STRATEGIC MANAGEMENT-Q1

What is the primary goal of strategic management?

• • A) To create a mission statement

• • B) To outperform competitors

• • C) To develop long-term objectives

• • D) To integrate management functions

Which stage of the strategic-management process involves developing a vision and mission statement?

• • A) Strategy formulation

• • B) Strategy implementation

• • D) Strategy development

• • C) Strategy evaluation

What term is used synonymously with strategic management in the business world?

• • A) Strategic evaluation

• • B) Long-range planning

• • C) Strategic planning

• • D) Operational management

What is a competitive advantage?

• • A) A firm’s unique ability to do something better than competitors

• • B) The creation of long-term objectives

• • C) The establishment of a vision and mission statement

• • D) The process of evaluating internal strengths and weaknesses

Who are strategists in the context of strategic management?

• • A) Marketing managers

• • B) Individuals responsible for the success or failure of an organization

• • C) Operational staff

• • D) Financial analysts

The later term is more often used in the business world, whereas is often used in academia.

• TRUE

• FALSE

Strategic management focuses only on integrating management.

• TRUE

• FALSE

A mission statement identifies the scope of a firm’s operations in product and market terms.

• TRUE

• FALSE

The strategic management process consists of four stages.

• TRUE

• FALSE

The term strategic management in this text is used synonymously with the term strategic.

• TRUE

• FALSE