Write \"T\" if the statement is true and \"F\" if the statement is false 1. The

Question

Write "T" if the statement is true and "F" if the statement is false

1. The terms strategic management and strategy implementation are synonymous.

2. The final stage in strategic management is strategic implementation.

3. Once a firm acquires a competitive advantage, they are usually able to sustain it for an extended period of time

4. A vision statement answers the question ‘’what is our business?’’ whereas a mission statement answers, ‘’what do we want to become?’’

5. One an effective strategy is designed, modifications are rarely required

6. Low-performing firm typically underestimate their competitor’s strengths and overestimate their own strengths.

7. Resource allocation is included in strategy-formulation activities.

8. Rivalry among competing firms tends to increase when the demand for industry’s product decrease.

9. Firms may pursue forward integration strategy to gain control over ownership of suppliers.

10. Concern for employees can be considered as a component of a mission statement for a firm

Explanation / Answer

1-False- strategic management and strategy planning are synonymous.

2-False- Evaluation and contol is the last step and strategic implementation is before step.

3-False

4-False

5-False

6- True

7-True

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