Strategic Management

Topics: Strategic management, Strategic planning, Management Pages: 18 (3814 words) Published: August 22, 2013
Multiple Choice
Introduction
 
59. The term “environment” includes all of the following except: a. air.
b. water.
c. firms.
d. natural resources.
e. fauna.
Ans: c Page: 4
60. The one factor that has most significantly impacted the nature and core of buying and selling in nearly all industries has been a. the Internet.
b. political borders.
c. corporate greed.
d. customer and employee focus.
e. the government.
 
Ans: a Page: 4
 
What Is Strategic Management?
 
61. 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
Ans: d Page: 5
62. ____________ 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
 
Ans: c Page: 5
63. 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
 
 
Ans: a Page: 5
64. 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
 
 
Ans: a Page: 6
 
65. 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
 
 
Ans: c Page: 6
 
66. What types of skills are especially critical for successful strategy implementation? a. Interpersonal
b. Marketing
c. Technical
d. Conceptual
e. Thinking
Ans: a Page: 6
 
67. 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
Ans: b Page: 6
68. __________ is not a strategy-implementation activity.
a. Taking corrective actions
b. Establishing annual objectives
c. Devising policies
d. Allocating resources
e. Motivating employees
Ans: a Page: 6
69. Strategy evaluation is necessary because
a. internal and external factors are constantly changing.
b. the SEC requires strategy evaluation.
c. competitors change their strategies.
d. the IRS requires strategy evaluation.
e. firms have limited resources.
Ans: a Page: 6
70. 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.
Ans: c Page: 7
71. _________ 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
 
Ans: b Page: 8
 
72. 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.
Ans: a Page: 8
 
Key Terms in Strategic Management
 
73. The trends in newspaper circulation in the United States provide support for which statement? a. Sustainable competitive advantage is easy to maintain.
b. Several firms can have similar competitive advantages.
c. Some products are relatively immune to changes in the external environment d. Most competitive advantages are...
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