Deck 1: Managing Strategically

Question 1

Strategic managers must manage for both today and tomorrow

Answer 1

True
A firm will only survive in the long term if it is able to survive the short term

Question 2

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

Answer 2

True
Strategic decisions are by definition those which affect the long-term well-being of the firm

Question 3

All firms possess similar resources

Answer 3

False
Some firms have larger financial resources, or more substantial R&D, than other firms, and this is a partial explanation for their differing performance

Question 4

All industries will be affected by the information revolution

Question 5

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

Question 6

Strategy is the uncommon theme underlying a set of strategic decisions

Question 7

Vision is a picture of an ideal future state

Question 8

Costs are irrelevant in calculating economic value

Question 9

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

Question 10

The knowledge intensity of products is diminishing

Question 11

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

Question 12

Governance costs do not occur in market-based organizations

Question 13

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

Question 14

Strategic management is a managerial process

Question 15

Innovation is desirable but unnecessary for value creation

Question 16

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