Strategic Management Chapter 1 Warm-Up

What 10 characteristics does a mission statement need to have?

1. Broad in scope; does not include monetary amounts, numbers, percentages, ratios, or objectives 2. Concise; fewer than one hundred words in length 3. Inspiring 4. Identifies the utility of a firm's products 5. Reveals that the firm is socially responsible 6. Reveals that the firm is environmentally responsible 7. Includes nine components: customers, products or services, markets, technology, concern for survival/growth/profits, philosophy, distinctive competence, concern for public image, concern for employees 8. Reconciliatory; resolves divergent views among stakeholders 9. Enduring but never cast in stone 10. Attracts customers; is written from a customer perspective

What 5 characteristics does a vision statement need to have?

1. Clear: reveals type of industry and what firm strives to become 2. Futuristic: reveals what the firm strives to become or accomplish within five years 3. Concise: one sentence in length 4. Unique: reveals the firm's competitive advantage 5. Inspiring: motivates the readers to support the firm

What are the steps for an EFE Matrix?

1. Develop a Full and Narrow List of Key External Factors 2. Assign Weights to Key External Factors 3. Assign Ratings to Key External Factors 4. Obtain Weighted Scores 5. Obtain Total Weighted Score

What are the steps for an IFE Matrix?

1. Develop a Full and Narrow List of Key Internal Factors 2. Assign Weights to Key Internal Factors 3. Assign Ratings to Key Internal Factors 4. Obtain Weighted Scores 5. Obtain Total Weighted Score

What are the functions of management?

1. Planning 2. Organizing 3. Motivating 4. Controlling

What are the 10 benefits of having clear objectives?

1. Provide direction by revealing expectations. 2. Allow synergy. 3. Assist in evaluation by serving as standards. 4. Establish priorities. 5. Reduce uncertainty. 6. Minimize conflicts. 7. Stimulate exertion. 8. Aid in allocation of resources. 9. Aid in design of jobs. 10. Provide basis for consistent decision making.

What are the characteristics of objectives?

1. Quantitative: measurable 2. Understandable: clear 3. Challenging: achievable 4. Compatible: consistent vertically and horizontally in a chain of command 5. Obtainable: realistic

What are some pitfalls to avoid in strategic planning?

1. Using strategic planning to gain control over decisions and resources 2. Doing strategic planning only to satisfy accreditation or regulatory requirements 3. Too hastily moving from mission development to strategy formulation 4. Not communicating the plan to employees, who continue working in the dark 5. Top managers making many intuitive decisions that conflict with the formal plan 6. Top managers not actively supporting the strategic-planning process 7. Not using plans as a standard for measuring performance 8. Delegating planning to a "planner" rather than involving all managers 9. Not involving key employees in all phases of planning 10. Not creating a collaborative climate supportive of change 11. Viewing planning as unnecessary or unimportant 12. Viewing planning activities as silos comprised of independent parts 13. Becoming so engrossed in current problems that insufficient or no planning is done 14. Being so formal in planning that flexibility and creativity are stifled

A fundamental​ strategy-evaluation activity​ includes_____. A. reviewing external and internal factors that are the bases for current​ strategies, measuring​ performance, and taking corrective actions B. monitoring employees C. taking corrective actions D. measuring performance E. reviewing external and internal factors that are the bases for current strategies.

A

According to the authors of the​ text, what is the most important component of a mission​ statement? A. Distinctive competence B. Technology C. Philosophy D. Customers E. Employees

A

Apple's financially lean position with regard to manufacturing facilities provides the firm with a​ _______ over​ Sony, which invests heavily in manufacturing facilities. A. competitive advantage B. strategic advantage C. comparative advantage D. sustained competitive advantage E. disadvantage

A

Building four new manufacturing plants in Europe is an example of​ a(n) ______. A. strategy B. threat C. opportunity D. strength E. weakness

A

Business strategy is based on the assumption of competition. Upon which assumption is military strategy​ based? A. Conflict B. Collaboration C. Comparison D. Competition E. Communication

A

If included in a mission​ statement, the​ phrase, "We follow the golden rule in all that we​ do" would satisfy what​ component? A. Philosophy B. Markets C. Ethics D. Integrity E. Self-concept

A

One benefit of strategic planning is that it allows a firm to be​ _______ in shaping its own future. A. proactive B. passive C. successful D. reactive E. unconcerned

