Policy and Strat Ch 4

Which of the following is not one of the five questions that comprise the task of evaluating a company's
resources and competitive position?

What are the company's most profitable geographic market segments

Which of the following is not a component of evaluating a company's resources and competitive position?

Scanning the environment to determine a company's best and most profitable customers

The spotlight in analyzing a company's resources, internal circumstances, and competitiveness includes
such questions/concerns as

what are the company's resource strengths and weaknesses and its external opportunities and threats.

Which of the following is not pertinent in identifying a company's present strategy?

The company's mission, strategic objectives, and financial objectives

One important indicator of how well a company's present strategy is working is whether

the company is achieving its financial and strategic objectives and whether it is an above-average industry performer

The best quantitative evidence of whether a company's present strategy is working well is

the caliber of results the strategy is producing, specifically whether the company is achieving its financial and strategic objectives and whether it is an above-average industry performer.

Which one of the following is not a reliable measure of how well a company's current strategy is working?

Whether it has a larger number of competitive assets than competitive liabilities and whether it has a superior quality product

Identifying and assessing a company's resource strengths and weaknesses and its external opportunities and
threats is called

SWOT analysis.

SWOT analysis is a powerful tool for

B.sizing up a company's resource capabilities and deficiencies, its market opportunities, and the external threats to its future well-being.

SWOT analysis

provides a good overview of whether a company's situation is fundamentally healthy or unhealthy

The payoff of doing a thorough SWOT analysis is

assisting strategy-makers in crafting a strategy that is well-matched to the company's resources and capabilities, its market opportunities, and the external threats to its future well-being.

A company resource strength can concern

All of these.

Which of the following most accurately reflect a company's resource strengths

Its human, physical and/or organization assets; its skills and competitive capabilities; and achievements or attributes that enhance the company's ability to compete effectively

The best example of a company strength is

having proven technological expertise and ability to churn out new and improved products on a regular basis.

Which of the following is not a good example of a company strength?

Having higher earnings per share and a higher stock price than key rivals

A company's resource strengths are important because

they represent its competitive assets and are big determinants of its competitiveness and ability to succeed in the marketplace

A company's resource strengths

signal whether it has the wherewithal to be a strong competitor in the marketplace

When a company has real proficiency in performing a competitively important value chain activity, it is
said to have

a core competence

When a company is good at performing a particular internal activity, it is said to have

a company competence

The difference between a company competence and a core competence is that

company competence represents real proficiency in performing an internal activity whereas a core competence is a competitively relevant activity which a firm performs better than other internal activities.

The difference between a core competence and a distinctive competence is that

. a core competence is a competitively relevant activity which a firm performs especially well in comparison to the other activities it performs, whereas a distinctive competence is a competitively relevant activity which a firm performs especially well in comparison to other firms with which it competes.

A core competence

All of the above.

A core competence

gives a company competitive capability and is a genuine company strength and resource

When a company performs a particular competitively important activity truly well in comparison to its
competitors, it is said to have

a distinctive competence

Which of the following does not represent a potential core competence?

Having a wider product line than rivals

A distinctive competence

All of the above.

Which one of the following is inaccurate as concerns a distinctive competence?

A distinctive competence is typically less difficult for rivals to copy than a core competence

The competitive power of a company's core competence or distinctive competence depends on

how hard it is to copy and how easily it can be trumped by substitute resource strengths and competitive capabilities of rivals

The competitive power of a company resource strength or competitive capability hinges on

All of these

For a particular company resource/capability to have real competitive power and perhaps qualify as a basis
for competitive advantage, it should

be hard for competitors to copy, be rare and something rivals lack, be competitively valuable, and not be easily trumped by substitute resource strengths possessed by rivals.

The competitive power of a company resource strength is not measured by which one of the following
tests?

Is the resource strength something that a company does internally rather than in collaborative arrangements with outsiders?

If a company doesn't possess stand alone resource strengths capable of contributing to competitive
advantage,

it may have a bundle of resources that can be leveraged to develop a distinctive competence.

A resource-based strategy

uses a company's valuable and rare resource strengths and competitive capabilities to deliver value to customers that rivals have difficulty matching.

A resource-based strategy

deliberately develops valuable competencies and capabilities that add to a company's competitive power in the marketplace

A company resource weakness or competitive deficiency

is something a company lacks or does poorly (in comparison to rivals) or a condition that puts it at a disadvantage in the marketplace

A company's resource weaknesses can relate to

All of these.

