Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Former Chrysler vice chairman Robert Lutz observed that companies exist to serve the shareholder and create shareholder value.He insisted that the only person who owns the company is the person who paid good money for it.This is an example of a symbiotic approach to stakeholder management.

Accepted Answer

The answer of Former Chrysler vice chairman Robert Lutz observed...

Question 3

Management innovations such as total quality,just-in-time,benchmarking,business process reengineering,and outsourcing are important,but not enough for building sustainable competitive advantage.

Accepted Answer

A) True 
 B)False

Question 4

WellPoint Health Network states: WellPoint will redefine our industry: through a new generation of consumer-friendly products that put individuals back in control of their future.This is an example of a:

Accepted Answer

A)  strategic objective 
B)  vision statement 
C)  vague statement of direction 
D)  line manager's individual goal 
A)  strategic objective 
B)  vision statement 
C)  vague statement of direction 
D)  line manager's individual goal

Question 5

Fortune Brands states they will cut corporate overhead costs by $30 million a year.This is an example of a:

Accepted Answer

A)  nonfinancial strategic objective 
B)  financial strategic objective 
C)  vision statement 
D)  mission statement 
A)  nonfinancial strategic objective 
B)  financial strategic objective 
C)  vision statement 
D)  mission statement

Question 6

Corporate-level strategy addresses how firms compete and outperform their rivals as well as achieve and sustain competitive advantages.

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A)  represent their own interests 
B)  represent the interests of the shareholders 
C)  direct all actions of the CEO 
D)  emphasize the importance of short-term goals 
A)  represent their own interests 
B)  represent the interests of the shareholders 
C)  direct all actions of the CEO 
D)  emphasize the importance of short-term goals

Question 8

The text discusses several characteristics of effective strategic objectives.List several of these and discuss why the strategic objectives of a firm should meet these criteria.

Accepted Answer

Several characteristics of effective str

Question 9

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

Accepted Answer

A firm may have several possible stakeho

Question 10

In large organizations,conflicts can arise between functional areas.In order to resolve these conflicts,strategic objectives:

Accepted Answer

A)  put financial objectives above human considerations 
B)  align departments toward departmental goals 
C)  help resolve conflicts through their common purpose 
D)  cause debate and increase conflict 
A)  put financial objectives above human considerations 
B)  align departments toward departmental goals 
C)  help resolve conflicts through their common purpose 
D)  cause debate and increase conflict

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

Effective leadership can play a large role in fostering corporate entrepreneurship.Corporate entrepreneurship can have a very positive impact on the bottom line of a firm.

Accepted Answer

A) True 
 B)False

Question 13

Stockholders,employees,and the community-at-large are among the stakeholders of a firm.

Accepted Answer

A) True 
 B)False

Question 14

Discuss the key elements of corporate governance.

Accepted Answer

Corporate governance encompasses the pro

Question 15

The strategic management process should be addressed only by top-level executives.Mid-level and low-level employees are best equipped to implement the strategies of the organization.

Accepted Answer

A) True 
 B)False

Question 16

Managers should do more than just focus on short-term financial performance.One concept that helps managers do this is stakeholder symbiosis.This means that:

Accepted Answer

A)  stakeholders are dependent on each other for their success 
B)  stakeholders look out for their individual interests 
C)  one can only gain at the expense of someone else 
D)  all stakeholders want to maximize shareholder returns 
A)  stakeholders are dependent on each other for their success 
B)  stakeholders look out for their individual interests 
C)  one can only gain at the expense of someone else 
D)  all stakeholders want to maximize shareholder returns

Question 17

Members of boards of directors are:

Accepted Answer

A)  appointed by the Securities and Exchange Commission 
B)  elected by the shareholders as their representatives 
C)  elected by the public 
D)  only allowed to serve one term of four years 
A)  appointed by the Securities and Exchange Commission 
B)  elected by the shareholders as their representatives 
C)  elected by the public 
D)  only allowed to serve one term of four years

Question 18

Strategy formulation and implementation is a challenging ongoing process.To be effective,it should not involve:

Accepted Answer

A)  the CEO and the board of directors 
B)  the board of directors, CEO, and CFO 
C)  competitors 
D)  line and staff managers 
A)  the CEO and the board of directors 
B)  the board of directors, CEO, and CFO 
C)  competitors 
D)  line and staff managers

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

We want to be the top-ranked supplier to our customers.(PPG)This is an example of a:

Accepted Answer

A)  nonfinancial strategic objective 
B)  financial strategic objective. 
C)  vision statement 
D)  mission statement 
A)  nonfinancial strategic objective 
B)  financial strategic objective. 
C)  vision statement 
D)  mission statement

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

Former Chrysler vice chairman Robert Lutz observed that companies exist to serve the shareholder and create shareholder value.He insisted that the only person who owns the company is the person who paid good money for it.This is an example of a symbiotic approach to stakeholder management.

