Chapter 1 Warm-Up

Which of the following is a pitfalls of strategic planning?

Being so formal in planning that flexibility and creativity are stifled

Analytical thinking and intuitive thinking

Complement each other

Three primary intrinsic benefits of strategic planning include

Enhanced communication, deeper understanding, and greater commitment

The focus of strategic management is _________.

The integration of all the functional areas of the business to achieve its organizational objectives.

Historically where did strategic planning originate?

The military

One specific skill students can gain from this course is

Formulating strategies using a SWOT analysis

The logical starting point for strategic management is to ________.

Identify the existing vision, mission, objectives, and strategies.

The strategic management process can be described as an objective, logical, systematic approach for making major decisions in an organization. However, it is generally recognized that _____ is essential to making good strategic decisions

Intuition

Which of the following is not a pitfall of strategic planning?

Involving key employees in all phases of planning

The benefit of strategic planning is that it allows a firm to be ____ in shaping its own future.

Proactive

Which of the following is a reason some firms do not engage in strategic planning?

They receive no formal training in strategic management

One broad skill students can gain by taking this course is

To define and solve problems and make decisions about a particular situation.

What element of strategic management answers the question "what do we want to become?"

A vision statement

Apple's financially lean position with regard to manufacturing facilities provides the firm with a _____ over Sony, which invests heavily in manufacturing facilities.

Competitive advantage

Business strategy is based on the assumption of competition. Upon which assumption is military strategy based?

Conflict

Some firms view planning as a waste of time because

No product or service is produced

In which stage of the strategic management process is an organization likely to develop a mission statement?

Strategy formulation

The strategic management process begins with

Strategy formulation