In doing SWOT analysis, which one of the following is not an example of a potential resource weakness or
competitive deficiency that a company may have?

Having a single, unified functional strategy instead of several distinct functional strategies

Sizing up a company's overall resource strengths and weaknesses

essentially involves constructing a "strategic balance sheet" where the company's resource strengths represent competitive assets and its resource weaknesses represent competitive liabilities.

The external market opportunities which are most relevant to a company are the ones that

. match up well with the firm's financial resources and competitive capabilities, offer the best growth and profitability, and present the most potential for competitive advantage.

The market opportunities most relevant to a particular company are those that

offer the best growth and profitability

Which of the following best describes the market opportunities that tend to be most relevant to a particular
company?

Those market opportunities that match up well with the firm's financial resources and competitive capabilities, offer the best growth and profitability, and present the most potential for competitive advantage.

In doing SWOT analysis and trying to identify a company's market opportunities, which of the following is
not an example of a potential market opportunity that a company may have?

Growing buyer preferences for substitutes for the industry's product

Which of the following is not an example of an external threat to a company's future profitability

The lack of a distinctive competence

Which of the following is not an example of an external threat to a company's future profitability?

The lack of a well-known brand name with which to attract new customers and help retain existing customers

One of the lessons of SWOT analysis is that a company's strategy should

All of these.

Which one of the following is not part of conducting a SWOT analysis?

Benchmarking the company's resource strengths and competitive capabilities against industry key success factors

The two most important parts of SWOT analysis are

drawing conclusions from the SWOT listings about the company's overall situation and translating these into strategic actions to better match the company's strategy to its resource strengths and market opportunities, correct the important weaknesses, and defend against external threats.

The three steps of SWOT analysis are

identifying the company's resource strengths and weaknesses and its opportunities and threats, drawing conclusions about the company's overall situation, and translating the conclusions into strategic actions to improve the company's strategy.

Which one of the following is not something that can be gleaned from identifying a company's resource
strengths, resource weaknesses, market opportunities, and external threats?

How to turn a core competence into a distinctive competence

One of the most telling signs of whether a company's market position is strong or precarious is

whether its prices and costs are competitive with those of key rivals.

Two analytical tools useful in determining whether a company's prices and costs are competitive are

value chain analysis and benchmarking.

A company's value chain identifies

the primary activities it performs in creating value for its customers and the related support activities.

A company's value chain

consists of two broad categories of activities: the primary activities that create customer value and the requisite support activities that facilitate and enhance the performance of the primary activities.

Identifying the primary and secondary activities that comprise a company's value chain

is a first step in understanding a company's cost structure (since each activity in the value chain gives rise to costs).

Activity-based cost accounting is used to

determine the costs of each primary and support activity comprising a company's value chain and thereby reveal the nature and make-up of a company's internal cost structure

The value chains of rival companies

can differ substantially, reflecting differences in the evolution of each company's own particular business, differences in strategy, and differences in the approaches being used to execute strategy.

The three main areas in the value chain where significant differences in the costs of competing firms can
occur include

the nature and make-up of their own internal operations, the activities performed by suppliers, and the activities performed by wholesale distribution and retailing allies

Which one of the following provides the most accurate picture of whether a company is cost competitive
with its rivals?

The costs of a company's internally performed activities, costs in the value chains of both the company's suppliers and forward channel allies, and how all these costs compare against the costs that make up the value chain systems employed by rival firms

Determining whether a company's prices and costs are competitive

All of these.

Activity-based cost accounting aims at

determining the costs of each activity comprising a company's value chain by establishing expense categories for specific value chain activities and assigning costs to the activity responsible for creating the cost.

Activity-based costing

is an accounting system that assigns a company's expenses to whichever activity in a company's value chain is responsible for creating the cost.

Benchmarking involves

comparing how different companies perform various value chain activities and then making crosscompany comparisons of the costs of these activities.

A much-used and potent managerial tool for determining whether a company performs particular functions
or activities in a manner that represents "the best practice" when both cost and effectiveness are taken into
account is

benchmarking.

Which of the following is not one of the objectives of benchmarking?

To help construct a company value chain and identify which activities are primary and which are support activities

The options for remedying an internal cost disadvantage include

All of these.

