1) Application of the strategicmanagement process is typically more formal in larger and wellestablished organizations. 2) Commitment and understanding are the most important benefits of strategic management. 3) The best thing strategists can do is develop strategic plans themselves and then present them to operating managers to execute. 4) Firms with planning systems more closely resembling strategicmanagement theory generally exhibit superior longterm nancial performance relative to their industry. 5) Lowperforming firms typically underestimate their competitor's strengths and overestimate their own rm's strengths. 6) According to Greenley, strategic management provides increased discipline, enhanced communication, and more effective allocation of time and resources. '7) The lack of monetary rewards is one reason managers do not engage in strategic planning. 8) Crises and firefighting in an organization give managers the extra time needed to plan ahead. 9) Making many intuitive decisions that conict with the formal plan is one pitfall to avoid in strategic planning. 10) Managers must be very formal in strategic planning because formality fosters exibility and creativity. 1 1) Many organizations mistakenly spend more time and effort on the implementation of