Q1 An auto manufacturer began a company-wide strategy to improve product quality and customer satisfaction. Recent reports show that company's product recalls for the first half of the year are higher than for the entire previous year. The company explains that the figures support the corporate commitment to quality and satisfaction. Which step of the strategic management process is the company currently dealing with?
- perform external and internal audits
-define the business and its mission
- translate the mission into strategic goals
- formulate a strategy
- evaluate performance
Q2 The purpose of a strategic plan is to identify ways to create or maintain a(n)_______________.
- differential advantage
- competitive advantage
- instrumental advantage
- success factor
- all of the above