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Questions and Answers
An organization is defined as a group working together to achieve individual goals.
An organization is defined as a group working together to achieve individual goals.
False
A corporation is an example of an organization.
A corporation is an example of an organization.
True
A family business is not an organization.
A family business is not an organization.
False
The strategic management process involves only three steps.
The strategic management process involves only three steps.
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The levels of strategy formulation include only corporate and business levels.
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.
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.
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.
Specialization is necessary for effective coordination.
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The agency problem is an organizational challenge that involves aligning individual and firm goals.
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.
Strategic management only involves the planning function of management.
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Strategic management is only an art, not a science.
Strategic management is only an art, not a science.
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Strategic management only involves planning.
Strategic management only involves planning.
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Strategic management has a minor impact on an organization's performance.
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.
Strategy formulation is the second stage of the Strategic Management Process.
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Vision statement describes what the organization wants to become.
Vision statement describes what the organization wants to become.
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Competitive advantage is what sets a firm behind its rival firms.
Competitive advantage is what sets a firm behind its rival firms.
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Strategists are responsible for gathering information.
Strategists are responsible for gathering information.
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Annual objectives are a part of strategy formulation.
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.
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.
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.
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.
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.
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.
One of the benefits of strategic management is increased resistance to change.
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