CHƯƠNG 3

______are set by and for lower-level managers, who focus on shorter-term issues associated with the tactical goals.

• Operational goals

• Tactical goals

• Strategic goals

• mission

A strategic plan is a general plan that outlines decisions about resource allocation, priorities, and action steps necessary to reach strategic goals. These plans are set by the board of directors and top management and have an extended time horizon.

• TRUE

• FALSE

________ is the comprehensive and ongoing process aimed at formulating and mplementing strategies.

• Strategic management

• Effective strategies

• strategy

A resource deployment, an organizational strength possessed by only a small number of competing firms, is something the organization does exceptionally well.

• TRUE

• FALSE

Types of Strategic Alternatives

• Business-level strategy

• Corporate-level strategy

• Strategy formulation

• Strategy implementation

• All answers

Organizational opportunities are skills and capabilities that enable an organization to create and implement its strategies.

• TRUE

• FALSE

Organizational weaknesses are skills and capabilities that do not enable an organization to choose and implement strategies that support its mission.

• TRUE

• FALSE

A firm uses a _______ when it seeks to distinguish itself from competitors through the quality of its products or services.

• overall cost leadership strategy

• focus strategy

• differentiation strategy

The product life cycle is a three-stage model that shows how sales volume changes over the life of products.

• TRUE

• FALSE

Related diversification is used by those organizations that manufacture just one product or service and sell it in a single geographic market.

• TRUE

• FALSE