Which of the following is not a good option for trying to remedy high internal costs vis-à-vis rivals firms?

Implementing aggressive strategic resource mapping to permit across-the-board cost reduction

A company's strategic options for remedying cost disadvantages in internally performed value chain
activities do not include

switching to activity-based costing.

The options for remedying a supplier-related cost disadvantage include

trying to negotiate more favorable prices with suppliers and switching to lower priced substitute inputs.

Which of the following is not an option for remedying a supplier-related cost disadvantage?

Persuade forward channel allies to implement best practices.

Which of the following is not an option for remedying a cost disadvantage associated with activities
performed by forward channel allies (wholesale distributors and retail dealers)?

Insisting on across-the-board cost cuts in all value chain activities—those performed by suppliers, those performed in-house, and those performed by distributors-dealers

A company that does a first-rate job of managing its value chain activities relative to competitors

stands a good chance of achieving competitive advantage by performing its value chain activities either more proficiently or at lower cost

Out-managing rivals in performing value chain activities

is one of the most dependable ways a company can build a competitive advantage over rivals.

For a company to translate its performance of value chain activities into competitive advantage, it must

develop core competencies and maybe a distinctive competence over rivals and that are instrumental in helping it deliver attractive value to customers or else be more cost efficient in how it performs value chain activities

To build a competitive advantage by out-managing rivals in performing value chain activities, a company
must

develop core competencies and maybe a distinctive competence that rivals don't have or can't quite match and that are instrumental in helping it deliver attractive value to customers or else be more cost efficient in how it performs value chain activities such that it has a low-cost advantage

The value of doing competitive strength assessment is to

learn how the company ranks relative to rivals on each of the important factors that determine market success and ascertain whether the company has a net competitive advantage or disadvantage vis-à-vis key rivals.

Doing a competitive strength assessment entails

ranking the company against major rivals on each of the important factors that determine market success and ascertaining whether the company has a net competitive advantage or disadvantage versus major rivals.

A weighted competitive strength assessment is generally analytically superior to an unweighted strength
assessment because

all of the various measures of competitive strength are not equally important.

A weighted competitive strength analysis is conceptually stronger than an unweighted analysis because

the different measures of competitive strength are unlikely to be equally important

In a weighted competitive strength assessment, the sum of the weights should add up to

1.0.

In a weighted competitive strength analysis, each strength measure is assigned a weight based on

its perceived importance in determining a company's competitive success in the marketplace

Calculating competitive strength ratings for a company and its rivals using the industry's most telling
measures of competitive strength or weakness

is a way of determining which competitor has the biggest overall competitive advantage in the marketplace and which competitor is faced with the biggest overall competitive disadvantage.

Quantitative measures of a company's competitive strength

provide useful indicators of how a company compares against key rivals, factor by factor and capability by capability—thus indicating whether the company has a net overall competitive advantage or disadvantage against each rival.

Which one of the following is an accurate interpretation of the scores that result from doing a competitive
strength assessment?

High scores signal a strong competitive position and possession of a competitive advantage over companies with lower scores

Which one of the following is not something that can be learned from doing a competitive strength
assessment

B.Whether a company should correct its weaknesses by adopting best practices and revamping the makeup of its value chain

Calculating competitive strength ratings for a company and comparing them against strength ratings for its
key competitors helps indicate

A. which weaknesses and vulnerabilities of competitors that the company might be able to attack successfully.

Identifying the strategic issues a company faces and compiling a "worry list" of problems and roadblocks is
an important component of company situation analysis because

B.the "worry list" sets the management agenda for taking actions to improve the company's performance and business outlook.

Identifying the strategy-related issues and problems that company managers need to address and resolve
entails

All of the above.

Identifying the strategic issues and problems that merit front-burner managerial attention

All of the above.

Which of the following is not part of the task of identifying the strategic issues and problems that merit
front-burner managerial attention?

Assessing what challenges the company has to overcome in order to be financially and competitively successful in the years ahead

Which of the following is not accurate as concerns the task of identifying the strategic issues and problems
that merit front-burner managerial attention?

Identifying the strategic issues and problems that the company faces is the first thing that company managers need to do before starting to analyze the company's internal and external environment

Policy and Strat Ch 4 - Subjecto.com

Policy and Strat Ch 4

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Which of the following is not one of the five questions that comprise the task of evaluating a company’s
resources and competitive position?

