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

During what stage of strategic management are a firm’s specific internal strengths and weaknesses determined?

An important activity in ________ is taking corrective action.

What step in the strategic development process involves mobilizing employees and managers to put strategies into action?

________ is not a strategy-implementation activity.

Which individuals are most responsible for the success and failure of an organization?

The first step in strategic planning is generally

What are enduring statements of purpose that distinguish one business from other similar firms?

Usually, external opportunities and threats are

Specific results an organization seeks to achieve in pursuing its basic mission are

Internal ________ are activities in an organization that are performed especially well.

Strategic management enables an organization to ________, instead of just responding to threats in its business environment.

What is not a reason given for poor or no strategic planning in organizations?

Terms such as objectives, mission, strengths, and weaknesses were first formulated to address problems

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

Even though useful, strategic planning has been cast aside by corporate America since the early 1990s.

The terms strategic management and strategic planning are synonymous in this text.

A vision statement is, in essence, a company’s game plan

Strategy implementation is often considered to be the most difficult stage in the strategic-management process because it requires personal discipline, commitment, and sacrifice.

One of the fundamental strategy evaluation activities is reviewing external and internal factors that are the bases for current strategies

In order for a firm to achieve sustained competitive advantage, a firm must continually adapt to changes in external trends and events and effectively formulate, implement, and evaluate strategies that capitalize upon those factors.

Strategists are usually found in higher levels of management and have considerable authority for decision-making in the firm.

A vision statement answers the question, “What is our business?” whereas a mission statement answers, “What do we want to become?”

Annual objectives are especially important in strategy formulation

According to research, a healthier workforce can more effectively and efficiently implement strategies.

The poor reward structure is one reason managers do not engage in strategic planning.

Firms can be more proactive with strategic management.

Annual objectives are long-term milestones that organizations must achieve to reach short-term objectives

Once an effective strategy is designed, modifications are rarely required.