Question 1

Strategic objectives should be measurable,specific,appropriate,and realistic,but not constrained by time deadlines.

Accepted Answer

A) True 
 B)False

Question 2

Successful organizations are effective in motivating people.Employees work best when:

Accepted Answer

A)   they are asked to do their best
B)   work requirements are vague and unclear
C)   they are striving toward specific goals
D)   they are guided by an abstract mission statementE) A) and C)
F) B) and C)

Question 3

Procter and Gamble developed a laundry detergent compaction technique that appeals to consumers,retailers,shipping and wholesalers,and environmentalists.This is an example of stakeholder symbiosis.

Accepted Answer

A) True 
 B)False

Question 4

The four key attributes of strategic management include all of the following EXCEPT:

Accepted Answer

A)   including multiple stakeholder interests in decision making
B)   incorporating both short-term and long-term perspectives
C)   recognizing the trade-offs between effectiveness and efficiency
D)   emphasis on the attainment of short-term objectivesE) A) and B)
F) B) and D)

Question 5

Shell,NEC,and Procter and Gamble have been measuring their performance according to what has been called a triple bottom line.This technique involves an assessment of financial,social,and environmental performance.

Accepted Answer

A) True 
 B)False

Question 6

The organizational versus the individual rationality perspective suggests that:

Accepted Answer

A)   what is good for a functional area is always good for the organization
B)   what is good for the organization is always good for a functional area
C)   what is best for a functional area may not be best for the organization
D)   the incremental perspective may be best for functional areas while the "rational" perspective may be best for the organizationE) C) and D)
F) B) and C)

Question 7

According to the textbook,strategic management does not consist of the analyses that an organization undertakes in order to create and sustain competitive advantages.

Accepted Answer

A) True 
 B)False

Question 8

The strategic management process includes strategy analysis,strategy formulation,and strategy implementation.Discuss each of these steps.

Accepted Answer

The strategic management process is a se...

Question 9

The three primary participants in corporate governance are: (1)the shareholders,(2)the management (led by the chief executive officer),and (3)the employees.

Accepted Answer

A) True 
 B)False

Question 10

Management innovations such as total quality,benchmarking,and business process reengineering cannot lead to sustainable competitive advantage because:

Accepted Answer

A)   companies that have implemented these techniques have lost money
B)   there is no proof that these techniques work
C)   they cost too much money and effort to implement
D)   every company is trying to implement them and hence it does not make a company different from othersE) All of the above
F) A) and B)

Question 11

The three interrelated and principal activities of strategic management are: strategy analysis,strategy formulation,and strategy implementation.

Accepted Answer

A) True 
 B)False

Question 12

There are several perspectives of competition.One perspective is zero-sum thinking.Zero-sum thinking means that:

Accepted Answer

A)   all parts of the organization gain at no loss
B)   in order for someone to gain others must experience no gain or benefit
C)   one can only gain at the expense of someone else
D)   everyone in the organization shares gains and losses equallyE) B) and C)
F) B) and D)

Question 13

Peter Senge,of MIT,recognized three types of leaders.__________ are individuals that,although having little positional power and formal authority,generate their power through the conviction and clarity of their ideas.

Accepted Answer

A)   Local line leaders
B)   Executive leaders
C)   Internal networkers
D)   Shop floor leadersE) B) and C)
F) A) and D)

Question 14

Leadership is a topic that is often discussed in the management literature.The text suggests that leaders should be at all levels in an organization.Discuss why it is important to have leaders throughout an organization.

Accepted Answer

It is important to have leaders througho...

Question 15

Strategic objectives are more specific than vision statements.

Accepted Answer

A) True 
 B)False

Question 16

Stakeholders are:

Accepted Answer

A)   a new way to describe stockholders
B)   individuals, groups, and organizations who have a stake in the success of the organization
C)   creditors who hold a lien on the assets of the organization
D)   attorneys and their clients who sue the organizationE) None of the above
F) B) and C)

Question 17

According to the text,the strategic management process entails three ongoing processes:

Accepted Answer

A)   analyses, actions, and synthesis
B)   analyses, decisions, and actions
C)   analyses, evaluation, and critique
D)   analyses, synthesis, and antithesisE) All of the above
F) A) and C)

Question 18

According to the text,vision statements should be massively inspiring,overarching,and long term.Provide several examples of potential vision statements for various organizations and discuss how such vision statements would inspire employees around a cause.

