Strategic control is aimed at:
A. Correcting deviations from the set strategy
B. Increasing production capacity only
C. Recruiting new employees
D. Changing the mission statement frequently
Benchmarking involves:
A. Setting product prices
B. Comparing processes with industry best practices
C. Hiring new staff
D. Financial auditing
Answer (2)
Strategic control focuses on correcting deviations from the set strategy to ensure goals are met, while benchmarking involves comparing processes with industry best practices for improvement. The selected answers are A and B respectively.
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In the context of business management, strategic control and benchmarking are crucial concepts used to enhance organizational efficiency and maintain competitive advantage.
Strategic control is primarily concerned with:(A) Correcting deviations from the set strategy.
Strategic control is a process that aids organizations in ensuring that their strategies are effectively implemented. Its primary aim is to monitor organizational processes and outcomes and adjust strategies accordingly to keep the organization on track to meet its objectives. It involves evaluating whether strategic goals are being met and identifying any deviations so necessary corrective actions can be taken to align organizational activities with the strategic plan.
For benchmarking, the correct choice is: (B) Comparing processes with industry best practices.
Benchmarking involves evaluating an organization's processes in comparison to best practices within the industry. It is a continuous process where businesses assess their standards, performance, and processes against those of leaders in their industry to identify areas for improvement. By understanding industry benchmarks, organizations can innovate and optimize their processes to achieve higher efficiency and performance.
In summary, strategic control focuses on maintaining the alignment of the organization’s activities with its strategic goals, while benchmarking is a method used to measure performance and identify opportunities for improvement by comparing with the best in the industry.
