Review Questions and Exercises ¦
Is it necessary that the five steps in the strategic management process be performed sequentially? Why or why not? 2. What is the difference between an intended strategy and a realized strategy? Why is this distinction important?
Chapter 1 Practice Quiz
3. How have outside perspectives influenced the development of the strategic management field? 4. Does the CEO alone make the strategic decisions for an organization? Explain.
True or False
I. A strategy seeks to develop and sustain competitive advantage. 2. Strategic management refers to formulating successful strategies for an organization. 3. Each step in the strategic management process is independent so that changes in one step will not substantially affect other steps.
Nlultiple Choice 7. Strategies are formulated in the strategic management stage that occurs immediately after A. the assessment of internal strengths and weaknesses. B. implementation of the strategy. C. control of the strategy. D. none of the above
4. The intended strategy and the realized strategy can never be the same.
5. Whereas industrial organization theory emphasizes the influence of industry factors of firm performance, resource-based theory emphasizes the role of firm factors.
6. Strategic decisions are made solely by and are ultimately the responsibility of the chief executive alone.
8. The strategy originally planned by top management is called the A. grand strategy. B. realized strategy. C. emergent strategy. 0. none of the above
Chapter 1 Fundamentals of Strategic Management Ileal