chương 3 gary

________ defines the nature of the company's business in terms of how it will match its internal strengths and weaknesses with its external opportunities and threats in order to maintain a competitive position.

• Financial auditing

• Strategic planning

• Employee benchmarking

• Employee testing

________ involves setting objectives, making forecasts, reviewing alternative courses of action, evaluating options, and implementing the plan.

• The management planning process

• Financial auditing

• Employee testing

• Employee benchmarking

What is the first step in the basic planning process?

• evaluating the possible alternatives

• implementing a course of action

• setting an objective

• comparing options

Which one of the following is NOT part of the basic managerial planning process?

• evaluation of best options

• establishment of clear objectives

• implementation of the plan

• building corporate hierarchies

Which term indicates the course of action for getting from where you are to where you want to go?

• goal

• plan

• proposition

• assessment

What is a company's plan for how it will match its internal strengths and weaknesses with external opportunities and threats to maintain a competitive advantage?

• strategic plan

• situation analysis

• SWOT analysis

• tactical plan

What is a company's plan for how it will match its internal strengths and weaknesses with external opportunities and threats to maintain a competitive advantage?

• strategic plan

• situation analysis

• SWOT analysis

• tactical plan

A course of action that a firm can pursue to achieve its strategic aims is known as a ________.

• vision

• goal

• strategy

• mission

Strategic management is best defined as the process of identifying and executing the organization's strategic plan by matching the company's capabilities with its ________.

• environmental demands

• competitive standards

• natural resources

• hierarchical skills

All of the following are steps involved in the strategic management process EXCEPT ________.

• evaluating the firm's internal and external situation

• asking, "Where are we now as a business?"

• formulating a new business direction

• offshoring low-skill jobs