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Unformatted text preview: Chapter 1: The Nature of Strategic Management 21. Identify and describe the three stages of the strategic-management process. Give reasons within your answer to describe why each of these stages is important in strategic management. Your Answer: Students should identify the strategic-management process as one consisting of three stages: strategy formulation, strategy implementation, and strategy evaluation. Strategy formulation includes developing a vision and a mission: identifying external opportunities and threats: determining internal strengths and weaknesses: and establishing long-term objectives, strategic alternatives, and specific strategic choices to pursue. Strategy implementation requires establishing annual objectives, motivating employees, and allocating resources. Strategy evaluation is the final stage and the means for making modification to future strategies based on constant change. Students should refer to pages 5-6 for a discussion of the stages of strategic management....
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- Spring '11