Strategic Flexibility Is Achieved By

question 11

Multiple Choice

Strategic flexibility is achieved by:

• A) Managers developing a dominant plan and sticking to it.
• B) Managers responding when reality changes by activating alternate dominant plans.
• C) Ignoring feedback from the marketplace while creating new plans.
• D) Breaking the cycle of strategic planning-monitoring-responding.

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Definitions:

Accounts Payable

Liability accounts on a company's balance sheet representing amounts owed to creditors for goods and services received but not yet paid for.

Prepaid Insurance

Payments made for insurance coverage before the coverage period begins, recorded as an asset on the balance sheet.

Corrected Trial Balance

A list of all the account titles and balances of a company after adjustments and corrections have been made.

Normal Balance

The side (debit or credit) of an account that is typically increased, indicating its usual positive balance in accounting.