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Testfragen (Barney/Hesterly, Strategic Management and Competitive Advantage) Strategic Management in General The strategic management process is a sequential set of analyses and choices that can increase the likelihood that a firm will choose a good strategy that generates competitive advantages. Answer: TRUE The second step in the strategic management process is the definition of a firm's mission. Answer: FALSE A firm's mission defines both what it wants to be in the long run and what it wants to avoid in the meantime. Answer: TRUE Mission statements often contain so many common elements that even if a firm's mission statement does not influence behavior throughout an organization, it is likely to have a significant impact on a firm's actions. Answer: FALSE Mission statements that are very inwardly focused and are defined only with reference to the personal values and priorities of its founders and top managers can hurt a firm's performance. Answer: TRUE Green Frog is an environmentally friendly firm in the cosmetics industry that has decided to undertake a strategic planning project. It wants to ensure that it performs the process correctly and so intends to start the process with the first step of the strategic planning process, which is A) crafting a mission statement. B) setting objectives. C) measuring performance. D) defining its business level strategy. Answer: A Define the term "mission" and discuss how a firm's mission can both positively and negatively impact a firm's performance. Answer: A firm's mission is its long-term purpose and it defines both what a firm aspires to be in the long run and what it wants to avoid in the meantime. If a mission statement does
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