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Questions and Answers
An organization is defined as a group working together to achieve individual goals.
False
A corporation is an example of an organization.
True
A family business is not an organization.
False
The strategic management process involves only three steps.
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The levels of strategy formulation include only corporate and business levels.
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SWOT Analysis is a tool used for internal analysis only.
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An organization is defined as a group of people working together to achieve a single goal.
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Specialization is necessary for effective coordination.
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The agency problem is an organizational challenge that involves aligning individual and firm goals.
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Strategic management only involves the planning function of management.
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Strategic management is only an art, not a science.
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Strategic management only involves planning.
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Strategic management has a minor impact on an organization's performance.
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Strategy formulation is the second stage of the Strategic Management Process.
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Vision statement describes what the organization wants to become.
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Competitive advantage is what sets a firm behind its rival firms.
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Strategists are responsible for gathering information.
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Annual objectives are a part of strategy formulation.
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The basic tenet of strategic management is to take advantage of external threats and avoid the impact of external opportunities.
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Internal strengths and weaknesses are typically determined by comparing the firm's performance to industry averages.
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Long-term objectives are essential for ensuring the firm's success in the short-term.
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Examples of strategies include market penetration, product development, and joint venture.
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Annual objectives are long-term milestones that firms must achieve to reach their short-term objectives.
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One of the benefits of strategic management is increased resistance to change.
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