A

One specific skill students can gain from this course is​ ________. A. Formulating strategies using a SWOT analysis B. Improving data literacy C. Thinking officially D. Understanding business ethics E. Collaborating

A

Recent research by Rose and Cray examined the​ strategic-management process and concluded that perhaps the most important​ "activity" is​ what? A. The feedback loop B. Deciding upon​ long-term and annual objectives C. Developing vision and mission statements D. Deciding upon internal strengths and weaknesses E. Deciding upon external opportunities and threats

A

Strengths and weaknesses can be determined by elements of being rather than performance. For​ example, ______. A. a strength may involve ownership of natural resources B. a weakness may be a history of exemplary sustainability C. a weakness may be a current ratio above 2.0 D. a strength may be high employee turnover E. a strength may be a historic reputation for paying low wages

A

Unskilled leaders work out their conflicts in courtrooms and battlefields. Brilliant strategists rarely go to battle or to court. How do they usually achieve their​ objectives? A. Through tactical positioning well in advance of any confrontation B. Through negotiation and compromise C. Through communication with the​ rival's leaders D. By amassing superior forces against a​ rival's weak areas E. Through an​ all-out assault on the rival

A

What is often considered the first step in strategic​ planning? A. Developing a vision statement B. Establishing objectives C. Obtaining shareholders or financial supporters D. Securing capital to operate E. Devising a mission

A

Which of the following activities is included in strategy​ implementation? A. Develop a​ strategy-supportive culture and create an effective organizational structure. B. Motivate employees and establish a mission statement. C. Develop a SWOT Matrix D. Redirect marketing efforts and prepare a vision statement. E. Establish annual objectives and develop a vision statement.

A

Which of the following is NOT identified as a component of mission​ statements? A. Stock price B. Public image C. Customers D. Markets E. Profitability

A

Which of the following is a reason some firms do not engage in strategic​ planning? A. They receive no formal training in strategic management. B. They are being punished for not planning. C. They know the effort of planning yields monetary rewards. D. They understand the benefits of planning. E. They are willing to invest time and effort.

A

Short-term milestones that organizations must achieve to reach long-term objectives.

Annual Objectives

A mission statement should be written​ ______. A. so it never needs to be changed B. from a customer perspective C. only by senior management D. to replace a vision statement E. as an internal tool not to be made public

B

A mission statement should include the following​ components: A. Customers, products/services,​ markets, and competitors B. Survival/growth/profitability, philosophy,​ self-concept, and public image C. Enduring, inspiring, and reconciliatory D. Clear, concise, consistent E. Proactive and probiotic

B

According to the model used in this​ text, what should be answered when developing a strategic​ plan? A. How are we going to get​ there? B. Where are we​ now, where do we want to​ go, and how are we going to get​ there? C. Where is the​ captain? D. Where do we want to​ go? E. Where are we​ now?

B

Asking the​ question, ______ is synonymous with​ asking, "What is our​ mission?" A. What is our​ objective? B. What is our​ business? C. Where are we​ going? D. What are we​ doing? E. Why are we​ here?

B

Dale McConkey​ said, "Plans are less important than​ planning." What does this statement​ mean? A. The strategic planning narrative is not that important. B. Communication, understanding, and commitment are vitally important in strategic planning. C. Honesty, integrity, and humility are vitally important in strategic planning. D. Manager and employee involvement in decision making is important. E. The strategic planning matrices are not that important.

B

Guidelines, rules, and procedures established to support implementation efforts are called​ _____. A. opportunities B. policies Your answer is correct.C. objectives D. strengths E. strategies

B

In a​ business, which of the following should be established​ first? A. Long-term objectives B. Vision statement C. Mission statement D. Creed statement E. Strategy

B

Most practitioners and academicians of strategic management feel that an effective statement should include​ ______ mission statement components. A. 15 B. 9 C. 6 D. 12 E. 3

B

Official business failure calculations include​ _____. A. reverse mortgages and buyouts B. liquidations and​ court-mandated receiverships C. divested assets D. defunct assets E. bankruptcies and bank loans

B

One broad skill students can gain by taking this course is​ ______. A. to develop and use value chain​ analysis, balance​ scorecards, and financial ratio analysis B. to define and solve problems and make decisions about a particular situation C. to develop a​ three-year strategic plan for any​ for-profit or nonprofit company or organization D. to write and evaluate vision and mission statements E. to use a popular corporate strategic planning Excel template

