unit 3 tacn3

1. Strategic management involves the analyses, decisions, and actions an organization undertakes to create and sustain __________ advantages.

2. The strategic management of an organization consists of three ongoing processes: analyses, __________, and actions.

3. Managers need to determine how a firm is to __________ so that it can obtain advantages that are sustainable.

4. Operational effectiveness means performing similar activities __________ than rivals.

5. A sustainable competitive advantage cannot be achieved through __________ effectiveness alone.

6. The essence of strategic management is the study of why some firms __________ others.

7. One of the key questions in strategic management is, "What industries should we __________ in?"

8. Firms must take the necessary actions to __________ their strategies.

9. Managers should focus on creating competitive advantages that are unique, valuable, and difficult for rivals to __________.

10. Trying to do everything that your rivals do can lead to mutually destructive __________ competition.