Exam 1: Strategic Management: Creating Competitiveadvantages

A mission statement encompasses both the purpose of the organization as well as its basis of competition,and the basis of its competitive advantage.

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

Strategic management recognizes the trade-offs between effectiveness and efficiency.

In contrast to the vision of an organization,its mission should:

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

Peter Senge,of MIT,recognized three types of leaders.__________ champion and guide ideas,create a learning infrastructure,and establish a domain for taking action.

According to the text,a mission statement is an overarching statement that is massively inspiring,long term,and only discusses the purpose of the company.

__________ involves ensuring proper strategic controls and organizational designs.

The three participants in corporate governance are:

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

According to Henry Mintzberg,a management scholar,most firms realize their original intended strategy.

According to Henry Mintzberg,decisions following from the strategic analysis of the firm are its:

The vision of an organization is the top level of its hierarchy of organizational goals.The vision statement should be massively inspiring,overarching,and long term.

According to the text,formulating strategy includes taking into consideration strategy at the business,corporate,and international levels.

Procter and Gamble has perfected a technique for compacting cleaning powder into a liquid concentration.Consumers,retailers,shipping and wholesalers,and environmentalists all have benefited from the resulting change in consumer shopping habits and the revolution in industry supply-chain economics.According to the text,this is an example of __________.

The vision and mission statements of a company set the overall direction of the organization.Strategic objectives serve what role?

According to the text,the triple bottom line approach to corporate accounting includes three components:

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

Leadership is a necessary (but not sufficient)condition for organizational success.Leaders should emerge at which level(s)of an organization?

A CEO made a lot of mistakes in assessing the market and the competitive conditions and improperly redesigning the organization into numerous business units.Such errors led to significant performance declines.According to the text,this example illustrates the __________ perspective of leadership.