Quiz No. 1 Strategic Management

An EFE Matrix allows strategists to summarize external factors that might affect organization. EFE stands for ________?

• External Forces Evaluation

• External Factor Evaluation

The CPM matrix identifies both the internal and external factors of an organization as the critical success factors. CPM stands for________?

• Competitor Profile Matrix

• Competitive Profile Matrix

___________ is a declaration of attitude and outlook.

• Vision

• Mission

A component of a mission statement which considers the basic beliefs, values, aspirations, and ethical priorities of the organization.

• Concern for public image

• Concern for employees

• Philosophy

• Customers

The vision statement should be established first and foremost rather than a mission statement.

• True

• False

A mission statement is sometimes called a creed statement.

• True

• False

What is the first stage of strategic management process?

• Strategy Implementation

• Strategy Evaluation

• Strategy Formulation

Creating an effective organizational structure is under what stage of the strategic management process?

• Strategy Evaluation

• Strategy Implementation

• Strategy Formulation

It is defined as “anything that a firm does especially well compared to rival firms.

• intuition

• competitive advantage

• Objectives

The means by which long-term objectives will be achieved which may include geographic expansion and product development.

• mission statement

• goals

• strategies