CM4223 CH1 Final Exam and Correct Answers.

Generally, external opportunities and threats are: - Answer uncontrollable by a single organization The goal of Strategic Management is to: - Answer achieve and maintain competitive advantage The Internet has transferred power from ________ to ________. - Answer businesses; individuals Long-term objectives should be all of the following EXCEPT - Answer continually changing The fact that Apple has no manufacturing facilities of its own - Answer has enabled it to remain financially lean. An organization's vision statement - Answer answers the question: "What do we want to become?" The strategic-management process represents a(n) ________, ________, and ________ approach for determining an enterprise's future direction. - Answer logical; systematic; objective Firms, like organisms, must be "adept at adapting" or they will not survive. - Answer True According to Drucker, what is the best time to ask "What do we want to become?" and "What is our business?"? - Answer When the firm is successful The general public is especially interested in ________, whereas stockholders are more interested in ________. - Answer social responsibility; profitability The purpose of a mission statement is to declare all of these EXCEPT - Answer an annual financial plan. The following excerpt from a mission statement illustrates which of the nine essential components of a mission statement? "We believe our first responsibility is to the doctors, nurses, patients, mothers, and all others who use our products and services." - Answer Customers