Strategic Management Worksheet

What is strategic competitiveness?

• Making short-term profits

• Formulating quick business plans

• Achieving success when a firm develops and implements a value-creating strategy

• Setting annual sales targets

The ability to achieve competitive advantage is based on:

• Lucky market conditions

• Effective use of resources and capabilities

• Government subsidies

• High employee turnover

Which of the following is NOT part of the strategic management process?

• Strategy analysis

• Strategy formulation

• Strategy implementation

• Daily operations

Globalization primarily affects:

• Local demand

• Regional economies only

• Flow of goods, services, and knowledge

• Hiring local workers only

Which of the following is an intangible resource?

• Patents

• Land

• Machinery

• Raw materials

The I/O model of above-average returns focuses on:

• Internal resources only

• External environment

• Leadership styles

• Employee satisfaction

The Resource-Based Model suggests:

• Industry structure is more important than resources

• Resources and capabilities are central to strategic success

• External factors solely determine profitability

• Strategic groups lead market decisions

Stakeholders are classified into:

Which stakeholder group is most concerned with maximizing firm performance and profitability?

• Product market stakeholders

• Capital market stakeholders

• Community stakeholders

• Strategic alliances

A firm’s vision should:

• Be long and detailed

• Change every year

• Guide the firm’s strategic actions

• Focus only on product design