A firm obtains competitive advantage when its strategy results in superior performance compared to its competitors.

The final component of the strategic management process is crafting the organization's mission statement, which provides the framework—or context—within which strategies are formulated.

The mission of a company defines a desired future state and articulates what the company would like to achieve.

In practice, the strategies of most organizations are likely a combination of intended and emergent strategies.

In the context of strategic management of a company, __________ have profit-and-loss responsibility for a product, a business, or the company as a whole.

Which of the following statements about nonprofit organizations is true?

Systematic errors in the decision-making process are most often caused by:

In Porter's Five Forces model, as each of the five forces grows stronger, it limits the ability of established companies to raise prices and earn greater profits.

Cost reductions gained through mass-producing a standardized output are a source of scale economies.

The threat from potential competitors is greatest in the __________ stage of the industry life cycle.

Americans are currently living longer now than in the past because of advances in medicine. As a result, the sale of products that meet the needs of older individuals, such as devices that assist in walking and movement, have increased. In the context of an industry's macroenvironment, age is considered a __________ force.

An industry's buyers have high bargaining power when:

The level of industry demand:

Opportunities arise when a company can take advantage of conditions in its industry environment to formulate and implement strategies that enable it to become more profitable.

Many beverage manufacturers are noticing that sales for bottled water and fruit-based beverages is increasing compared to carbonated drinks because customers are increasingly becoming health conscious. This change in customer preferences can be attributed to which of the following factors of the macroenvironment?