Test Bank for All Chapters Answers Are at the End of Each Chapter Chapter 1 Student name:__________ TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false. 1) A good strategy is a set of actions that enables a firm to achieve its own internal goals without regard to the external environment. ⊚ ⊚
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2) The following statement by the chief executive of GoFlix movie studio is an effective strategy: “We will produce the greatest films of the 21st century.” ⊚ ⊚
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3) The three tasks of the AFI strategy framework are to Assemble a prototype, Find a buyer, and Incorporate feedback. ⊚ ⊚
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4) Questions asked during the strategy analysis stage of the AFI framework include “How does the firm make money?” and “What effects do forces in the external environment have on the firm’s potential to gain and sustain a competitive advantage?” ⊚ ⊚
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5) Once a strategy has been formulated and implemented, it is important that the firm sticks to it no matter what happens. ⊚ ⊚
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