Review Questions and Exercises ¦ Is it necessary that the five steps in the strategic management process be performed sequentially? Why or why not? 2. What is the difference between an intended...

Chapter 1
Question 1
It is imperative that the five steps of strategic management must be carried out in the
sequential manner so that the desired outcome could be achieved. This is because without
vision and mission, the company cannot analyse the various strengths and weaknesses and
thus cannot formulate a strategy. Further, in the absence of a well formulated strategy, there
could be no implementation. Only when the strategy is implemented could there be
evaluation and control of the various outcomes based on feedback. Thereby, it is pivotal to
note that one step essentially leads to the other making it necessary to be followed
sequentially.
Question 2
Intended strategy may be defined as the strategy or plan that the management intends to apply
or adhere to. The manner in which this strategy is actually implemented at the end refers to
realised strategy. Usually, there is quite a lot of difference between the intended and realised
strategy which may be brought due to a host of internal and external factors. As a result, the
distinction between the two is imperative for further analysis during implementation as
alterations need to be made to the realised strategy which the organization tends to follow and
not the intended strategy.
Question 3
The outside perspectives have altered the traditional view of strategy which relied on
leveraging the strengths and overcoming the weaknesses. However, contemporary
perspectives tend to recognise that organization needs to adapt to the outside environment in
which they operate rather than being vice-versa. Further, the organizational strategy also
needs to constantly evolve in wake of a changing business environment. Besides, it is
essential for the organization to partner with various stakeholders and leverage the available
resources in order to generate sustainable competitive advantage. Hence, the overall notion of
strategic management has become quite dynamic and focuses on external environment.
Question 4
No, the CEO does not alone make the strategic decisions for the firm. Strategic...