Strategic Management

Topics: Strategic management, Strategic planning, Organization Pages: 13 (2211 words) Published: June 22, 2013
Chapter 1
63) The goal of strategic management is to
A) achieve competitive advantage.
B) maintain competitive advantage.
C) achieve and maintain competitive advantage.
D) eliminate competitive advantage
E) eliminate and abolish competitive advantage.

64) Strategic management focuses on integrating management, ________, and information systems to achieve organizational success. A) marketing
B) finance/accounting
C) production/operations
D) research and development
E) all of the above

65) What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives? A) Strategy formulation

B) Strategy evaluation
C) Strategy implementation
D) Strategic management
E) Strategic leading

66) ________ is used to refer to strategic formulation, implementation and evaluation, with ________ referring only to strategic formulation. A) Strategic planning; strategic management
B) Strategic planning; strategic processing
C) Strategic management; strategic planning
D) Strategic management; strategic processing
E) Strategic implementation; strategic focus

67) During what stage of strategic management are a firm's specific internal strengths and weaknesses determined? A) Formulation
B) Implementation
C) Evaluation
D) Feedback
E) Goal-setting

68) An important activity in ________ is taking corrective action. A) strategy evaluation
B) strategy implementation
C) strategy formulation
D) strategy leadership
E) all of the above

69) What step in the strategic development process involves mobilizing employees and managers to put strategies into action? A) Formulating strategy
B) Strategy evaluation
C) Implementing strategy
D) Strategic advantage
E) Competitive advantage

70) What types of skills are especially critical for successful strategy implementation? A) Interpersonal
B) Marketing
C) Technical
D) Conceptual
E) Thinking

71) Which phase of strategic management is called the action phase? A) Strategy formulation
B) Strategy implementation
C) Strategy evaluation
D) Allocating resources
E) Measuring performance

72) ________ is not a strategy-implementation activity.
A) Taking corrective actions
B) Establishing annual objectives
C) Devising policies
D) Allocating resources
E) Motivating employees

73) Strategy evaluation is necessary because
A) internal and external factors are constantly changing.
B) the SEC requires strategy evaluation.
C) success today is a guarantee of success tomorrow.
D) the IRS requires strategy evaluation.
E) firms have limited resources.

74) Which statement best describes intuition?
A) It represents the marginal factor in decision-making.
B) It represents a minor factor in decision-making integrated with analysis. C) It should be coupled with analysis in decision-making.
D) It is better than analysis in decision-making.
E) It is management by ignorance.

75) ________ and ________ are external forces transforming business and society today. A) E-commerce; strategy
B) E-commerce; globalization
C) Strategy; globalization
D) Corporate culture; stakeholders
E) Stakeholders; strategy

76) Anything that a firm does especially well compared to rival firms is referred to as A) competitive advantage.
B) comparative advantage.
C) opportunity cost.
D) sustainable advantage.
E) an external opportunity.

77) The three original broadcast networks captured about ________ of the prime-time audience in 1978, but today their combined market share is less than ________. A) 75%/40%
B) 75%/25%
C) 90%/50%
D) 90%/25%
E) 100%/40%

78) The fact that Apple has no manufacturing facilities of its own A) has caused it to build up massive debt on its balance sheet. B) has enabled it to remain financially lean with virtually no long-term debt. C) has been problematic for Apple in terms of debt.

D) illustrates that having more fixed assets than rival firms...
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