Ch1_Strategic Management Quiz

The goal of strategic management is to

• achieve competitive advantage.

• maintain competitive advantage.

• achieve and maintain competitive advantage.

• eliminate competitive advantage.

• eliminate and abolish 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?

• marketing

• finance and accounting

• production and operations

• research and development

• 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?

• Strategy formulation

• Strategy evaluation

• Strategy implementation

• Strategic management

• Strategic leading

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

• a bank loan

• governmental legitimacy

• a sustainable competitive advantage

• competitors

• export orders

The strategic-management process is becoming more widely used by

• small firms.

• nonprofit institutions.

• governmental organizations.

• multinational conglomerates.

• all types of organizations.

The strategic-management process

• occurs once a year.

• is a semiannual process.

• is a continuous process.

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

• applies mostly to small businesses.

Sometimes ________ is used to refer to strategic formulation, implementation and evaluation, with ________ referring only to strategic formulation.

• strategic planning; strategic management

• strategic planning; strategic processing

• strategic management; strategic planning

• strategic management; strategic processing

• strategic implementation; strategic focus

The terms "strategic management" and "strategic planning" are used synonymously in this text.

• True

• False

Strategic management focuses on integrating management, marketing, finance and accounting, production and operations, research and development, and information systems to achieve organizational success.

• True

• False

Optimizing for tomorrow the trends of today is the purpose of strategic management.

• True

• False