Strategic Management

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Chapter 1 63) The goal of strategic management is to A) achieve competitive advantage. B) maintain competitive advantage. C) achieve and maintain competitive advantage. D) eliminate competitive advantage E) eliminate and abolish competitive advantage. 64) Strategic management focuses on integrating management, ________, and information systems to achieve organizational success. A) marketing B) finance/accounting C) production/operations D) research and development E) all of the above 65) What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives? A) Strategy formulation B) Strategy evaluation C) Strategy…show more content…
79) ________ allows firms to sell products, advertise, purchase supplies, bypass intermediaries, track inventory, and eliminate paperwork. A) Social networking B) E-commerce C) Blogging D) Video sites E) None of the above 80) The Internet has transferred power from ________ to ________. A) businesses, individuals B) governments, businesses C) individuals, businesses D) businesses, governments E) individuals, governments 81) The trends in newspaper circulation in the United States provide support for which statement? A) Sustainable competitive advantage is easy to maintain. B) Several firms can have similar competitive advantages. C) Some products are relatively immune to changes in the external environment. D) Most competitive advantages are hard to sustain. E) Competition is generally good for companies and consumers. 82) The one factor that has most significantly impacted the nature and core of buying and selling in nearly all industries has been A) the Internet. B) political borders. C) corporate greed. D) customer and employee focus. E) the government. 83) Which individuals are most responsible for the success and failure of an organization? A) Strategists B) Financial planners C) Personnel directors D) Stakeholders E) Human resource managers 84) The first step in strategic planning is generally A) developing a vision statement. B) establishing goals and objectives. C) making a profit. D)

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