Strategic Management

Chapter 1
63) The goal of strategic management is to
A) achieve competitive advantage.
B) maintain competitive advantage.
C) achieve and maintain competitive advantage.
D) eliminate competitive advantage
E) eliminate and abolish competitive advantage.

64) Strategic management focuses on integrating management, ________, and information systems to achieve organizational success.
A) marketing
B) finance/accounting
C) production/operations
D) research and development
E) all of the above

65) 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?
A) Strategy formulation
B) Strategy evaluation
C) Strategy implementation
D) Strategic management
E) Strategic leading

66) ________ is used to refer to strategic formulation, implementation and evaluation, with ________ referring only to strategic formulation.
A) Strategic planning; strategic management
B) Strategic planning; strategic processing
C) Strategic management; strategic planning
D) Strategic management; strategic processing
E) Strategic implementation; strategic focus

67) During what stage of strategic management are a firm 's specific internal strengths and weaknesses determined?
A) Formulation
B) Implementation
C) Evaluation
D) Feedback
E) Goal-setting

68) An important activity in ________ is taking corrective action.
A) strategy evaluation
B) strategy implementation
C) strategy formulation
D) strategy leadership
E) all of the above

69) What step in the strategic development process involves mobilizing employees and managers to put strategies into action?
A) Formulating strategy
B) Strategy evaluation
C) Implementing strategy
D) Strategic advantage
E) Competitive advantage

70) What types of skills are especially critical for successful strategy implementation?
A) Interpersonal
B) Marketing
C) Technical
D) Conceptual
E) Thinking

71)