

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