Management innovations such as total quality,just-in-time,benchmarking,business process reengineering,and outsourcing are important,but not enough for building sustainable competitive advantage.

WellPoint Health Network states: WellPoint will redefine our industry: through a new generation of consumer-friendly products that put individuals back in control of their future.This is an example of a:

Fortune Brands states they will cut corporate overhead costs by $30 million a year.This is an example of a:

Corporate-level strategy addresses how firms compete and outperform their rivals as well as achieve and sustain competitive advantages.

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

The text discusses several characteristics of effective strategic objectives.List several of these and discuss why the strategic objectives of a firm should meet these criteria.

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

In large organizations,conflicts can arise between functional areas.In order to resolve these conflicts,strategic objectives:

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

Effective leadership can play a large role in fostering corporate entrepreneurship.Corporate entrepreneurship can have a very positive impact on the bottom line of a firm.

Stockholders,employees,and the community-at-large are among the stakeholders of a firm.

Discuss the key elements of corporate governance.

The strategic management process should be addressed only by top-level executives.Mid-level and low-level employees are best equipped to implement the strategies of the organization.

Managers should do more than just focus on short-term financial performance.One concept that helps managers do this is stakeholder symbiosis.This means that:

Members of boards of directors are:

Strategy formulation and implementation is a challenging ongoing process.To be effective,it should not involve:

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

We want to be the top-ranked supplier to our customers.(PPG)This is an example of a:

Analyzing the External Environment Ofthe Firm: Creating Competitive Advantages

Assessing the Internal Environmentof the Firm

Recognizing a Firms Intellectual Assets: Moving Beyond a Firms Tangibleresources

Business-Level Strategy: Creating Andsustaining Competitive Advantages

Corporate-Level Strategy: Creatingvalue Through Diversification

International Strategy: Creating Valuein Global Markets

Entrepreneurial Strategy and Competitive Dynamics

Strategic Control and Corporategovernance

Creating Effective Organizational Designs

Strategic Leadership: Creating a Learning Organization and an Ethical Organization

Managing Innovation and Fosteringcorporate Entrepreneurship

Filters

Exam 1: Strategic Management: Creating Competitiveadvantages

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

Former Chrysler vice chairman Robert Lutz observed that companies exist to serve the shareholder and create shareholder value.He insisted that the only person who owns the company is the person who paid good money for it.This is an example of a symbiotic approach to stakeholder management.

Management innovations such as total quality,just-in-time,benchmarking,business process reengineering,and outsourcing are important,but not enough for building sustainable competitive advantage.

WellPoint Health Network states: WellPoint will redefine our industry: through a new generation of consumer-friendly products that put individuals back in control of their future.This is an example of a:

Fortune Brands states they will cut corporate overhead costs by $30 million a year.This is an example of a:

Corporate-level strategy addresses how firms compete and outperform their rivals as well as achieve and sustain competitive advantages.

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

The text discusses several characteristics of effective strategic objectives.List several of these and discuss why the strategic objectives of a firm should meet these criteria.

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

In large organizations,conflicts can arise between functional areas.In order to resolve these conflicts,strategic objectives:

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

Effective leadership can play a large role in fostering corporate entrepreneurship.Corporate entrepreneurship can have a very positive impact on the bottom line of a firm.

Stockholders,employees,and the community-at-large are among the stakeholders of a firm.

Discuss the key elements of corporate governance.

The strategic management process should be addressed only by top-level executives.Mid-level and low-level employees are best equipped to implement the strategies of the organization.

Managers should do more than just focus on short-term financial performance.One concept that helps managers do this is stakeholder symbiosis.This means that:

Members of boards of directors are:

Strategy formulation and implementation is a challenging ongoing process.To be effective,it should not involve:

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

We want to be the top-ranked supplier to our customers.(PPG)This is an example of a:

Analyzing the External Environment Ofthe Firm: Creating Competitive Advantages

Assessing the Internal Environmentof the Firm

Recognizing a Firms Intellectual Assets: Moving Beyond a Firms Tangibleresources

Business-Level Strategy: Creating Andsustaining Competitive Advantages

Corporate-Level Strategy: Creatingvalue Through Diversification

International Strategy: Creating Valuein Global Markets

Entrepreneurial Strategy and Competitive Dynamics

Strategic Control and Corporategovernance

Creating Effective Organizational Designs

Strategic Leadership: Creating a Learning Organization and an Ethical Organization

Managing Innovation and Fosteringcorporate Entrepreneurship

Filters