For a Strategist, Which of the Following Is NOT an Implication

For a strategist, which of the following is NOT an implication of effective strategic management?

A) The difference between a firm's success and failure lies in its strategy.
B) The principles of strategic management can be applied universally to all organizations.
C) A firm's performance is determined by a set of independent factors, which includes firm and industry effects.
D) It is necessary to maintain an awareness of key stakeholders and how they can affect or be affected by managerial actions.