B

The recommended length of a mission statement is fewer than​ _____ words. A. 25 B. 100 C. 300 D. 75 E. 500

B

The term strategic planning is used synonymously in this text with what other​ term? A. Strategy formulation B. Strategic management C. Strategy implementation D. Long-range planning E. Scenario planning

B

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. A. ignoring intuition B. intuition C. ignorance D. ignoring change E. undisciplined intuition

B

To survive and​ prosper, a business must gain and sustain​ ______ major competitive advantages over rival firms. A. one B. at least several C. at least fifteen D. two E. as many as one hundred

B

What element of strategic management answers the question​ "What do we want to​ become?" A. A mission statement B. A vision statement C. Specific​ long-term objectives D. Environmental scanning E. A SWOT

B

When should a vision statement reveal the type of business in which the firm​ engages? A. When the firm has diverse businesses B. Always C. When the firm is a monopoly or oligopoly D. When the firm also has a mission statement E. It depends on the preferences of the​ firm's top strategists

B

Which of the following is a pitfall of strategic​ planning? A. Involving key employees in all phases of the planning B. Being so formal in planning that flexibility and creativity are stifled C. Communicating the plan to employees D. Using plans as standards for measuring performance E. Obtaining support of the process by top managers

B

Which of the following is listed in the chapter as a reason often given for poor or no strategic planning in a​ firm? A. Substantial monetary rewards for doing planning B. Laziness C. Benchmarking D. Adequate formal training in strategic management E. Reshoring

B

Which statement is​ FALSE? A. Some companies develop mission statements simply because owners or top management believe it is fashionable to do so rather than out of any real commitment. B. Vision statements are more important than mission statements. C. Managers at Johnson​ & Johnson​ (J&J) meet regularly with employees to​ review, reword, and reaffirm the​ firm's vision and mission. D. Some strategists spend almost every moment of every day on administrative and tactical​ concerns, ignoring the importance of a clear mission. E. Firms establish their vision and mission before their objectives in doing strategic planning.

B

A mission statement reveals​ ______. A. against whom an organization wants to compete and how it will do so B. how an organization will compete in its industry and its profit goals C. what an organization wants to be and whom it wants to serve D. what an organization wants to be and how it will compete in its industry E. an​ organization's revenue and profit goals

C

According to Chapter​ 1, ______ may be the most important word in management. A. strategy B. implementation C. communication D. planning E. strategist

C

According to Vern​ McGinnis, a mission statement should do​ what? A. Define what the organization is and what the organization has been B. Provide the basis for contingency plans C. Be limited enough to exclude some ventures and broad enough to allow for creative growth D. Serve as a framework for evaluating​ past, current, and future promotions E. Distinguish an organization from​ not-for-profit organizations

C

According to recent research by​ Cuddy, Fiske, and​ Glick, what ethics​ variable(s) is most important in doing​ business? A. Strengths and weaknesses B. Intelligence C. Trustworthiness D. Opportunities and threats E. Competence

C

According to the​ chapter, a pitfall to watch for and avoid in strategic planning​ is: A. Using strategic planning to relinquish control over decisions and resources B. Failing to communicate the plan to a board of​ directors, who continue working in the dark C. Doing strategic planning only to satisfy accreditation or regulatory requirements D. Sexual harassment E. Failing to communicate the plan to​ outside-USA segments, who continue working in the dark

C

According to the​ chapter, the worst thing strategists can do is to develop strategic plans and then​ ____. A. begin changing the plans B. place the plans on the corporate website C. present the plans to operating managers to execute D. go on vacation E. file the plans away in a file cabinet

C

Analytical thinking and intuitive thinking​ ______. A. are seldom used together B. are typically at odds with each other C. complement each other D. guarantee strategic success E. are not used in strategic planning

C

Historically, where did strategic planning​ originate? A. Game play B. Non-profits C. The military D. Business E. Greek mythology

C

Some firms view planning as a waste of time because​ ______. A. the process is​ never-ending B. the return on investment is too low C. no product or service is produced D. the process is too long E. it is not proven not be successful

C

The CEO of LinkedIn is Jeff​ Weiner, a highly respected corporate leader. What does Weiner say is the most important philosophy of a great​ leader? A. Use strategic planning to guide corporate​ decision-making. B. Do unto others as you would have them do unto you. C. Be clear about the​ organization's vision. D. Be clear about the​ organization's mission. E. Be clear about the​ firm's core values.

