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Test Bank for Strategic Management A Competitive Advantage Approach, Concepts and Cases, David, 15e prepares you efficiently for your upcoming exams. It contains practice test questions tailored for your textbook. Strategic Management A Competitive Advantage Approach, Concepts and C...
Strategic Management, 15e (David/David)
Chapter 1 The Nature of Strategic Management
1) Strategic management focuses on integrating management, marketing, finance and accounting, production and operations, research and development, and information systems to achieve organizational success.
Answer: TRUE
Diff: 1
Objective: 1.02 Describe the strategic-management process.
Learning Outcome: Define strategic management and identify its basic concepts
2) Optimizing for tomorrow the trends of today is the purpose of strategic management.
Answer: FALSE
Diff: 2
Objective: 1.02 Describe the strategic-management process.
Learning Outcome: Define strategic management and identify its basic concepts
3) Even though useful, strategic planning has been cast aside by corporate America since the early 1990s.
Answer: FALSE
Diff: 2
Objective: 1.02 Describe the strategic-management process.
Learning Outcome: Define strategic management and identify its basic concepts
4) The decision to expand or diversify operations is a strategy-formulation issue.
Answer: TRUE Diff: 2
Objective: 1.02 Describe the strategic-management process.
Learning Outcome: Define strategic management and identify its basic concepts
5) The terms strategic management and strategic planning are synonymous in this text.
Answer: TRUE
Diff: 1
Objective: 1.02 Describe the strategic-management process.
Learning Outcome: Define strategic management and identify its basic concepts
6) A vision statement identifies the scope of a firm's operations in product and market terms.
Answer: FALSE
Diff: 1
AACSB: Written and oral communication
Objective: 1.04 Define and give examples of key terms in strategic management.
Learning Outcome: Discuss the functions of vision statements, mission statements, and long-term corporate objectives 7) Strategy implementation is often considered to be the most difficult stage in the strategic-management process because it requires personal discipline, commitment, and sacrifice.
Answer: TRUE
Diff: 2
Objective: 1.05 Describe the nature of strategy formulation, implementation, and evaluation activities.
Learning Outcome: Define strategic management and identify its basic concepts
8) The final stage in strategic management is strategy implementation.
Answer: FALSE
Diff: 2
Objective: 1.05 Describe the nature of strategy formulation, implementation, and evaluation activities.
Learning Outcome: Define strategic management and identify its basic concepts
9) Formulation, implementation, and evaluation of strategy activities occur at three hierarchical levels in a large organization: corporate, divisional or strategic business unit, and functional.
Answer: TRUE
Diff: 2
Objective: 1.05 Describe the nature of strategy formulation, implementation, and evaluation activities.
Learning Outcome: Define strategic management and identify its basic concepts
10) One of the fundamental strategy evaluation activities is reviewing external and internal factors that are the basis for current strategies.
Answer: TRUE
Diff: 2 Objective: 1.05 Describe the nature of strategy formulation, implementation, and evaluation activities.
Learning Outcome: Define strategic management and identify its basic concepts
11) An objective, logical, systematic approach for making major decisions in an organization is a way to describe the strategic-management process.
Answer: TRUE
Diff: 2
Objective: 1.03 Explain the need for integrating analysis and intuition in strategic management.
Learning Outcome: Define strategic management and identify its basic concepts
12) Strategic management is an attempt to organize qualitative and quantitative information in a way that allows effective decisions to be made under conditions of uncertainty.
Answer: TRUE
Diff: 2
Objective: 1.03 Explain the need for integrating analysis and intuition in strategic management.
Learning Outcome: Define strategic management and identify its basic concepts
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