Strategic Management ch1-3
Even though useful, strategic planning has been cast aside by corporate America since the early 1990s
False
a vision statement identifies the scope of a firm's operations in a product and market terms
False
the final stage in strategic management is strategy implementation
False
A clear mission statement describes the values and priorities of an organization
T
according to research a healthier workforce can more effectively and efficiently implement strategies
T
an objective, logical, systematic approach for making major decision in an organization is a way to describe the strategic management process
T
analytical and intuitive thinking should complement each other
T
anything the firm does especially well compared to rival firms could be considered a competitive advantage
T
applications of the strategic management process is typically more formal in larger and well established organization
T
firms like organisms must be adept at adapting or they won't survive
T
in order for a firm to achieve a sustained competitive avantage, a firm must continually adapt to changes in external trends and evetns and effectively formulate, implement, and evaluate the strategies that capitalize upon those factores
T
objectives should be measurable challenging reasonable consistent and clear
T
one of the fundamental strategy evaluation activities is reviewing external and internal factors that are the basis for current strategies
T
one of the ways in which the internet has transferred power from businesses to individuals is by making comparison shopping quick and easy
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
strategists are usally found in higher levels of management and have considerable authority for decision making in the
T
strengths and weaknesses are determined relative to competitors
T
Optimizing for tomorrow the trends of today is the purpose of strategic management
True
Strategic management focuses on integrating management, marketing, finance and accounting, production and operations, R&D, and information systems to achieve organizational success
True
Strategy implementation is often considered to be the difficult stage in the strategic-management process because it requires personal discipline
True
formulation, implementation, and evaluation of strategy activities occur at three heirchial levels
True
the decision to expand or diversify operations is a strategy formulation issue
True
the terms strategic management and strategic planning are synonymous
True
A vision statement answers the questions
F
Although e commerce has increased in populatirty it has actually led to increases in company expenses
F
By occasionally monitoring external events, companies should be able to identify when change is required
F
Newspaper companies in the US provide a good example of how a company can sustain a competitive advantage over the long term
F
US firms are not being challenged in the computer industry
F
according to albert Einstein knowledge is far more important than intuition
F
all strategists have similar attitudes, values, ethics and conerns for social responsibility
F
annual objectives are especially important in strategy formulation
F
annual objectives are long term milestones
F
identifying on organizations existing vision mission objectives and strategies is the final step for the strategic management process
F
in a multidivisional firm objectives should be established for the overall company
F
in the last 5 years the position of CSO has diminished
F
management by intuition can be defined as operating from the "I've already made up my mind" mode
F
most traditional retailers have tried in vain to use their online sales to boost in store sales
F
once a firm acquires a competitive advantage, they are usually able to sustain the competitive advantage indefinitely
F
once an effective strategy is designed, modificaitons are rarely required
F
the middle manager is the most visible and critical strategic managers
F
while the number of people shopping online has increased the average amount spent online has decreases
F
