II $-$ MULTIPLE CHOICE: Select the correct answer, only one answer is correct$\mathrm{.}1.$ Which of the following best defines strategic management?The process of setting short$-$term goals and objectivesThe process of formulating and implementing strategies to achieve organizational goals and objectivesc. The process of managing day$-$to$-$day operations within an organization xd$.$ The process of hiring and training employees to meet organizational needs $*2.$ What does the external environment of a business typically include?a$)$ Only factors within the organization xb$)$ Factors outside the organization that can influence its performancec$)$ Factors related to employee satisfaction $*$d$)$ Factors solely related to financial markets x$3.$ What are organizational resources in strategic management?a$)$ Physical assetsb$)$ Human capitalc$)$ Financial reservesd$)$ All of the above$4.$ What are resources in the context of internal organization?a$)$ The strategies developed by the organizationOTangible and intangible assets that a firm controls and can use to conceive andimplement its strategiesc$)$ The external factors that influence organizational performanced$)$ The financial goals set by the organization$5.$ What is strategic management primarily concerned with?a$)$ Short$-$term profitabilityb$)$ Long$-$term success and competitivenessc$)$ Daily operational efficiencyd$)$ Employee satisfaction$6.$ Tangible resources include:a$)$ Intellectual property and brand reputationb$)$ Financial assets and physical infrastructurec$)$ Human capital and organizational cultured$)$ Relationships with suppliers and customers$7.$ Environmental scanning is the process of:Identifying opportunities and threats in the external environmentb$)$ Analyzing the internal strengths and weaknesses of the organizationc$)$ Developing strategies to achieve organizational goalsd$)$ Training employees to adapt to changes in the industry$8.$ What is the purpose of a mission statement in strategic management?a$)$ Describing day$-$to$-$day operationsb$)$Communicating the company's purpose and directionc$)$ Analyzing market trendsd$)$ Setting short$-$term financial goals$9.$ What does the term "strategic competitiveness" refer to$?$Achieving short$-$term goalsb$)$ Maintaining the status quoc$)$ Creating and sustaining a competitive advantaged$)$ Focusing solely on financial performance$10.$ What is competitor analysis?a$)$ Assessing the strengths and weaknesses of your own organizationb$)$ Evaluating the financial performance of your companyAnalyzing the strategies and capabilities of current and potential competitorsd$)$ Monitoring employee productivity$11.$ Which of the following is a criterion for a capability to be considered a core competency?a$)$lt should be valuable, rare, and difficult to imitate.b$)$ It should be easy to replicate by competitors.c$)$ It should have a short$-$term impact.d$)$ It should only be related to financial resources$\mathrm{.}12.$ How do capabilities differ from resources in strategic management?a$)$ Capabilities are tangible$,$ while resources are intangible.b$)$ Capabilities are the inputs, while resources are the outputs.c$)$ Capabilities are the firm's skills and abilities to deploy resourcesd$)$ Resources are skills, while capabilities are physical assets$\mathrm{.}13.$ Core competencies are:a$)$ Basic skills possessed by all employees in the organizationUnique strengths or strategic advantages that distinguish a firm from its competitors and are critical to its long$-$term successc$)$ The financial resources available to the organizationd$)$ The industry standards that all organizations must adhere to$14.$ The threat of substitutes, as part of Porter's Five Forces framework, refers to:a$)$ The potential for new entrants to enter the marketb$)$ The bargaining power of suppliersThe availability of alternative products or services that can fulfill the same needd$)$ The intensity of competitive rivalry$15.$ What are organizational resources in strategic management?a$)$ Physical assetsb$)$ Human capitalc$)$ Financial reservesd$)$ All of the above