Question 1

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 2

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

Accepted Answer

A)  interests of the shareholders are not the only interests that matter. 
B)  stakeholders are second in importance to the shareholders. 
C)  stakeholders and managers inevitably work at cross-purposes. 
D)  all stakeholders receive financial rewards.

Question 3

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

Accepted Answer

A) True 
 B)False

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

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

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) True 
 B)False

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

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 9

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.

Question 10

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 11

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

Accepted Answer

A) True 
 B)False

Question 12

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 13

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

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

The answer of The strategic management process includes strategy analysis,strategy...

Question 15

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

Accepted Answer

A)  set low targets. 
B)  ignored the experiences of competitors and set unrealistically high growth targets. 
C)  focused on the economic landscape. 
D)  all of these are correct

Question 16

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

Accepted Answer

A)  vision statements 
B)  mission statements 
C)  strategic objectives 
D)  operational objectives

Question 17

Fortune Brands states they will "cut corporate 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.

Question 18

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.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A)  be shorter in length. 
B)  encompass both the purpose of the company as well as the basis of competition. 
C)  encompass all the major rules and regulations of the corporate work force. 
D)  be less detailed.

Question 20

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.

Accepted Answer

A)  Local line leaders 
B)  Executive leaders 
C)  Internal networkers 
D)  Shop floor leaders

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.