MGT-4893 CH1

A firm's vision, mission, and strategic objectives form a hierarchy of _____

goals

Strategic management is directed toward a company's ______.

goals and objectives

Strategic management is directed toward the organization's overall organizational _____ and _____ .

goals; objectives

The external control view of leadership emphasizes the role of which of the following types of factors in the success or failure of a firm?

governmental legislation economic downturns or upturns new technologies

A vision statement can lead to missed opportunities when it ______.

has too much focus

Social responsibility is the expectation that businesses or individuals will strive to ______.

improve the overall welfare of society

Ambidexterity requires that managers balance a focus on existing markets and products with ______.

innovation

Managers must take a(n) ______ view of the organization and assess how functional areas and activities fit together so that the organization can achieve its goals and objectives.

integrative

A firm's ______ assets, such as patents, are becoming increasingly important to creating a firm's competitive advantage.

intellectual

Analyzing the firm's ______ environment, such as operations, may uncover potential sources of competitive advantage.

internal

Which of the following are evaluated during the analysis process of strategic management?

internal environment strategic goals external environment

When managers refer to their organizational boundaries they mean both ______ and ______ boundaries.

internal; external

Studies show that managers often focus on short-term goals to the detriment of creating ______ shareholder value.

long-term

Which of the following are characteristics of a well-written organizational vision statement?

long-term overarching inspiring

A ______ includes both the company's purpose as well as the basis of competition and competitive advantage.

mission statement

According to the ______ view of leadership, the leader is assumed to be the most important element in a company's success or failure. (Enter only one word in the blank.)

romantic

The ______ view of leadership assumes that the organization's leader is the driving force in the success or failure of the business.

romantic

The three primary participants in corporate governance are the ______, management, and board of directors.

shareholders

Corporate governance is the relationship among ______ in determining the direction and performance of corporations.

shareholders, management, and the board of directors

Which of the following is the most inclusive term for the individuals, groups, and organizations that have a claim in the success of an organization?

stakeholders

_____ strategy is a combination of deliberate and emergent strategies.

Realized or Realised

True or false: Intended strategy rarely survives in its original form.

True

Firms must exercise which of the following two types of strategic controls?

behavioral informational

What are the four levels of a company's strategy formulation?

business, corporate, international, and entrepreneurial

Strategic management of an organization entails which of the following ongoing processes?

actions decisions analyses

Analyzing a firm's strengths and relationships within its value chain can uncover potential sources of its competitive ______.

advantage

Strategy ______ consists of decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain a competitive advantage.

formulation

What term is used to describe the challenge managers face to maximize existing products and markets while seeking new opportunities?

ambidexterity

Match the strategic management process with its corresponding term.

analyses - strategy analysis decisions - strategy formulation actions - strategy implementation

Strategies often fail when managers fail to do which of the following?

analyze the company's overarching goals conduct a thorough analysis of the external and internal environments

Sound strategies are of no value if they ______.

are not properly implemented

The two opposing ways of examining stakeholder management are called ______ and ______.

symbiosis; zero sum

Which of the following statements about operational effectiveness are correct?

A sustainable competitive advantage is not achieved through operational effectiveness alone. Total quality, benchmarking, and business process reengineering are ways that companies can be operationally effective. Companies that are operationally effective perform similar tasks better than their competitors.

Which statement about the triple bottom line is true?

Companies have realized that failure to measure it can negatively affect the company and its community.

Which of the following are examples of business-level strategies?

Differentiation Cost leadership Focus on niche market

True or false: The most effective organizations have strong leaders at the top who make all the decisions that the rest of the organization then carries out.

False

Which of the following are key attributes of strategic management?

Incorporates both short-term and long-term perspectives Includes multiple stakeholders in decision making Directs the organization toward overall goals and objectives

______ requires that organizations continually monitor and scan the environment and respond to threats and opportunities.

Informational control

______ strategies are those organizational decisions that follow from analysis and rarely survive in their original forms.

Intended

Which of the following statements regarding corporate-level strategy are correct?

It determines how to manage the company's portfolio of businesses to create synergies among business units. It determines which business(es) should be in the company's portfolio.

Which of the following are true of strategy implementation?

It ensures that the organization is committed to excellence. It involves establishing appropriate controls and organizational designs. It involves coordinating and integrating activities within the firm and with suppliers and customers.

