What is the primary focus of strategic management?

• Enhancing customer service

• Maximizing short-term profits

• Minimizing employee turnover

• Creating a competitive advantage

Who emphasized the importance of flexibility in chaotic situations?

• Michael Porter

• John Kay

• Carl von Clausewitz

• Gary Hamel

What does SWOT analysis stand for?

• Strengths, Weaknesses, Options, Trends

• Strategies, Weaknesses, Opportunities, Threats

• Strengths, Weaknesses, Opportunities, Threats

• Strategies, Weaknesses, Objectives, Tactics

What is a vision statement?

• A financial forecast

• A list of products offered

• A statement of purpose

• A description of daily operations

Which of the following is NOT a level of strategy?

• Business Level

• Corporate Level

• Operational Level

• Functional Level

What is the purpose of strategy evaluation?

• To develop new products

• To allocate resources

• To measure performance and take corrective actions

• To create a mission statement

What is a key characteristic of strategists?

• They avoid making decisions

• They only focus on financial aspects

• They are responsible for the success or failure of an organization

• They work independently from the organization

What does the term 'competitive advantage' refer to?

• A firm's market share

• A firm's ability to outperform its rivals

• A firm's employee satisfaction

• A firm's advertising budget

Which of the following is a pitfall in strategic planning?

• Failing to communicate the plan to employees

• Creating a collaborative climate

• Involving all managers in the process

• Using plans as a standard for measuring performance

What is the first step in strategy formation?

• Establishing long-term objectives

• Identifying external opportunities and threats

• Generating alternative strategies

• Developing a vision and mission