Question 1

Which "organizational vision" did the text credit belonging to BCE Bell Canada Enterprises?

Accepted Answer

A)  "Restoring patients to full life." 
B)  "Providing Canadians with a one-stop destination in meeting their needs." 
C)  "Clear, Simple, First, True, Profitable, Proud." 
D)  "The world's best quick service restaurant."

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

As firms work to become more efficient and effective in the global business environment, they are forced to continually innovate. Innovation in an organization

Accepted Answer

A)  will always increase a firm's performance. 
B)  may enhance or destroy a firm's capabilities. 
C)  should not be pursued by industry leaders. 
D)  happens only incrementally.

Question 4

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

Accepted Answer

A)  the expectation that business will strive to improve the overall welfare of society. 
B)  the idea that organizations are solely responsible to local citizens. 
C)  the fact that court costs could impact the financial bottom line. 
D)  the idea that businesses are responsible to maintain a healthy social climate for their employees.

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

Wellpoint Health Networks 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.

Question 7

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

Accepted Answer

A)  managing the flow of goods. 
B)  more people speaking more languages. 
C)  managing the flow of capital, people, and information. 
D)  governmental regulations.

Question 8

Shareholders, employees, and the community at large are among a firm's stakeholders.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A)  assessing intellectual capital as well as analyzing the internal and external environment. 
B)  formulating Internet and international-level strategy. 
C)  strategic leadership and fostering entrepreneurship. 
D)  strategy implementation and strategic controls.

Question 11

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.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

The answer of The text discusses several characteristics of effective...

Question 13

Globalization is impacting most firms today. Discuss what "globalization" means and how and why it impacts today's firms.

Accepted Answer

The answer of Globalization is impacting most firms today. Discuss...

Question 14

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

Accepted Answer

A)  Only at the top 
B)  In the middle 
C)  Throughout the organization 
D)  Only during times of change

Question 15

It is important for organizations to primarily focus on financial objectives and be less concerned about other objectives and goals.

Accepted Answer

A) True 
 B)False

Question 16

Social responsibility is the idea that organizations are not only accountable to shareholders but also to the community at large.

Accepted Answer

A) True 
 B)False

Question 17

According to Henry Mintzberg, the realized strategies of a firm

Accepted Answer

A)  are a combination of deliberate and emergent strategies. 
B)  are a combination of deliberate and differentiation strategies. 
C)  must be based on a company's strategic plan. 
D)  must be kept confidential for competitive reasons.

Question 18

Social responsibility for Suncor Energy of Calgary means accountability to customers but NOT to employees.

Accepted Answer

A) True 
 B)False

Question 19

Sears has developed a sophisticated quantitative model that can predict the relationship between employee satisfaction, customer satisfaction, and financial results. This is an example of a symbiotic approach to strategic management.

Accepted Answer

A) True 
 B)False

Question 20

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.

Accepted Answer

A) True 
 B)False

Exam 1: Strategic Management: Creating Competitive Advantages

Which "organizational vision" did the text credit belonging to BCE Bell Canada Enterprises?

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

As firms work to become more efficient and effective in the global business environment, they are forced to continually innovate. Innovation in an organization

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

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

Wellpoint Health Networks 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

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

Shareholders, employees, and the community at large are among a firm's stakeholders.

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

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

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.

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

Globalization is impacting most firms today. Discuss what "globalization" means and how and why it impacts today's firms.

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

It is important for organizations to primarily focus on financial objectives and be less concerned about other objectives and goals.

Social responsibility is the idea that organizations are not only accountable to shareholders but also to the community at large.

According to Henry Mintzberg, the realized strategies of a firm

Social responsibility for Suncor Energy of Calgary means accountability to customers but NOT to employees.

Sears has developed a sophisticated quantitative model that can predict the relationship between employee satisfaction, customer satisfaction, and financial results. This is an example of a symbiotic approach to strategic management.

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.