REVIEWER FOR STRATEGIC MANAGEMENT 1

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

• TRUE
• FALSE

2. The purpose of strategic management is to exploit and create new and different opportunities for the future.

• TRUE
• FALSE

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

• TRUE
• False

4. The strategic management process consists of four stages.

• TRUE
• FALSE

5. In a global economic recession, simply having ample cash on the firm’s balance sheet can provide a major competitive advantage.

• TRUE
• FALSE

6. Strategists are the individuals who are most responsible for the success or failure of an organization.

• TRUE
• FALSE

7. The strategic management process is based on the belief that organizations should continually monitor internal and external events and trends so that timely changes can be made as needed.

• TRUE
• FALSE

8. The first president said, “Hey, you can’t outrun that bear.”

• TRUE
• FALSE

9. Strategic management focuses only on integrating management.

• TRUE
• FALSE

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

• TRUE
• FALSE