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1. Which of the following defines strategic management process
A. a set of activities that will assure a temporary advantage and average returns for the firm.
B. a decision-making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment.
C. a process directed by top-management with input from other stakeholders that seeks to achieve above-average returns for investors through effective use of the organization's resources.
D. the full set of commitments, decisions, and actions required for the firm to achieve above-average returns and strategic competitiveness.

2. What refers to organizational mission
A. is a statement of a firm's business in which it intends to compete and the customers which it intends to serve.
B. is an internally-focused affirmation of organization's financial, social, and ethical goals.
C. is mainly intended to emotionally inspire employees and other stakeholders.
D. None of the above

3. Which of the following is not included in the environmental segments that comprise the general environment
A. demographic factors
B. sociocultural factors
C. substitute products or services
D. None of the above

4. What illustrated intangible resources as compared to tangible resources
A. of less strategic value to the firm.
B. not the focus of strategic analysis.
C. a more potent source of competitive advantage.
D. None of the above

5. What does business-level strategies focus on
A. creating differences between the firm's position and its rivals.
B. selecting the industries in which the firm will compete.
C. how functional areas will be organized within the firm.
D. None of the above

Answers:      1 (D), 2 (A), 3 (C), 4 (C), 5 (A)

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