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David - Chapter 1 - MC - Multiple Choice Questions DAVID...

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Multiple Choice Questions DAVID CHAPTER 1 The Nature of Strategic Management Introduction 1. The term “environment” includes all of the following except: a. air. b. water. c. firms. d. natural resources. e. fauna. Ans: c Page: 4 2. The one factor that has most significantly impacted the nature and core of buying and selling in nearly all industries has been What Is Strategic Management? 3. What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives? 4. ____________ is used to refer to strategic formulation, implementation and evaluation, with ______________ referring only to strategic formulation. 5. During what stage of strategic management are a firm’s specific internal strengths and weaknesses determined? a. Formulation b. Implementation c. Evaluation d. Feedback e. Goal-setting
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Ans: a Page: 5 6. An important activity in __________ is taking corrective action. 7. What step in the strategic development process involves mobilizing employees and managers to put strategies into action? 8. What types of skills are especially critical for successful strategy implementation?
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