761. The fundamental purpose for the existence of any organization is described by its
A. policies
B. mission
C. procedures
D. strategy

762. The fundamental purpose of an organization’s mission statement is to
A. create a good human relations climate in the organization
B. define the organization’s purpose in society
C. define the operational structure of the organization
D. generate good public relations for the organization

763. The acronym SWOT stands for
A. Special Weapons for Operations Timeliness
B. Services, Worldwide Optimization, and Transport
C. Strengths Worldwide Overcome Threats
D. Strengths, Weaknesses, Opportunities, and Threats

764. Which of the following is not a characteristic of strategic management that makes it different from other types of management?
A. It is interdisciplinary.
B. It has an external focus.
C. It has an internal focus.
D. It concerns the present direction of the organization.

765. Which of the following is an issue considered in developing corporate strategies?
A. What business(es) are we in?
B. What direction are we going?
C. What resources do we have to implement our strategies?
D. What businesses are we in and what to do with those businesses?

766. Which of the following is NOT a major element of the strategic management process?
A. Formulating strategy
B. Implementing strategy
C. Evaluating strategy
D. Assigning administrative tasks

767. Competitive advantage can best be described as:
A. increased efficiency.
B. what sets an organization apart.
C. a strength of the organization.
D. intangible resources.

768. ________________ is the foundation of blue ocean strategy.
A. Innovation
B. Value creation
C. Value innovation
D. value cost trade-off

769. The various organizational routines and processes that determine how efficiently and effectively the organization transforms its inputs into outputs are called:
A. strengths.
B. core competencies.
C. capabilities.
D. customer value.

770. When defining strategic management the most important thing to remember is that it is:
A. Not as easy as you think
B. Mainly the province of senior managers
C. A living evolving process
D. More conceptual than practical
E. A way of determining responsibilities

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