Identify and write down the correct option for the following multiple choice questions. 1. Which phase of strategic management is called the action phase? A) Strategy formulation B) Strategy implementation C) Strategy evaluation D) Competing advantages 2. The Three fundamental activities namelv. reviewing external and internal factors that are the bases for current strategies; measuring performance; and taking corrective actions are performed at which of the following stages? A) Strategy formulation B) Strategy implementation C) Strategy evaluation D) None of the above _, whereas business 3. Military strategy is based on an assumption of strategy is based on an assumption of _ A) conflict; cooperation B) conflict; competition C) cooperation; conflict D) competition; conflict 4. During what stage of strategic management are a firm's specific internal strengths and weaknesses determined? A) Formulation B) Implementation C) Evaluation D) Feedback 5. Which of the following statement is not true for strategic management? A) Strategic management allows an organization to be more proactive than reactive in shaping its own future. B) It allows an organization to initiate and influence activities. C) Businesses using strategic-management concepts show significant improvement in sales and profitability. D) It leads to decreased understanding of competitor's strategies and reduced employee productivity. 6. What is the first step in the comprehensive strategic-management model? A) Developing vision and mission statements B) Performing external audits C) Performing internal audits D) Measuring and evaluating performance 7. Which group would be classified as stakeholders? A) Governments B) Creditors C) Suppliers D) All of the above 8. Generally, opportunities and threats are A) uncontrollable by a single organization. B) controllable by an organization. C)not worth monitoring and evaluating. D)key functions in strategy implementation. 9. All of these are pitfalls an organization should avoid in strategic planning EXCEPT A) using plans as a standard for measuring performance. B) using strategic planning to gain control over decisions and resources. C) failing to involve key employees in all phases of planning. D) too hastily moving from mission development to strategy formulation. 10. Which statement should answer the basic question: "What is our business?' A) Vision B) Mission C) Both of the above D) None of the above