A competitive advantage

A firm has achieved ____ when it successfully formulates and implements a value-creating strategy.

The strategic management process is

All of the following are characteristic of the global economy EXCEPT

A sequential set of analyses and choices that can increase the likelihood that a firm will choose a strategy that generates competitive advantages is the

A firm's ________ is its long-term purpose that defines both what it aspires to be in the long run and what it wants to avoid in the meantime.

The strategic management process begins when a firm

________ are specific measurable targets a firm can use to evaluate the extent to which it is realizing its mission.

High quality objectives are those that are

By conducting an ________, a firm identifies the critical threats and opportunities in its competitive environment.

________ helps a firm understand which of its resources and capabilities are likely to be sources of competitive advantage.

________ occurs when a firm adopts organizational policies and practices that are consistent with its strategy

One of the central questions that all strategic managers must address, regardless of the industry they work in, is "How is the industry likely to evolve?

There is complete consensus among strategic managers and academic researchers about what a "strategy" is.

A "good strategy" does not necessarily have to generate a competitive advantage

The greater the extent to which a firm's assumptions and hypotheses accurately describe how the competition in the industry is likely to evolve, and how that evolution can be exploited to earn a profit, the more likely it is that a firm will gain a competitive advantage from implementing its strategies.

It is usually possible to know for sure that a firm is choosing the right strategy.

The strategic management process is a sequential set of analyses and choices that can increase the likelihood that a firm will choose a good strategy that generates competitive advantages.

A firm's mission defines both what it wants to be in the long run and what it wants to avoid in the meantime.

Mission statements often contain so many common elements that even if a firm's mission statement does not influence behavior throughout an organization, it is likely to have a significant impact on a firm's actions

Firms whose mission statement is central to all they do are known as missionary firms.

Objectives are the specific measurable targets a firm can use to evaluate the extent to which it is realizing its mission.

High quality objectives are tightly connected to the elements of a firm's mission but tend to be relatively difficult to measure and track over time.

By conducting an external analysis, a firm identifies the critical threats and opportunities in the industry's competitive environment.

Strategy implementation occurs when a firm adopts organizational policies and practices that are consistent with its strategy

The ultimate objective of the strategic management process is to enable a firm to choose and implement a strategy that leads to a competitive advantage.

The size of a firm's competitive advantage is the sum of the economic value a firm is able to create and the economic value rivals are able to create

________ measures of competitive advantage compare a firm's level of return to its cost of capital instead of to the average level of return in the industry

A firm's ________ is defined as its theory about how to gain competitive advantages.

A firm's ________ is its long-term purpose that defines both what it aspires to be in the long run and what it wants to avoid in the meantime.