The Nature of Strategic Management

What is the definition of strategic management as presented in the text?

Which of the three stages of strategic management is often called the 'action stage'?

According to the text, what is the key purpose of strategic management?

What term is defined as 'anything that a firm does especially well compared to rival firms'?

According to the text, what is the primary role of strategists in an organization?

What question does a vision statement primarily seek to answer?

What are external opportunities and threats?

During the 2008 global economic recession, what happened to the revenues and net income of McDonald's Corporation?

What was the total amount McDonald's spent in 2009 to remodel its restaurants and build new ones?

According to the chapter, what percentage did the Nasdaq composite index fall in 2008?

Which of the following is NOT listed as a pitfall to be avoided in strategic planning?

What is the primary characteristic of the strategy evaluation stage?

What is the primary message from the story about the two presidents and the grizzly bear?

Which of the following is NOT a characteristic of long-term objectives?

What are policies in the context of strategic management?

What is the primary benefit of strategic management according to recent research studies mentioned in the chapter?

Which of the following reasons is given for why some firms do NO strategic planning?

What fundamental difference is noted between business strategy and military strategy?

According to the excerpts from Sun Tzu's The Art of War, what is the 'supreme excellence' in warfare?

What is the primary purpose of a strategic plan, as described in the chapter?

What are the three stages of the strategic-management process in the correct order?

According to Peter Drucker, what is the 'prime task' of strategic management?

What term refers to the meetings, commonly held off-premises, where organizations conduct strategic-management discussions?

Which company was the best performer in the S&P 500 in 2008, with its stock rising 38 percent?

By what percentage did Citigroup's stock value fall in 2008?

What is empowerment, as defined in the context of strategic management benefits?

Which company is cited as an example of dismantling its central strategic-planning department to give responsibilities back to its business divisions?

Which of the following is listed as a nonfinancial benefit of strategic management?

Which historical period saw a decline in the popularity of strategic planning after an initial 'boom'?

What is the key idea behind 'management by ignorance'?

What are internal strengths and weaknesses primarily determined relative to?

Which company, in contrast to Sony, is cited as having a competitive advantage due to having less fixed assets by not owning its manufacturing facilities?

What is described as a 'constant reminder to its employees of why the organization exists'?

What are 'annual objectives'?

Which company's CEO, Janet Robinson, was noted for considering charging customers for online content due to insufficient advertising revenues?

According to the strategic-management model, what directly follows the 'Establish Long-Term Objectives' step?

What is a key rationale for holding strategic-management meetings (retreats) off-premises?

The process of conducting research and gathering and assimilating external information is sometimes called what?

What is the primary activity involved in the strategy formulation stage of strategic management?

What does the term 'sustained competitive advantage' imply?

According to the notable quotes, what did Abraham Lincoln suggest is necessary to 'make timely change'?

Which of the following describes an internal strength?

In the strategic-management process, what is the role of intuition?

What is the key takeaway from the comparison between business and military strategy?

What does a mission statement typically identify, according to the textbook's definition?

How many customers did McDonald's serve every day in 2009?

What is an important guideline for effective strategic management regarding the strategic plan?

How much more revenue did McDonald's generate in 2008 compared to 2007?

A firm's strategic plan is also referred to as its:

What is a key risk of pursuing a cost leadership strategy?