The goal of strategic management is to, achieve competitive advantage, maintain the status quo, achieve and maintain competitive advantage, eliminate competitive advantage, To gain ________ firms need to provide unique products and services., a bank loan, governmental legitimacy, a sustainable competitive advantage, tactical-level efficiency, The strategic planning process should be driven by a firm's, mission, culture, environment , products , The strategic management process, occurs once a year, is a continuous process, applies mostly to companies with sales greater than $100 million, applies mostly to small businesses, Optimizing the trends of today for tomorrow is the purpose of, long-range planning, strategic evaluation, competitive advantage, strategic implementation, A firm's specific internal strengths and weaknesses are identified during which stage of the strategic management process?, Formulation, Implementation, Evaluation , Feedback, What step in the strategic management process involves mobilizing employees and managers to put strategies into action?, Strategy evaluation, Strategy formulation, Strategy implementation, Strategic advantage, In which stage of the strategic management process do managers learn when specific strategies are not working well?, Evaluation, Implementation, Formulation, Development , What types of skills are especially critical for successful strategy implementation?, Interpersonal , Marketing , Technical, Conceptual , Vision and mission are developed in which phase of the strategic management process?, Formulation , Control, Evaluation , Implementation , What are enduring statements of purpose that distinguish one business from other similar firms?, Policies , Mission statements , Objectives , Rules , Specific results an organization seeks to achieve in pursuing its basic mission are, strategies , rules , objectives , policies , Long-term objectives should be, measurable , Six months to one year , use only at functional level , constantly changing , Which of the following is often considered to be the first step in strategic planning?, Developing a vision statement , Establishing goals and objectives , developing a mission statement, determining opportunities and threats,  High-performing firms, forecast future conditions, engage in shortsighted activities, focus on solving internal problems, overestimate competitors' strengths, While making good strategic decisions is the responsibility of a firm's ________; ________ must also be involved in strategy formulation, implementation, and evaluation activities., CEO or owner; managers and employees, managers and CEO; employees and customers, board of directors, managers and CEO, external stakeholders; internal stakeholders, Strategic planning, takes an organization into uncharted territory, provides a ready-to-use prescription for success, is used primarily to gain control over resources, organizes activities as silos for effectiveness, To be successful, both business and military organizations must, adapt to change, be impervious to change, stay the course, control change, A firm reviews declining sales and changes its pricing strategy immediately. This reflects:, Strategic evaluation, Vision formulation, Forecasting, Benchmarking, A company wants to merge with another company to strengthen market share. This reflects:, Defensive evaluation, Strategic formulation decision, Tactical implementation, Human resource planning, Why do many firms fail in strategic planning?, Too much employee participation, Lack of external threats, Poor commitment and inadequate communication, Excessive competitive advantage.

Chapter 1

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