Strategy Managment

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Chapter 8 Strategic Management

True/False Questions


1. Strategic management is the set of managerial decisions and actions that determines the short-term performance of an organization.
(False; moderate; p. 208)

2. “Strategic model” is a term that is often used in conjunction with strategic management and strategies.
(False; easy; p. 209)

3. The most fundamental questions about strategy address why firms, facing the same environmental conditions, have varying levels of performance.
(True; easy; p. 209)


4. The first step in the strategic management process is analyzing the external environment.
(False; difficult; p. 210)

5. Within an industry, an
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(False; easy; p. 226)

28. The key for managers is responding quickly when it is obvious that the strategy isn’t working.
(True; moderate; p. 226)

Since information technology is so readily accessible, it cannot contribute to sustainable competitive advantage.

(False; easy; p. 228; AACSB: Technology)

29. An important innovation strategy involves communication.
(False; moderate; p. 229; AACSB: Communication)

Multiple-Choice Questions
For each of the following choose the answer that most completely answers the question.

The Importance of Strategic Management

30. What are the decisions and actions that determine long-run performance of an organization? a. strategies b. missions c. goals d. opportunities
(a; easy; p. 208)

31. __________________ is the collection of managerial decisions and actions that determine the long-run performance of an organization. a. Planning b. Goal-oriented management c. Strategic management d. Leadership
(c; moderate; p. 208)

32. What is a strategic design for how a company intends to profit from its strategies, work processes, and work activities? a. business model b. strategic model c. strategic management model d. competitive model
(a; easy; p. 209)

33. Studies of the factors that contribute to organizational performance have shown _____________ relationship between strategic planning and performance. a.
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