What are the company’s most profitable geographic market segments

Which of the following is not a component of evaluating a company’s resources and competitive position?

Scanning the environment to determine a company’s best and most profitable customers

The spotlight in analyzing a company’s resources, internal circumstances, and competitiveness includes
such questions/concerns as

what are the company’s resource strengths and weaknesses and its external opportunities and threats.

Which of the following is not pertinent in identifying a company’s present strategy?

The company’s mission, strategic objectives, and financial objectives

One important indicator of how well a company’s present strategy is working is whether

the company is achieving its financial and strategic objectives and whether it is an above-average industry performer

The best quantitative evidence of whether a company’s present strategy is working well is

the caliber of results the strategy is producing, specifically whether the company is achieving its financial and strategic objectives and whether it is an above-average industry performer.

Which one of the following is not a reliable measure of how well a company’s current strategy is working?

Whether it has a larger number of competitive assets than competitive liabilities and whether it has a superior quality product

Identifying and assessing a company’s resource strengths and weaknesses and its external opportunities and
threats is called

SWOT analysis.

SWOT analysis is a powerful tool for

B.sizing up a company’s resource capabilities and deficiencies, its market opportunities, and the external threats to its future well-being.

SWOT analysis

provides a good overview of whether a company’s situation is fundamentally healthy or unhealthy

The payoff of doing a thorough SWOT analysis is

assisting strategy-makers in crafting a strategy that is well-matched to the company’s resources and capabilities, its market opportunities, and the external threats to its future well-being.

A company resource strength can concern

All of these.

Which of the following most accurately reflect a company’s resource strengths

Its human, physical and/or organization assets; its skills and competitive capabilities; and achievements or attributes that enhance the company’s ability to compete effectively

The best example of a company strength is

having proven technological expertise and ability to churn out new and improved products on a regular basis.

Which of the following is not a good example of a company strength?

Having higher earnings per share and a higher stock price than key rivals

A company’s resource strengths are important because

they represent its competitive assets and are big determinants of its competitiveness and ability to succeed in the marketplace

A company’s resource strengths

signal whether it has the wherewithal to be a strong competitor in the marketplace

When a company has real proficiency in performing a competitively important value chain activity, it is
said to have

a core competence

When a company is good at performing a particular internal activity, it is said to have

a company competence

The difference between a company competence and a core competence is that

company competence represents real proficiency in performing an internal activity whereas a core competence is a competitively relevant activity which a firm performs better than other internal activities.

The difference between a core competence and a distinctive competence is that

. a core competence is a competitively relevant activity which a firm performs especially well in comparison to the other activities it performs, whereas a distinctive competence is a competitively relevant activity which a firm performs especially well in comparison to other firms with which it competes.

A core competence

All of the above.

A core competence

gives a company competitive capability and is a genuine company strength and resource

When a company performs a particular competitively important activity truly well in comparison to its
competitors, it is said to have

a distinctive competence

Which of the following does not represent a potential core competence?

Having a wider product line than rivals

A distinctive competence

All of the above.

Which one of the following is inaccurate as concerns a distinctive competence?

A distinctive competence is typically less difficult for rivals to copy than a core competence

The competitive power of a company’s core competence or distinctive competence depends on

how hard it is to copy and how easily it can be trumped by substitute resource strengths and competitive capabilities of rivals

The competitive power of a company resource strength or competitive capability hinges on

All of these

For a particular company resource/capability to have real competitive power and perhaps qualify as a basis
for competitive advantage, it should

be hard for competitors to copy, be rare and something rivals lack, be competitively valuable, and not be easily trumped by substitute resource strengths possessed by rivals.

The competitive power of a company resource strength is not measured by which one of the following
tests?

Is the resource strength something that a company does internally rather than in collaborative arrangements with outsiders?

If a company doesn’t possess stand alone resource strengths capable of contributing to competitive
advantage,

it may have a bundle of resources that can be leveraged to develop a distinctive competence.

A resource-based strategy

uses a company’s valuable and rare resource strengths and competitive capabilities to deliver value to customers that rivals have difficulty matching.

A resource-based strategy

deliberately develops valuable competencies and capabilities that add to a company’s competitive power in the marketplace

A company resource weakness or competitive deficiency

is something a company lacks or does poorly (in comparison to rivals) or a condition that puts it at a disadvantage in the marketplace

A company’s resource weaknesses can relate to

All of these.

