Exam 1: Managing Strategically

Corporate-level strategy is concerned with the mix of businesses comprising the firm

All firms possess similar resources

Vision is a picture of an ideal future state

Innovation is desirable but unnecessary for value creation

Costs are irrelevant in calculating economic value

Strategic management is a managerial process

Strategic decisions affect the long-term well-being of the organization

The knowledge intensity of products is diminishing

The CEO carries primary responsibility for identifying how the firm must change

Governance costs do not occur in market-based organizations

A specific resource or capability has no value independent of the firm's environment

Strategy is the uncommon theme underlying a set of strategic decisions

Strategic managers must manage for both today and tomorrow

Corporate social responsibility is becoming an important influence on firms' reputations

All industries will be affected by the information revolution

Capabilities refer to a firm's ability to combine and integrate resources