Test Bank For Strategic Management 5th Edition By Frank Rothaermel ( ) / 9781260261288 / Chapter 1-12 / Complete Questions and Answers A+

Test Bank For Strategic Management 5th Edition By Frank Rothaermel ( ) / 9781260261288 / Chapter 1-12 / Complete Questions and Answers A+ 1.Award: A good strategy is a set of actions that enables a firm to achieve its own internal goals without regard to the external environment.  True  False The success of a strategy heavily depends on the external environment. A good strategy is a set of actions that enables a firm to achieve superior performance relative to its competitors. In this light, a strategy which produces only a minor loss of revenues while competitors suffer heavy losses can be seen as successful. Difficulty: 2 Medium Learning Objective: 01-01 Explain the role of strategy in a firm's quest for competitive advantage.