Accepted Answer

1. For a technology company: "To create ...

Question 19

An organization is responsible to many different entities.In order to meet the demands of these groups,organizations must participate in stakeholder management.Stakeholder management means that:

Accepted Answer

A)   interests of the stockholders are not the only interests that matter
B)   stakeholders are second in importance to the stockholders
C)   stakeholders and managers inevitably work at cross-purposes
D)   all stakeholders receive financial rewardsE) B) and C)
F) None of the above

Question 20

Social responsibility is the idea that organizations are not only accountable to stockholders but also to the community-at-large.

Accepted Answer

A) True 
 B)False

Exam 1: Strategic Management: Creating Competitiveadvantages

According to the text,vision statements should be massively inspiring,overarching,and long term.Provide several examples of potential vision statements for various organizations and discuss how such vision statements would inspire employees around a cause.

Correct AnswerAnswered by ExamLex AI1. For a technology company: "To create ...View AnswerShow Answer

There are several perspectives of competition.One perspective is zero-sum thinking.Zero-sum thinking means that:

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Stakeholders are:

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Shell,NEC,and Procter and Gamble have been measuring their performance according to what has been called a triple bottom line.This technique involves an assessment of financial,social,and environmental performance.

Correct AnswerverifiedShow Answer

The four key attributes of strategic management include all of the following EXCEPT:

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The strategic management process includes strategy analysis,strategy formulation,and strategy implementation.Discuss each of these steps.

Correct AnswerAnswered by ExamLex AIThe strategic management process is a se...View AnswerShow Answer

The three interrelated and principal activities of strategic management are: strategy analysis,strategy formulation,and strategy implementation.

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Social responsibility is the idea that organizations are not only accountable to stockholders but also to the community-at-large.

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Procter and Gamble developed a laundry detergent compaction technique that appeals to consumers,retailers,shipping and wholesalers,and environmentalists.This is an example of stakeholder symbiosis.

Correct AnswerverifiedShow Answer

Peter Senge,of MIT,recognized three types of leaders.__________ are individuals that,although having little positional power and formal authority,generate their power through the conviction and clarity of their ideas.

Correct AnswerverifiedShow Answer

Leadership is a topic that is often discussed in the management literature.The text suggests that leaders should be at all levels in an organization.Discuss why it is important to have leaders throughout an organization.

Correct AnswerAnswered by ExamLex AIIt is important to have leaders througho...View AnswerShow Answer

According to the text,the strategic management process entails three ongoing processes:

Correct AnswerverifiedShow Answer

An organization is responsible to many different entities.In order to meet the demands of these groups,organizations must participate in stakeholder management.Stakeholder management means that:

Correct AnswerverifiedShow Answer

According to the textbook,strategic management does not consist of the analyses that an organization undertakes in order to create and sustain competitive advantages.

Correct AnswerverifiedShow Answer

The organizational versus the individual rationality perspective suggests that:

Correct AnswerverifiedShow Answer

Management innovations such as total quality,benchmarking,and business process reengineering cannot lead to sustainable competitive advantage because:

Correct AnswerverifiedShow Answer

The three primary participants in corporate governance are: (1)the shareholders,(2)the management (led by the chief executive officer),and (3)the employees.

Correct AnswerverifiedShow Answer

Strategic objectives are more specific than vision statements.

Correct AnswerverifiedShow Answer

Successful organizations are effective in motivating people.Employees work best when:

Correct AnswerverifiedShow Answer

Strategic objectives should be measurable,specific,appropriate,and realistic,but not constrained by time deadlines.

Correct AnswerverifiedShow Answer

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1. For a technology company: "To create ...
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The strategic management process is a se...
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It is important to have leaders througho...
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