1. There are three stages of strategic management---strategy formulation, strategy implementation, and strategy evaluation---and these stages are listed not only in temporal sequence but in order of importance.

True

False

2. Being "proactive" means more than just taking initiative. It means that we take responsibility for our own lives; it means we identify our options and choose our responses; it means that our behavior is a funtion of our decisions, not our conditions.

True

False

In order for a firm to achieve sustained competitive advantage, a firm must continually adapt to changes in external trends and events and effectively formulate, implement, and evaluate strategies that capitalize upon those factors.

True

False