Exam 1: The Nature of Strategic Management

Management by intuition can be defined as operating from the "I've-already-made-up-my-mind-don't-bother-me-with-the-facts mode."

Organizations using strategic management are generally ________ than those that do not.

Through involvement in the strategic-planning process, ________ must become "owners" of the strategy.

A vision statement identifies the scope of a firm's operations in product and market terms.

A clear mission statement describes the values and priorities of an organization.

Strategic management offers all of the following benefits EXCEPT

Low-performing firms typically underestimate their competitor's strengths and overestimate their own strengths.

In which phase of strategic management are long-term objectives especially important?

The goal of strategic management is to

Anything a firm does especially well, compared to rival firms, could be considered a competitive advantage.

Which of the following is NOT a reason given for poor or no strategic planning in an organization?

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

Which of the following is NOT a type of strategy developed from a SWOT analysis?

Commitment and understanding may be the most important benefits of strategic management.

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

A vision statement commonly answers the question, "What is our business?" whereas a mission statement is more likely to answer the question "What do we want to become?"

Firms can be more proactive with strategic management.

The fact that Apple has no manufacturing facilities of its own

Optimizing for tomorrow the trends of today is the purpose of strategic management.

Military success is usually the happy result of accidental strategies, but business success is the product of continuous attention to changing conditions and insightful adaptations to those conditions.