CBME1_PrelimEXAM

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?

• Strategy formulation

• Strategy evaluation

• Strategy implementation

• Strategic management

• Strategic leading

________ is used to refer to strategic formulation, implementation and evaluation, with ________ referring only to strategic formulation.

• Strategic planning; strategic management

• Strategic planning; strategic processing

• Strategic management; strategic planning

• Strategic management; strategic processing

• Strategic implementation; strategic focus

During what stage of strategic management are a firm’s specific internal strengths and weaknesses determined?

• Formulation

• Implementation

• Evaluation

• Feedback

• Goal-setting

An important activity in ________ is taking corrective action.

• strategy evaluation

• strategy implementation

• strategy formulation

• strategy leadership

• all of the above

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

• Formulating strategy

• Strategy evaluation

• Implementing strategy

• Strategic advantage

• Competitive advantage

________ is not a strategy-implementation activity.

• Taking corrective actions

• Establishing annual objectives

• Devising policies

• Allocating resources

• Motivating employees

Which individuals are most responsible for the success and failure of an organization?

• Strategists

• Financial planners

• Personnel directors

• Stakeholders

• Human resource managers

The first step in strategic planning is generally

• developing a vision statement.

• establishing goals and objectives.

• making a profit.

• developing a mission statement.

What are enduring statements of purpose that distinguish one business from other similar firms?

• Policies

• Mission statements

• Objectives

• Rules

• Employee conduct guidelines

Usually, external opportunities and threats are

• uncontrollable by a single organization

• controlled by governments

• not as important as internal strengths and weaknesses

• key functions in strategy implementation

• key functions in strategy exploitation