1. When using the strategic management process, firms should start by

A. setting objectives, developing a business model, crafting a strategy, and deciding how much of the company's resources to employ in the pursuit of sustainable competitive advantage.

B. coming up with a statement of the company's mission and communicating it to all employees, setting objectives, selecting a business model, and monitoring developments and initiating corrective adjustments to the business model when necessary.

C. developing a strategic vision, mission and values.

D. developing a proven business model, deciding on the company's top management team, and crafting a strategy.

E. deciding on the company's board of directors, setting financial objectives, crafting a strategy, and choosing what business approaches and operating practices to employ.

2. The primary roles/obligations of a company's board of directors in the strategy-making, strategy-executing process include

A. providing guidance and counsel to the CEO in carrying out his/her duties as chief strategist and chief strategy implementer.

B. overseeing the company's financial accounting and reporting practices, hiring the CEO, and instituting a compensation plan that rewards top executives for results that serve shareholder interests.

C. working closely with the CEO, senior executives, and the strategic planning staff to develop a strategic plan for the company.

D. reviewing and approving the company's business model and also reviewing and approving the proposals and recommendations of the CEO as to how to execute the business model.

E. playing the lead role in forming the company's strategy and then directly supervising the efforts and actions of senior executives in implementing and executing the strategy.

3. In the Diamond Model of strategy, which element corresponds to the strategic question, "How will we get there?"

A. Staging

B. Differentiators

C. Economic Logic

D. Arenas

E. Vehicles