In doing SWOT analysis, which one of the following is not an example of a potential resource weakness or
competitive deficiency that a company may have?

Having a single, unified functional strategy instead of several distinct functional strategies

Sizing up a company’s overall resource strengths and weaknesses

essentially involves constructing a "strategic balance sheet" where the company’s resource strengths represent competitive assets and its resource weaknesses represent competitive liabilities.

The external market opportunities which are most relevant to a company are the ones that

. match up well with the firm’s financial resources and competitive capabilities, offer the best growth and profitability, and present the most potential for competitive advantage.

The market opportunities most relevant to a particular company are those that

offer the best growth and profitability

Which of the following best describes the market opportunities that tend to be most relevant to a particular
company?

Those market opportunities that match up well with the firm’s financial resources and competitive capabilities, offer the best growth and profitability, and present the most potential for competitive advantage.

In doing SWOT analysis and trying to identify a company’s market opportunities, which of the following is
not an example of a potential market opportunity that a company may have?

Growing buyer preferences for substitutes for the industry’s product

Which of the following is not an example of an external threat to a company’s future profitability

The lack of a distinctive competence

Which of the following is not an example of an external threat to a company’s future profitability?

The lack of a well-known brand name with which to attract new customers and help retain existing customers

One of the lessons of SWOT analysis is that a company’s strategy should

All of these.

Which one of the following is not part of conducting a SWOT analysis?

Benchmarking the company’s resource strengths and competitive capabilities against industry key success factors

The two most important parts of SWOT analysis are

drawing conclusions from the SWOT listings about the company’s overall situation and translating these into strategic actions to better match the company’s strategy to its resource strengths and market opportunities, correct the important weaknesses, and defend against external threats.

The three steps of SWOT analysis are

identifying the company’s resource strengths and weaknesses and its opportunities and threats, drawing conclusions about the company’s overall situation, and translating the conclusions into strategic actions to improve the company’s strategy.

Which one of the following is not something that can be gleaned from identifying a company’s resource
strengths, resource weaknesses, market opportunities, and external threats?

How to turn a core competence into a distinctive competence

One of the most telling signs of whether a company’s market position is strong or precarious is

whether its prices and costs are competitive with those of key rivals.

Two analytical tools useful in determining whether a company’s prices and costs are competitive are

value chain analysis and benchmarking.

A company’s value chain identifies

the primary activities it performs in creating value for its customers and the related support activities.

A company’s value chain

consists of two broad categories of activities: the primary activities that create customer value and the requisite support activities that facilitate and enhance the performance of the primary activities.

Identifying the primary and secondary activities that comprise a company’s value chain

is a first step in understanding a company’s cost structure (since each activity in the value chain gives rise to costs).

Activity-based cost accounting is used to

determine the costs of each primary and support activity comprising a company’s value chain and thereby reveal the nature and make-up of a company’s internal cost structure

The value chains of rival companies

can differ substantially, reflecting differences in the evolution of each company’s own particular business, differences in strategy, and differences in the approaches being used to execute strategy.

The three main areas in the value chain where significant differences in the costs of competing firms can
occur include

the nature and make-up of their own internal operations, the activities performed by suppliers, and the activities performed by wholesale distribution and retailing allies

Which one of the following provides the most accurate picture of whether a company is cost competitive
with its rivals?

The costs of a company’s internally performed activities, costs in the value chains of both the company’s suppliers and forward channel allies, and how all these costs compare against the costs that make up the value chain systems employed by rival firms

Determining whether a company’s prices and costs are competitive

All of these.

Activity-based cost accounting aims at

determining the costs of each activity comprising a company’s value chain by establishing expense categories for specific value chain activities and assigning costs to the activity responsible for creating the cost.

Activity-based costing

is an accounting system that assigns a company’s expenses to whichever activity in a company’s value chain is responsible for creating the cost.

Benchmarking involves

comparing how different companies perform various value chain activities and then making crosscompany comparisons of the costs of these activities.

A much-used and potent managerial tool for determining whether a company performs particular functions
or activities in a manner that represents "the best practice" when both cost and effectiveness are taken into
account is

benchmarking.

Which of the following is not one of the objectives of benchmarking?

