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Strategic Management David - Chapter 1

Strategic Management David - Chapter 1 - 1 The term is used...

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1. The term _________ is used to refer to strategy formulation, implementation, and evaluation, with _________referring only to strategy formulation. o strategic planning; strategic management o assessment; planning o strategic management; strategic planning o management cycle; brainstorming 2. Which of these requires a firm to establish annual objectives, devise policies, and allocate resources? o Strategy formulation o Strategy implementation o Strategy manipulation o Strategy evaluation 3. The rationale for periodically conducting strategic-management meetings away from the work site is to encourage more _____________ and ____________ among participants. o feedback; rigidity o creativity; candour o confidence; self-interest o strategy evaluation; candour 4. Anything that a firm does especially well compared to rival firms is referred to as: o Competitive advantage. o Comparative advantage. o An external opportunity.
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o Opportunity cost. 5. Both military and business organizations do all of the following except: o Use of the element of surprise. o Aim "to gain competitive advantage." o Use the assumption of conflict to develop strategies. o Use their own strengths to exploit competitors' weaknesses.
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