Strategic Management (1-2)

Strategic management focuses on integrating management, , and information systems to achieve organizational success.

• marketing

• finance and accounting

• production and operations

• research and development

• all of these

During what stage of strategic management are a firm's specific internal strengths and weaknesses determined?

• Formulation

• Implementation

• Evaluation

• Feedback

• Goal-setting

Organizations should take a(n) approach in their industry.

• adversarial rather than a collegial

• collegial rather than an adversarial

• reactive rather than a proactive

• proactive rather than a reactive

• cooperative rather than a competitive

Both business and military organizations must and to be successful.

• be impervious to change; continually improve

• adapt to change; continually improve

• shun change; stay the course

• be impervious to change; stay the course

According to Webster's New World Dictionary, is "the science of planning and directing large-scale military operations, of maneuvering forces into the most advantageous position prior to actual engagement with the enemy."

• competitive advantage

• war

• strategy

• formulation

• attack

According to Greenley, strategic management offers all of the following benefits EXCEPT

• increased discipline.

• enhanced communication.

• increased resistance to change.

• increased synergy.

• None of these

Making many intuitive decisions that conflict with the formal plan is one pitfall to avoid in strategic planning.

• True

• False

Commitment and understanding are the most important benefits of strategic management.

• True

• False

In the last five years, the position of chief strategy officer (CSO) has diminished so drastically that today it is almost unheard of for companies to have such a position on staff.

• True

• False

A vision statement answers the question, "What is our business?" whereas a mission statement answers, "What do we want to become?"

• True

• False