(Ch 1) Mastering Strategy: Art and Science

Once an effective strategy is designed, modifications are rarely required.

F

What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives?

Strategic management

What are the means by which long-term objectives will be achieved?

Strategies

Which phase of strategic management is most strongly associated with "action"?

Strategy implementation

Firms, like organisms, must be "adept at adapting" or they will not survive.

T

Strategic management borrows many ideas from ancient uses of strategy over time.

T

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.

T

Strategic management enables an organization to ________, instead of just responding to threats in its business environment.

be proactive

A __________ is a specific move designed to outwit or trick competitors, often involving creativity to enhance success.

strategic ploy