HANDOUT 1

A business model is not directly connected to how a firm makes money. True or False?

False

A vision statement answers the question, "What is our business?," whereas a mission statement answers, "What do we want to become?" True or False?

False

A vision statement is, in essence, a company's game plan. True or False?

False

Once a firm acquires a competitive advantage, they are usually able to sustain the competitive advantage for an extended period of time. True or False?

False

The essential core of strategy is doing the same thing as your rivals but being more effective at it. True or False?

False

The goal of strategic management is to develop a competitive advantage that is permanently sustainable. True or False?

False

The mission statement should be short—preferably one sentence. True or False?

False

What step in the strategic development process involves mobilizing employees and managers to put strategies into action?

Implementing Strategy

The process that describes the method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage is called what?

Strategic Management Process

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. True or False?

True