Strategic Management

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.

Strategic management focuses on integrating functional areas to achieve organizational success. Which of the following is NOT one of the functional areas that is the focus of strategic management?

• A) finance and accounting

• B) production and operations

• C) research and development

• D) organizational behavior

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

To gain ________ firms need to provide unique products and services.

• A) a bank loan

• B) governmental legitimacy

• C) a sustainable competitive advantage

• D) competitors

The strategic-management process is becoming more widely used by

• A) nonprofit institutions.

• B) governmental organizations.

• C) multinational conglomerates.

• D) all types of organizations.

The strategic-management process

• A) occurs once a year.

• B) is a semiannual process.

• C) is a continuous process.

• D) applies mostly to companies with sales greater than $100 million.

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

• A) Formulation

• B) Implementation

• C) Evaluation

• D) Feedback

An important activity in ________ is taking corrective action.

• A) strategy evaluation

• B) strategy implementation

• C) strategy formulation

• D) strategy leadership

What step in the strategic management process involves mobilizing employees and managers to put strategies into action?

• A) Strategy formulation

• B) Strategy evaluation

• C) Strategy implementation

• D) Strategic advantage

What types of skills are especially critical for successful strategy implementation?

• A) Interpersonal

• B) Marketing

• C) Technical

• D) Conceptual