Identifying and executing the firm's mission by matching its capabilities with demands of its environment is the firm's:
Correct answer: C. Strategic Management
- A. Vision
- B. Mission statement
- C. Strategic Management
- D. SWOT analysisMcqs Practice Tests
Explanation
Strategic management involves matching organisational capabilities with environmental demands and carrying out the mission through appropriate strategies. A mission statement expresses purpose, while SWOT analysis is only one tool used in strategic planning.
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About Principles of Management
Management principles explain how organisations set objectives and coordinate people and resources to achieve them. Coverage includes planning, organising, staffing, directing, coordinating and controlling, along with authority, responsibility, delegation, span of control and the levels of management. These functions are related but not interchangeable, especially planning and controlling.
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