Exam 1: Introduction to Strategic Management

A stakeholder approach to strategic management is highly pertinent to a central problem management is facing today - a general lack of trust of corporations and their managers.

In the new competitive landscape,firms will attain competitive success by:

Corporate-level strategy is concerned with how a diversified firm competes in each industry in which it is active.

The strategic management process requires the making of only a single decision about the overall strategy of a firm.

Product market stakeholders include the firm's customers,and the principal concern of this stakeholder group is:

Describe and discuss strategic intent and strategic mission.

An organization's "dream" is its strategic mission created by organizational strategists.

Businesses that have become uncompetitive because of an inability to make necessary changes for continued success are even more common than businesses that fail.

The strategic management process is an informal approach to helping firms respond effectively to the competitive environment.

Stakeholders' interests may conflict,and the organization must prioritize its stakeholders because it cannot satisfy them all.____ is the most critical criterion in prioritizing stakeholders

The I/O (Industrial Organization) model assumes that a firm's unique resources and capabilities are its main source of above-average returns.

To achieve greater strategic flexibility,firms must:

The strategic management process is intended to be a rational approach to help a firm:

What is the 21^st century competitive landscape?

Research into the causes of firm profitability suggests a reciprocal relationship between ____ and ____ affects firm performance.

Organizational stakeholders are usually satisfied when:

Describe and discuss the resource-based model of the firm.

Employees,managers,and non-managers are examples of organizational stakeholders.

Firms must provide enough flexibility in their strategic management process to allow for the incorporation of new ideas with high potential.

The I/O model suggests that above-average returns are earned when firms implement the strategy dictated by the characteristics of the general,industry,and competitive environments.