1 According to the text the strategic management process entails three ongoing processes analyses decisions and actions 2 The primary aim of strategic management at the business level is achieving competitive advantage 3 A manufacturing business pursuing cost leadership will likely rely on experience effects to raise efficiency 4 One aspect of using a cost leadership strategy is that experience effects may lead to lower costs Experience effects are achieved by repeating a process until a task becomes easier 5 Vision statements are used to create a better understanding of the organization s overall purpose and direction Vision statements evoke powerful and compelling mental images 6 A differentiation strategy enables a business to address the five competitive forces by lessening the competitive rivalry by distinguishing itself 7 Managing a knowledge intensive workforce is very challenging The best way for a firm to manage their workforce is to balance efforts in the attraction selection and retention of top talent 8 Which is considered a force in the Five Forces model Which is considered a force in the Five Forces model 9 Crowdsourcing can be defined as tapping the latent talent of the online crowd 10 A differentiation strategy enables a business to address the five competitive forces by lessening the competitive rivalry by distinguishing itself 11 A firm following a focus strategy must focus on a market segment or group of segments 12 are associated with collecting storing and distributing the product or service to buyers They consist of warehousing material handling delivery operation order processing and scheduling Outbound logistics 13 Examples of tangible resources in the resource based view of the firm include financial resources physical resources and technological resources 14 are typically embedded in unique routines and practices that have evolved and accumulated over time such as trust and effective work teams Intangible resources 15 An organization s mission statement and vision statement set the overall direction of the organization Strategic objectives operationalize the mission statement 16 While working to prioritize and fulfill their responsibilities members of an organization s board of directors should represent the interests of the shareholders 17 Firms must be aware of goals other than short term profit maximization One area of concern should be social responsibility which is the expectation that business will strive to improve the overall welfare of society 18 The threat of new entrants is high when there are low economies of scale 19 The balanced scorecard enables managers to consider their business from all of the following perspectives except ethical perspective 20 A firm can achieve differentiation through all of the following means except offering lower prices to frequent customers 21 In value chain analysis the activities of an organization are divided into two major categories of value activities primary and support Which of the following is a primary activity Repairing the product for the consumer 22 According to Henry Mintzberg the realized strategies of a firm are a combination of deliberate and emergent strategies 23 Scanning the general environment would identify information on the aging population and ethnic shifts 24 Which of the following is a support activity Technology development 25 Which of the following would be considered part of a firm s general environment Higher unemployment rates