In the early development of strategic management as a field, what was the dominant approach to achieving strategic consensus?
A. Create strategic priorities and goals simultaneously.
B. Establish strategic priorities before setting goals.
C. Identify the strength and weaknesses of the firm, and then let firm-level strategic priorities emerge naturally.
D. Focus on goals, and then create strategic priorities on how to compete.
D
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Lack of mutual agency is best described as which of the following?
A) The liabilities of the corporation cannot be extended to the personal assets of the stockholder. B) Shares of stock can be readily purchased and sold by investors on an organized stock exchange. C) Stockholders are not authorized to sign contracts or make business commitments on behalf of the corporation. D) Corporations pay income tax on corporate earnings, and shareholders pay income tax on corporate dividends.
The primary reason for an audit by an independent, external audit firm is to
a. Satisfy governmental regulatory requirements b. Guarantee that there are no misstatements in the financial statements and ensure that any fraud will be discovered c. Relieve management of responsibility for the financial statements d. Provide increased assurance to users as to the fairness of the financial statements