Buad479-Ch. 1 EDITED.

Buad479-Ch. 1 EDITED.The term strategic planning is used synonymously in this text with what other term? - ANSWERA.Strategy formulation *B.Strategic management* C.Scenario planning D.Long-range planning E.Strategy implementation Which of the following activities are included in strategy implementation? - ANSWERA.Motivate employees and allocate resources. B.Redirect marketing efforts and prepare budgets. C.Develop a strategy-supportive culture and create an effective organizational structure. D.Establish annual objectives and devise policies. *E.All of the above* A fundamental strategy-evaluation activity includes what? - ANSWERA.Taking corrective actions. B.Measuring performance. C.Reviewing external and internal factors that are the bases for current strategies. D.Monitoring employees. *E.Reviewing external and internal factors that are the bases for current strategies, measuring performance, and taking corrective actions.* Strategic management is based on the idea that organizations should monitor internal and external trends how often? - ANSWERA.Annually B.Quarterly C.Periodically D.Monthly *E.Continually* A firm can achieve sustained competitive advantage by doing what? - ANSWERA.Continually adapting to changes in external trends and events and internal capabilities, competencies, and resources