Exam 1: Strategic Management: Creating Competitive Advantages

Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages.

Sears has developed a sophisticated quantitative model and found that there were positive relationships between employee satisfaction, customer satisfaction, and financial results. According to the text, this is an example of

Decisions by boards of directors are always consistent with shareholder interests.

Vision statements are used to create a better understanding of the organization's overall purpose and direction. Vision statements

While working to prioritize and fulfill their responsibilities, members of an organization's board of directors should

In contrast to an organization's vision, its mission should

A firm has a variety of different stakeholders. Identify several possible stakeholders a firm may have and discuss how the firm may achieve stakeholder symbiosis.

Objectives in organizations should be clear, stated, and known by employees throughout the organization.

Shareholders in a company are the only individuals with an interest in the financial performance in the company.

Organizational goals and objectives should be vague in order to allow for changes in strategy.

The four key attributes of strategic management include the idea that a

Examples of _____ include "To be the happiest place on earth" (Disney), and "Restoring patients to full life" (Medtronics).

Discuss what is meant by recognizing trade-off between efficiency and effectiveness and provide an example of how this attribute of strategic management could influence the strategic decisions of a firm.

Effective vision statements include

Symbiosis is the ability to recognize interdependencies among the interests of multiple stakeholders within and outside an organization.

Globalization is the flow of capital, people, and information throughout the world.

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.

Strategic management should only include short-term objectives. Long-term objectives are covered in the organization's vision statement.

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

The four key attributes of strategic management include all of the following except