Quiz Chapter 1 (1 of 11)

Despite its great popularity in the 1980s, strategic planning by corporate America is now a valuable though rare activity.

False

Management by intuition can be defined as operating from the "I've-already-made-up-my-mind-don't-bother-me-with-the-facts mode."

False

Managers must be very formal in strategic planning in order to foster flexibility and creativity.

False

Once a firm acquires a competitive advantage, it is usually able to sustain it indefinitely.

False

The best approach for strategists is to carefully develop strategic plans themselves and then present them to operating managers to execute.

False

The most effective strategic management is ritualistic, predictable, and formal.

False

Analytical and intuitive thinking complement each other.

True

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

True

Making many intuitive decisions that conflict with the formal plan is a pitfall in strategic planning.

True

Strategists are usually found in higher levels of management and have considerable authority for decision-making in the firm.

True