1.
The processes that lead to adjustments in strategic direction,
strategies, or the implementation plan when necessary
2.
Activities are usually performed simultaneously, with constant adjustments to assumptions, direction, strategies, and
processes as new information is learned and new assessments are made
A. 
Strategic Management Process
B. 
C. 
Functional Strategy Formation
3.
A renewed emphasis on the things an organization does well, combined with a variety of tactics to revitalize the organization and
strengthen its competitive position.
A. 
Strategic Management Process
B. 
C. 
4.
Good management is associated which strategy will best fit environmental, technical, and human forces at a particular point in
time, and then working to carry it out. The most successful
organization will be the one that best adapts to existing forces
A. 
Sustainable Competitive Advantage
B. 
Environmental Determinism
C. 
5.
Organizations do not have to submit to existing forces in the
environment. They can shape their environments through strategic alliances with
stakeholders, advertising, political lobbying, and a variety of other activities
A. 
B. 
C. 
Strategic Management Process
6.
Implies that managers plan to pursue an intended strategic course
7.
A strategy that was not planned or intended, but involves recognizing an opportunity and reacting quickly
8.
Managers often learn what will work through trial and error
A. 
B. 
Strategic Management Process
C. 
9.
An organization has a bundle of resources which fall into the general categories of financial resources, physical resources, human
resources, knowledge and learning resources, and general organizational resources
A. 
B. 
Resource-Based View of the Firm
C. 
10.
An advantage that is difficult to imitate by competitors and thus leads to higher than average organizational performance over a
long time period
A. 
B. 
C. 
Sustainable Competitive Advantage
11.
Identifying and prioritizing key stakeholders, assessing their needs, collecting ideas from them, and integrating this knowledge into
strategic management processes such as the establishment of strategic direction and the formulation and
implementation of strategies.
A. 
B. 
C. 
Resource-Based View of the Firm
12.
Communicating, negotiating, contracting, and managing relationships with stakeholders, and motivating them to behave in ways
that are beneficial to the organization and it other stakeholders.
A. 
B. 
C. 
Scientific Approach (Hypothesis Testing)
13.
Dominated by three regions (Triad Region) which are North America, Europe, and the Pacific Rim. The
best parts and technology do not exist here
14.
The creative aspect of strategic management
A. 
Scientific Approach (Hypothesis Testing)
B. 
C. 
15.
Based on a vision of where the organization is trying to go
16.
Where the firm is going in the long run
A. 
B. 
C. 
Organizational Learning Perspective
17.
Strategies that emerge out of a stream of decisions
A. 
Organizational Learning Perspective
B. 
C. 
Scientific Approach (Hypothesis Testing)
18.
The organization sits at the center of a network of constituencies
called stakeholders
A. 
Organizational Learning Perspective
B. 
C. 
19.
The firm generates ideas through a creative process and then test them to see if they will work
A. 
B. 
Scientific Approach (Hypothesis Testing)
C. 
Organizational Learning Perspective
20.
Falling trade barriers in European markets, a general worldwide economic malaise, and fears of increased terrorist activity are among the most significant global trends affecting business decision making in international markets.