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Questions and Answers
Business-level managers are responsible for developing functional strategies in specific business operations.
False
Function-level managers provide most of the information needed by general managers to formulate realistic strategies.
True
The formal strategic process consists of three main steps.
False
Business-level managers oversee the strategic development of a firm and its owners.
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Function-level managers are responsible for determining what business a company should be in.
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One of the roles of a business-level manager is to formulate and implement strategies at the individual business level.
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SWOT analysis in strategic management focuses only on internal factors of a company.
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The purpose of external analysis in strategic management is to identify strategic opportunities and threats within the organization's operating environment.
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Competitive structure of the industry is not considered in external analysis of strategic management.
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Internal analysis in strategic planning focuses on reviewing the financial performance only.
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SWOT stands for Strengths, Weaknesses, Opportunities, and Threats in strategic management.
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The goal of internal analysis in strategic planning is to focus on external opportunities and ignore weaknesses.
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Functional-level strategies focus on improving customer service and production efficiency within a company.
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Business-level strategies only involve cost leadership as the main competitive advantage approach.
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Global strategies solely focus on expanding operations within the home country to maximize profitability.
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Corporate-level strategies primarily deal with deciding how to minimize company weaknesses for long-term growth.
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Managers compare and contrast different alternative strategies to identify those that will not sustain a competitive advantage.
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Business-level strategies determine how a company positions itself in the market to gain a competitive advantage.
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