C

The principal benefit of vision and mission statements as tools of strategic management is derived from​ ______. A. their quantitative outlines for profitability B. removing the need for strategic management C. their specification of the ultimate aims of a firm D. their focus on company performance E. removing the need for the firm to focus on ethics

C

The strategic management process begins​ with______. A. strategy implementation B. strategic opportunity identification C. strategy formulation D. strategy evaluation E. strategic planning

C

The vision statement answers which of the following​ questions? A. What do we stand​ for? B. What is our​ purpose? C. What do we want to​ become? D. Where do we want to​ operate? E. What are our​ markets?

C

What should a vision statement​ reveal? A. The​ firm's core values B. The​ firm's mission C. The type of business a firm conducts D. Where the firm wants to be in ten years E. A concise history of the firm

C

Which statement​ FALSE? A. During the process of developing vision and mission​ statements, some organizations use discussion groups of managers to develop and modify existing statements. B. The process of developing a mission statement should create an​ "emotional bond" and​ "sense of​ mission" between the organization and its employees. C. An outside person with expertise in developing vision and mission statements who has unbiased views should always manage the​ statement-development process. D. Mission statements should include the 9 components. E. Vision statements should pass the 5 out of 5 test.

C

Who​ said, "Perfection is not attainable. But if we chase​ perfection, we can catch​ excellence"? A. Chuck​ Noll, Head Coach Pittsburgh Steelers ​(1969dash-​91) B. President Barack Obama​ (2015) C. Vince​ Lombardi, Head Coach Green Bay Packers ​(1959dash-​67) D. Tom​ Landry, Head Coach Dallas Cowboys ​(1960dash-​88) E. George S.​ Halas, Head Coach Chicago Bears ​(1933dash-​42, 1946dash-​55, 1958dash-​67)

C

Why are both profit and vision needed to motivate a workforce​ effectively? A. Vision is viewed negatively by some stakeholders of a firm. B. Top executive bonuses are oftentimes based on accomplishing a mission and vision. C. Profit is viewed negatively by some stakeholders of a firm. D. Manager and employee bonuses are usually based on profit. E. Profit and vision statements are usually found in an annual report.

C

_____ is the science of planning and directing​ large-scale military​ operations, of maneuvering forces into the most advantageous position prior to actual engagement with the enemy. A. Coordination B. Formulating objectives C. Strategy D. Leadership E. Mission development

C

​______ is the act of strengthening​ employees' sense of effectiveness by encouraging them to participate in decision making and to exercise initiative and​ imagination, and then rewarding them for doing so. A. Motivation B. Leadership C. Empowerment D. Involvement E. Encouragement

C

A widely used strategic planning analytical tool designed to identify a firm's major competitors and its particular strengths and weaknesses in relation to a sample firm's strategic position.

CPM

Anything a firm does especially well, compared to rival firms. For example, when a firm can do something that rival firms cannot do, or owns something that rival firms desire, that can represent a competitive advantage.

Competitive Advantage

A firm can achieve sustained competitive advantage by​ _____. A. taking corrective actions B. monitoring employees quarterly C. periodically adapting to changes in external trends and events and internal​ capabilities, competencies, and resources D. effectively​ formulating, implementing, and evaluating strategies that capitalize on changes in trends and internal capabilities E. measuring performance and analyzing variances

D

According to​ Drucker, the most important time to ask​ seriously, "What do we want to​ become?" and​ "What is our​ business?" is​ ______. A. when a company has been unsuccessful B. when a company buys another company C. when the​ company's vision statement has been altered D. when a company has been successful E. when a​ company's long-term objectives have been established

D

All elements of the strategic planning process can change over time except one element that almost never changes. What is that​ element? A. Mission statement B. Vision statement C. Long-term objectives statement D. Core value statement E. Sustainability statement

D

An effective vision statement should exhibit 5 characteristics. What are​ they? A. Clear, current,​ concise, unique, inspiring B. Clear, futuristic,​ expansive, unique, inspiring C. Clear, current,​ expansive, creative, adaptable D. Clear, futuristic,​ concise, unique, inspiring E. Clear, futuristic,​ concise, creative, adaptable

D

In which stage of the strategic management process is an organization likely to develop a mission​ statement? A. Strategic opportunity identification B. Strategy evaluation C. Strategy implementation D. Strategy formulation E. Strategic planning

D

Quality mission statements identify the​ ______ of a​ firm's products to its customers. A. scope B. quality C. price D. utility E. availability

D

Regarding vision​ statements, which statement below is​ FALSE? A. Vision statements should be one sentence long. B. Vision statements should be written from a customer perspective. C. Vision statements should do more than identify the​ product/service a firm offers. D. Vision statements should answer the question​ "What is our​ mission?" E. Firms should develop a vision statement before a mission statement.

