8. A vision statementa. sets the firm's boundaries and provides a sense of direction foremployees.b. sets the specific results to be obtained within a given period of time.c. states what business the firm is in.d. describes the firm's aspirations to achieve some higher purpose.9. Which of the following is
one of the major steps in the strategic managementprocess?a. problem identificationb. analysisc. formulationd. implementation10. Corporate strategy for a diversified firma. entails extensive portfolio analysis.b. asks how to build competitive advantage for each business unit.c. asks what set of businesses the firm should operate.d. seeks to mitigate overall weaknesses by combining strengths from eachbusiness unit.11. Which of the following is not a strategic imperative?a. sustain an existing advantageb. overcome an existing weaknessc. build a new advantaged. extend an existing advantage to another business12. The formulation step in the strategic management process seeks toa. match the firm's internal strengths to the opportunities present in theexternal environment.b. put the firm's strategy into practice.c. identify the firm's strengths, weaknesses, opportunities, and threats.d. develop new business opportunities that the firm can exploit.13. Which of the following statements is
true about strategic decisions?