Strategic Management: Chapter 1 Tb

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Strategic Management: A Competitive Advantage Approach, 14e (David) Chapter 1 The Nature of Strategic Management 1) Strategic management focuses on integrating management, marketing, finance/accounting, production/operations, research and development, and information systems to achieve organizational success. Answer: TRUE Diff: 1 Page Ref: 5 Objective: 1.01 Describe the strategic-management process. Learning Outcome: Define strategic management and identify its basic concepts 2) Optimizing for tomorrow the trends of today is the purpose of strategic management. Answer: FALSE Diff: 2 Page Ref: 5 Objective: 1.01 Describe the strategic-management process. Learning Outcome: Define strategic management and identify its basic concepts 3) Even though useful, strategic planning has been cast aside by corporate America since the early 1990s. Answer: FALSE Diff: 2 Page Ref: 5 Objective: 1.01 Describe the strategic-management process. Learning Outcome: Define strategic management and identify its basic concepts 4) Resource allocation is included in strategy-formulation activities. Answer: TRUE Diff: 2 Page Ref: 5 Objective: 1.01 Describe the strategic-management process. Learning Outcome: Define strategic management and identify its basic concepts 5) The terms strategic management and strategic planning are synonymous in this text. Answer: TRUE Diff: 1 Page Ref: 5 Objective: 1.01 Describe the strategic-management process. Learning Outcome: Define strategic management and identify its basic concepts 6) A vision statement identifies the scope of a firm's operations in product and market terms. Answer: FALSE Diff: 1 Page Ref: 10 Objective: 1.03 Define and give examples of key terms in strategic management. Learning Outcome: Discuss the functions of vision statements, mission statements, and long-term
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