1) Strategic management focuses on integrating management, marketing, finance/accounting, production/operations, research and development, and information systems to achieve organizational success.
2) Optimizing for tomorrow the trends of today is the purpose of strategic management.
3) Even though useful, strategic planning has been cast aside by corporate America since the early 1990s.
4) Resource allocation is included in strategy-formulation activities.
5) The terms strategic management and strategic planning are synonymous in this text.
6) A vision statement identifies the scope of a firm’s operations in product and market terms.
7) Strategy implementation is often considered to be the most difficult stage in the strategic-management process because it requires personal discipline, commitment, and sacrifice.
8) The final stage in strategic management is strategy implementation.
9) Strategy formulation, implementation and evaluation activities occur at three hierarchical levels in a large organization: corporate, divisional and functional.
10) One of the fundamental strategy evaluation activities is reviewing external and internal factors that are the bases for current strategies.
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