What is the primary focus of strategic management? C2

• Managing day-to-day operations
• Achieving short-term financial goals
• Conducting market
• Drafting, implementing, and evaluating cross-functional decisions

How does Drucker (1973) define STRATEGIC PLANNING? C1

• A one-time decision-making process
• Setting short-term objectives systematically
• Continuous decision-making with systematic organisation and feedback
• Evaluating alternatives for the present objective

What does CORPORATE STRATEGY encompass according to strategic management? C1

• Only short-term objectives
• Vision and mission only
• Overall plan, vision, mission, values, goals, markets, products, competitive advantages resources, and capabilities
• Defining markets and products only

A vision statement is about what your organization wants to become

Generate, evaluate and choose strategies is the starting point of strategic management process

These are the characteristic of mission statement, EXCEPT

• Enduring and attract customer
• Reveal the firm is culturally responsible
• Consice and inspiring
• Broad in scope

The mass media is one of the non-market stakeholder

The strategy states how the corporation will achieve its mission and objectives

The skills, expertise and knowledge of employees are key intangible resources.

What are the three stages of the strategic management process? C1

• Vision, mission, and goals
• Where are we now? Where do we want to go? How are we going to get there?
• Yearly planning, semi-annual planning, and continuous planning
• Formulation, implementation, and evaluation

A firm must strive to achieve sustained competitive advantage by doing ______________

• offering products that unique and easy to duplicate
• evaluating organizations strategies
• formulating that capitalize on factors
• continually adapting to changes

Business level strategy considered for the overall movement of the organization

The term "goal" is often used interchangeably with the term "objective"

These are the components of a mission statement, EXCEPT

• Concern for employees
• Concern for corporate image
• Customers
• Technology

Tangible resources are asset that can be seen and qualified such as

• production equipment and raw materials
• raw material and abilities
• manufacturing and knowledge
• skills and intelligence

Michael Porter explain I/O view that a firm performance is strongly influenced by its external environment

Which of the following is an example of a primary stakeholder, according to Wheeler and Silanpaa?

• The government
• The media
• Community
• Shareholder

In the context of external environment forces, what term is used for conditions that can hinder an organization's performance?

• Adversities
• Dilemmas
• Predicaments
• Challenges

What is a crucial aspect of well developed vision statement in strategic planning?

• Length and complexity
• Level of specificity
• Alignment with core values
• Number of agenda items

Strategy formulation issues include deciding what new business to enter, what business to abandon and how to avoid a hostile takeover.