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BPS 450 Course Comprehensive Final Exam Study Guide

1)

The goal of strategic management is to

1)

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2)

Anything that a firm does especially well compared to rival firms is referred to as

2)

_______

3)

What are the parts of the strategic management model?

3)

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4)

According to Greenley, strategic management offers what benefits?

4)

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5)

What basic question should a vision statement answer?

5)

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6)

What are the steps in the comprehensive strategic-management model?

6)

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7)

The purpose(s) of a mission statement is to declare

7)

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8)

A study by Rarick and Vitton found that firms with a formalized mission statement have ________ the average return on shareholders' equity than those firms without a formalized mission statement.

8)

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9)
What are the parts of an external audit?

9)

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10)

In general, what happens to American goods in overseas markets when there is a strong dollar?

10)

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11)

What are the characteristics that describe the most competitive companies in America?

11)

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12)

What are Michael Porter's five competitive forces?

12)

______

13)

A pattern of behavior developed by an organization as it learns to cope with its problems of external adaptation and internal integration, and that has worked well enough to be considered valid and to be taught to new members as the correct way to perceive, think, and feel is called

13)

______

14)

What are the basic duties/functions of management?