D

Strategic management is based on the idea that organizations should monitor internal and external trends​ _____. A. periodically B. quarterly C. monthly D. continually E. annually

D

The logical starting point for strategic management is to​ ______. A. implement the plan B. analyze metrics C. perform a SWOT analysis D. identify the existing​ vision, mission,​ objectives, and strategies E. hold​ off-premises retreats

D

To create an excellent vision and​ mission, a firm needs core values. These core values​ ______ for the vision and mission. A. assess the competition B. outline the strategic plan C. predict the​ firm's future D. create an ethical foundation E. define the​ firm's long-term objectives

D

What question does a mission statement​ answer? A. What is our​ vision? B. What are our​ long-range objectives? C. What are our core​ values? D. What is our business or reason for​ being? E. Where do we want to be in five​ years?

D

What​ characteristic(s) are included among the 5 out of 5 test for vision statements to be​ exemplary? A. Congruent and congenial B. Clear and unique C. Futuristic and objective D. Consistent and competitive E. Inspiring and complacent

D

Which of the following statements is​ FALSE? A. An overly general mission statement that does not exclude any strategy alternatives could be dysfunctional. B. A good mission statement allows for the generation and consideration of a range of feasible alternative objectives and strategies without unduly stifling management creativity. C. Excess specificity in a mission statement would limit the potential of creative growth for the organization. D. Apple​ Computer's mission statement should open the possibility for diversification by Apple into pesticides. E. A mission statement needs to be broad to reconcile differences effectively amonglong dash—and appeal tolong dash—an ​organization's diverse stakeholders.

D

Which of the following statements is​ TRUE? A. Mission statements should be​ employee-oriented first and foremost and​ shareholder-oriented secondarily. B. A​ single-division organization could have several mission statements for different purposes. C. Mission statements should not be published for competitors to see. D. There is no one best mission statement for a particular organization. E. An effective mission statement paves the way for an effective vision statement.

D

A​ meta-analysis of 20 years of empirical research on mission statements concluded there is a positive relationship between mission statements and​ ______. A. employee turnover B. employee satisfaction C. customer satisfaction D. organizational efficiency E. measures of financial performance

E

In great​ companies, core values​ ______. A. are put on the company website B. are stated but typically not practiced C. are secondary to the vision and mission D. change often to reflect environmental changes E. almost never change

E

Perhaps the best way to develop a skill for writing and evaluating mission statements is to​ ______. A. use templates available on the web B. copy​ competitor's mission statements C. attend training workshops D. use an outside consultant E. study actual company missions

E

The focus of strategic management is​ ______. A. increasing return on investment B. functional planning C. the profits of the firm D. separating all the functional areas of the business to achieve organizational success E. the integration of all the functional areas of the business to achieve its organizational objectives

E

Three primary intrinsic benefits of strategic planning include​ ______. A. less need for lower levels of​ planning, less need for​ communication, and greater commitment B. increased return on​ investment, higher​ profits, and higher employee satisfaction C. less need for​ communication, deeper​ understanding, and greater commitment D. enhanced​ communication, greater​ commitment, and higher profits E. enhanced​ communication, deeper​ understanding, and greater commitment

E

Which of the following best describes the​ vision, "To become the best retailing firm in the​ USA"? A. Admirable B. Weak C. Too short D. Excellent E. Much too broad

E

Which of the following four types of strategies are developed in a SWOT​ (Strengths-Weaknesses-Opportunities-Threats) Analysis? A. ST, WT,​ SW, OT B. OT, WO,​ ST, WT C. WT, WO,​ WS, SW D. SW, ST,​ WO, WT E. SO, WO,​ ST, WT

E

Which of the following is NOT a pitfall of strategic​ planning? A. Not using plans as standards for measuring performance B. Viewing planning as unnecessary or unimportant C. Using strategic planning to gain control over decisions and resources D. Top managers making many intuitive decisions that conflict with the formal plan E. Involving key employees in all phases of planning

E

Which of the following is a characteristic of a good mission​ statement? A. It is narrow in scope. B. It is written from the​ company's perspective. C. It is cast in stone. D. It is more than 150 words long. E. It reveals that the firm is socially responsible.