To help construct a company value chain and identify which activities are primary and which are support activities

The options for remedying an internal cost disadvantage include

All of these.

Which of the following is not a good option for trying to remedy high internal costs vis-à-vis rivals firms?

Implementing aggressive strategic resource mapping to permit across-the-board cost reduction

A company’s strategic options for remedying cost disadvantages in internally performed value chain
activities do not include

switching to activity-based costing.

The options for remedying a supplier-related cost disadvantage include

trying to negotiate more favorable prices with suppliers and switching to lower priced substitute inputs.

Which of the following is not an option for remedying a supplier-related cost disadvantage?

Persuade forward channel allies to implement best practices.

Which of the following is not an option for remedying a cost disadvantage associated with activities
performed by forward channel allies (wholesale distributors and retail dealers)?

Insisting on across-the-board cost cuts in all value chain activities—those performed by suppliers, those performed in-house, and those performed by distributors-dealers

A company that does a first-rate job of managing its value chain activities relative to competitors

stands a good chance of achieving competitive advantage by performing its value chain activities either more proficiently or at lower cost

Out-managing rivals in performing value chain activities

is one of the most dependable ways a company can build a competitive advantage over rivals.

For a company to translate its performance of value chain activities into competitive advantage, it must

develop core competencies and maybe a distinctive competence over rivals and that are instrumental in helping it deliver attractive value to customers or else be more cost efficient in how it performs value chain activities

To build a competitive advantage by out-managing rivals in performing value chain activities, a company
must

develop core competencies and maybe a distinctive competence that rivals don’t have or can’t quite match and that are instrumental in helping it deliver attractive value to customers or else be more cost efficient in how it performs value chain activities such that it has a low-cost advantage

The value of doing competitive strength assessment is to

learn how the company ranks relative to rivals on each of the important factors that determine market success and ascertain whether the company has a net competitive advantage or disadvantage vis-à-vis key rivals.

Doing a competitive strength assessment entails

ranking the company against major rivals on each of the important factors that determine market success and ascertaining whether the company has a net competitive advantage or disadvantage versus major rivals.

A weighted competitive strength assessment is generally analytically superior to an unweighted strength
assessment because

all of the various measures of competitive strength are not equally important.

A weighted competitive strength analysis is conceptually stronger than an unweighted analysis because

the different measures of competitive strength are unlikely to be equally important

In a weighted competitive strength assessment, the sum of the weights should add up to

1.0.

In a weighted competitive strength analysis, each strength measure is assigned a weight based on

its perceived importance in determining a company’s competitive success in the marketplace

Calculating competitive strength ratings for a company and its rivals using the industry’s most telling
measures of competitive strength or weakness

is a way of determining which competitor has the biggest overall competitive advantage in the marketplace and which competitor is faced with the biggest overall competitive disadvantage.

Quantitative measures of a company’s competitive strength

provide useful indicators of how a company compares against key rivals, factor by factor and capability by capability—thus indicating whether the company has a net overall competitive advantage or disadvantage against each rival.

Which one of the following is an accurate interpretation of the scores that result from doing a competitive
strength assessment?

High scores signal a strong competitive position and possession of a competitive advantage over companies with lower scores

Which one of the following is not something that can be learned from doing a competitive strength
assessment

B.Whether a company should correct its weaknesses by adopting best practices and revamping the makeup of its value chain

Calculating competitive strength ratings for a company and comparing them against strength ratings for its
key competitors helps indicate

A. which weaknesses and vulnerabilities of competitors that the company might be able to attack successfully.

Identifying the strategic issues a company faces and compiling a "worry list" of problems and roadblocks is
an important component of company situation analysis because

B.the "worry list" sets the management agenda for taking actions to improve the company’s performance and business outlook.

Identifying the strategy-related issues and problems that company managers need to address and resolve
entails

All of the above.

Identifying the strategic issues and problems that merit front-burner managerial attention

All of the above.

Which of the following is not part of the task of identifying the strategic issues and problems that merit
front-burner managerial attention?

Assessing what challenges the company has to overcome in order to be financially and competitively successful in the years ahead

Which of the following is not accurate as concerns the task of identifying the strategic issues and problems
that merit front-burner managerial attention?

Identifying the strategic issues and problems that the company faces is the first thing that company managers need to do before starting to analyze the company’s internal and external environment

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