Question 1

The final realized strategy of a firm is a combination of deliberate and time-tested strategies only.

Accepted Answer

A) True 
 B)False

Question 2

The four key attributes of strategic management include all of the following except

Accepted Answer

A)  including multiple stakeholder interests in decision making. 
B)  incorporating both short-term and long-term perspectives. 
C)  recognizing the trade-offs between effectiveness and efficiency. 
D)  emphasis on the attainment of short-term objectives.

Question 3

WellPoint Health Network states: WellPoint will redefine our industry through a new generation of consumer-friendly products that put individuals back in control of their future.This is an example of a

Accepted Answer

A)  strategic objective. 
B)  vision statement. 
C)  vague statement of direction. 
D)  line manager's individual goal.

Question 4

Firms must be aware of goals other than short-term profit maximization.One area of concern should be social responsibility,which is the

Accepted Answer

A)  expectation that business will strive to improve the overall welfare of society. 
B)  idea that organizations are solely responsible to local citizens. 
C)  fact that court costs could impact the financial bottom line. 
D)  idea that businesses are responsible for maintaining a healthy social climate for their employees.

Question 5

All successful firms compete and outperform their rivals by developing bases for competitive advantage,which can be achieved only through cost leadership.

Accepted Answer