E

​Generally, in​ war, the best policy is to take a state intact rather than to ruin it.​ Likewise, the best objective is to capture the​ enemy's army,​ regiment, company, or squad intact rather than destroy them. Winning 100 victories in 100 battles is not the epitome of skill. What is the epitome of​ skill? A. To use shock and awe as rapid victory strategies B. To form alliances and coalitions to fight all your battles C. To win nearly all battles regardless of the number D. To win all battles regardless of the number E. To subdue the enemy without fighting

E

A widely used strategic planning analytical tool designed to summarize and evaluate economic, social, cultural, demographic, environmental, political, governmental, legal, technological, and competitive information.

EFE Matrix

______________ skills include actual tools, techniques, and concepts being used by businesses and learned by students using this text. Broad Skills to Be Developed 1. Critical thinking: to define and solve problems and make decisions or form judgments about a particular situation or set of circumstances. 2. Collaboration: to work with colleagues on reports, presentations, and projects. 3. Knowledge application and analysis: to learn a concept and then apply that knowledge to other challenges. 4. Business ethics and social responsibility: to know in your heart that good ethics is good business. 5. Information technology: to enhance one's word-processing, spreadsheets, database, presentation, and software skills. 6. Data literacy: to access, assess, interpret, manipulate, summarize, and communicate data. 7. Specific Skills to Be Gained; Learn How to: 1. Develop a three-year strategic plan for any for-profit or nonprofit company or organization. 2. Write and evaluate vision and mission statements. 3. Conduct an external and internal strategic planning assessment. 4. Formulate strategies using SWOT analysis. 5. Develop and use a BCG and IE portfolio matrix analysis. 6. Develop and use a QSPM analysis. 7. Determine an appropriate set of recommendations with associated costs for any firm. 8. Develop and use perceptual maps to better position firms versus rival companies. 9. Determine the value of any firm using various corporate valuation methods. 10. Perform EPS-EBIT analysis to determine the extent that debt versus stock should be used to raise needed capital for the firm. 11. Develop and use value chain analysis, balance scorecards, and financial ratio analysis. 12. Evaluate corporate structures and develop effective organizational charts. 13. Develop and use projected financial statements to support any proposed strategic plan. 14. Use a popular corporate strategic planning Excel template.

Employability

A strategy-formulation tool that summarizes and evaluates a firm's major strengths and weaknesses in the functional areas of a business, and provides a basis for identifying and evaluating relationships among those areas.

IFE Matrix

Using one's cognition without evident rational thought or analysis; based on past experience, judgment, and feelings; essential to making good strategic decisions but must not be relied on heavily in lieu of objective analysis.

Intuition

Specific results that an organization seeks to achieve (in more than one year) in pursuing its basic vision/mission/strategy.

Long-Term Objectives

An enduring statement of purpose that distinguish one business from other similar firms; a statement that identifies the scope of a firm's operations in product and market terms and addresses the question "What is our business?" A declaration of an organization's "reason for being."

Mission Statement

_____________ involves efforts directed toward shaping human behavior, such as leadership, communication, teamwork, job enrichment, and human resource management (HRM).

Motivating

______________ includes all managerial activities that result in a structure of task and authority relationships, such as organizational design, job specialization, job descriptions, span of control, job design, and job analysis.

Organizing

___________ consists of all managerial activities related to preparing for the future, such as establishing objectives, devising strategies, and developing policies.

Planning

The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. __________ __________ is used synonymously with the term strategic planning. Sometimes the term ________ _________ is used to refer to strategy formulation, implementation, and evaluation, with strategic planning referring only to strategy formulation. A strategic plan is a company's game plan. A strategic plan results from tough managerial choices among numerous good alternatives, and it signals commitment to specific markets, policies, procedures, and operations.

Strategic Management

A one-sentence statement that answers the question, "What do we want to become?

Vision Statement

Based on past experiences, judgment, and feelings, most people recognize that __________ is essential to making good strategic decisions.

intuition