Strategic Management Essentials Quiz
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Questions and Answers

What is a competitive advantage in the context of strategic management?

  • The location of a firm's headquarters
  • The financial resources possessed by a firm
  • Anything that a firm does especially well compared to rival firms (correct)
  • The number of employees working in a firm

    • Who are the strategists in an organization?

  • The newly hired employees
  • The external consultants working with the organization
  • The individuals who are most responsible for the success or failure of an organization (correct)
  • The middle management of the organization

    • What does a vision statement in strategic management answer?

  • The question 'How much profit do we want to make.'
  • The question 'What are our competitors' strengths.'
  • The question 'What do we want to become.' (correct)
  • The question 'What are our short-term goals.'

    • What do long-term objectives refer to in strategic management?

    <p>The goals a firm aims to achieve over an extended period of time</p> Signup and view all the answers

    What are annual (short-term) objectives in strategic management?

    <p>The specific, measurable targets set for the upcoming year</p> Signup and view all the answers

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