The Strategic Management Process


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What are the main components of the strategic management process?

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1. You work in a small company that is currently in the planning process. Which of the following steps involve the thinking you might need to do in the first step of the strategic planning process?

2. A company is performing an analysis of its environment. It has detected that one of its greatest threats is the potential rise of inflation by 3%. The other two factors that impact it are that there might be a change in fiscal policy that will decrease the effective tax rate by 15% and that Republicans might lose their majority in Congress, creating a complicated political climate. Identify which of the factors mentioned are economic factors:

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About This Quiz & Worksheet

This quiz and worksheet combo helps check your understanding of environmental scanning and the planning process. You will be quizzed on main components of the strategic management process.

Quiz & Worksheet Goals

Use this quiz and worksheet to review:

  • Areas researched during an environmental scan
  • Definition of strategic management
  • Components of the strategic management process
  • Key deliverables
  • How to develop a strategy

Skills Practiced

This worksheet and quiz combo helps you test out the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related management lesson
  • Making connections - use your knowledge of the strategic management process to answer questions about strategy development
  • Information recall - access the knowledge you have gained regarding research during an environmental scan

Additional Learning

To learn more about strategic management, review the lesson called The Strategic Management Process. This lesson will help you:

  • Determine what strategic management is
  • Understand how to develop a strategy
  • Review the planning process
  • Learn about examples of the factors involved in scanning the environment