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8) What is the first step in the strategic management process? A) formulating a strategy B) asking, "Where are we now as a business?" C) evaluating the strategic plan D) implementing an environmental scan 9) John wants to perform external and internal audits as part of the strategic management process. What is a frequently used tool to organize relevant information on positive and negative aspects of the company and environment? A) BCG matrix B) QSPM matrix C) SWOT chart D) EPS/EBIT table 10) The sales director at WebMD is calculating annual sales revenue targets and the number of new medical-related content providers that the firm needs to maintain a competitive advantage. In which step of the strategic management process is the sales director involved? A) evaluating the firm's internal and external strengths B) defining the business and its mission C) choosing specific strategies or courses of action D) evaluating the strategic plan 11) The of the California Energy Commission indicates that the organization assesses and acts through public and private partnerships to improve energy systems that promote a strong economy and a healthy environment. A) mission statement B) strategic plan C) code of ethics D) vision statement 12) A diversification corporate strategy implies that a firm will A) expand by adding new product lines B) reduce the company's size to increase market share C) save money by producing its own raw materials D) increase profits by offering one popular product 13) Harley-Davidson sells a line of boots, helmets, and leather jackets indicating that the firm is pursuing which of the following strategies? A) consolidation B) geographic expansion C) diversification D) horizontal integration 14) When Apple opened its own Apple stores, this was an example of A) market penetration B) concentration C) vertical integration D) consolidation