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Question 1
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A strategy can be defined as a set of related actions that managers take to increase their company's performance.

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Question 2
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Strategic leadership is concerned with how to most effectively manage a company's strategy-making process to create competitive advantage.

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Question 3
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To increase shareholder value, managers must try to venture into new markets whether the results are profitable or not.

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Question 4
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A firm obtains competitive advantage when its strategy results in superior performance compared to its competitors.

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Question 5
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ROIC is a measure of how efficiently and effectively managers use the capital at their disposal to produce profitability.

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Question 6
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The profit growth of a company can be measured by the increase in net profit over time.

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Question 7
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A business model is managers' conception of how the set of strategies their company pursues should mesh together into a congruent whole, thus enabling the company to gain a competitive advantage and achieve superior profitability and profit growth.

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Question 8
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One of the factors that distinguish organizations in the nonprofit sector from profit-making businesses is the lack of a need for strategic management.

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Question 9
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General managers bear responsibility for the overall performance of the company or for one of its major self-contained subunits or divisions.

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Question 10
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The CEO is a company's principal general manager.

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Question 11
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The final component of the strategic management process is crafting the organization's mission statement, which provides the framework or context within which strategies are formulated.

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Question 12
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The concepts vision and mission can be used interchangeably.

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Question 13
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The mission of a company lays out some desired future state and articulates what the company would like to achieve.

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Question 14
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The values of a company state how managers and employees should conduct themselves.

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Question 15
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Well-constructed goals provide a means by which the performance of managers can be evaluated.

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Question 16
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A SWOT analysis is implemented to fine-tune strategies.

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Question 17
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The comparison of strengths, weaknesses, opportunities, and threats is normally referred to as a SWOT analysis.

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Question 18
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The feedback loop in the model of the strategic management process indicates that the process is ongoing; it never ends.

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Question 19
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The planning model suggests that a company's strategies are the result of a plan from a highly structured process orchestrated by top management.

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Question 20
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Emergent strategies are the unplanned responses to unforeseen circumstances.

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