Exam 1: Strategic Management: Creating Competitive Advantages

Although vision statements vary from organization to organization,vision statements are intended to motivate and inspire employees to work toward a general goal.

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

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

Firms must be aware of goals other than short-term profit maximization.One area of concern should be social responsibility which is

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

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

As our world increases in complexity,the global environment is increasingly competitive and challenging.The key to effective globalization is

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

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

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

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

In order to increase their competitiveness,organizations must continually analyze their strategy and their competitive environments.Strategy analysis includes

Strategic management includes strategy analysis,strategy formulation,and strategy implementation.

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

In terms of strategy analysis,the textbook describes Roth,CEO of Nortel,as having

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

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

Organizational vision statements are the beginning point for the hierarchy of goals throughout the organization.An organization's vision statement should be massively inspiring,overarching,and long-term.

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

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.