[SM] Chapter 1: SM basic concepts

Which of the following is not included in the strategic management model?

• Measuring and evaluating performance.
• Conducting internal research to identify customers.
• Establishing long-term objectives.
• Implementing strategies.

_____ is used to refer to activities that include building, implementing, and evaluating strategies, while _____ refers only to the building of strategies.

• Strategic planning; Strategic management
• Strategic planning; Strategic innovation
• Strategic management; Strategic planning
• Strategic management; Strategy execution

Strategic management allows an organization to _____ rather than just react to threats in their business environment.

• Be proactive
• Determine when threats will diminish
• Avoid threats
• Predict the future

The most significant factor affecting the nature and essence of buying and selling in most industries is:

• The Internet.
• Political borders.
• Corporate greed.
• Focus on customers and employees.

During which stage of strategic management are a company’s specific internal strengths and weaknesses identified?

• Planning
• Implementation
• Evaluation
• Feedback

Which step in the strategy development process involves mobilizing employees and managers to put strategies into action?

• Strategy formulation
• Strategy evaluation
• Strategy implementation
• Strategic advantage

Long-term objectives should be all of the following except:

• Measurable
• Constantly changing
• Challenging
• Appropriate

An important activity in _____ is performing corrective actions.

• Strategy evaluation
• Strategy implementation
• Strategy formulation
• Strategic leadership

_____ are organizations that conduct business activities across national borders.

• Domestic businesses
• Multinational corporations
• Parent companies
• Government-backed companies

The first step in strategic planning generally is:

• Developing a mission and vision statement
• Setting goals and objectives
• Generating profit
• Identifying opportunities and threats