How does digitizing business processes affect companies?

It makes them more efficient.

Which of the following statements regarding strategic management is true?

It requires incorporating both short-term and long-term perspectives.

Drag the type of leader to its corresponding description.

Local line leaders - have significant profit-and-loss responsibility Executive leaders - guide ideas, create a learning infrastructure, and call for action Internal networkers - have little formal authority, inspire others with conviction and clarity of ideas

Which of the following are the best reasons managers should develop learning organizations?

Markets and processes can change rapidly. Businesses need to maximize the skills of their workers.

_____ statements, like vision statements, should be massively inspiring to an organization's main stakeholders and include the purpose of the organization, its scope of operations, and the basis of its competitive advantage.

Mission

______ is performing similar activities better than rivals do.

Operational effectiveness

______ are a set of organizational goals that are used to operationalize the mission statement and cover a well-defined time frame.

Strategic objectives

______ analysis is the starting point of the strategic management process and includes the advanced work that must be done to effectively formulate and execute strategies.

Strategy

Which form of stakeholder management views stakeholders as interdependent?

Symbiosis

Which of the following state the goals and intentions that help define a firm's competitive advantage?

The firm's strategic objectives The firm's mission The firm's vision

Which of the following statements about the strategic management process is true?

The three processes are highly interdependent.

Which of the following are reasons vision statements sometimes fail?

The vision lack real-world relevance. The actions do not match the words. There is too much focus on finding a singular solution.

Vision statements represent ______.

a destination that is driven by and evokes passion

Which of the following are social responsibility expectations that go beyond a firm's product and service quality?

accurate financial and accounting reporting environmental sustainability fair labor standards

Business-level strategy is concerned with how companies ______.

achieve and sustain a competitive advantage compete and outperform rivals

Managers execute or implement their decisions as ______ in the third step of the strategic management process.

actions

The third step of the strategic management process is the ______ step.

actions

Managers must determine how to create a(n) ______ advantage in the marketplace to be successful over the long-term.

competitive

A firm's vision, mission, and strategic objectives are used to develop specific goals, which form the basis for its ______.

competitive advantage

In terms of analyzing the external environment of the firm, the industry environment consists of ______ and other organizations that may threaten the company's success.

competitors

Which is the best example of digital transformation?

creating an online venue for virtual conferences

The second step in the strategic management process is ______.

decisions

Which elements of a business must be involved in the creation of an ethical organization?

design of the organization direction of the organization commitment of the organization

In strategic management, effectiveness can best be described as ______.

doing the right thing

Efficiency, in terms of strategic management, can best be described as ______.

doing things right

Managers must consider their company's ______ and ______ operations during the decisions step of the strategic management process.

domestic; international

In strategy formulation, ______ activities are designed to create new value and is a major engine for economic growth.

entrepreneurial

The triple bottom line measures the performance of which of the following?

environmental social financial

The ______ view of leadership assumes that outside factors, over which the leader has limited influence, positively or negatively affect a firm's success.

external control

Managers are analyzing the firm's ______ when managers are studying its competitors.

external environment

The external control view of leadership emphasizes the role of which of the following types of factors in the success or failure of a firm? Multiple select question. new technologies the firm's leader governmental legislation economic downturns or upturns

new technologies governmental legislation economic downturns or upturns

Because strategic management is directed toward overall organizational goals and objectives, it has the perspective of _____ versus individual rationality.

organizational

Strategic management adheres to the perspective that what might be seemingly ideal for one functional area of an organization might not be in the best interest of the total organization. This perspective is known as ______.

organizational versus individual rationality

The essence of strategic management is the study of why some firms ______.

outperform others

Strategic management requires that ______.

people throughout the organization strive toward overall goals

Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments is called ______ strategy.

realized

Which of the following are stakeholder groups that managers should consider when making decisions?

stockholders the community board of directors

Which of the following are evaluated during the analysis process of strategic management? Multiple select question. strategic goals external environment internal environment leadership compensation

strategic goals external environment internal environment

The ______ process consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages.

strategic management

A firm's hierarchy of goals include its ______.

strategic objectives mission vision

Organizational goals and objectives should represent what is best for ______.

the entire organization

Which of the following must a firm's strategy be consistent with?

the firm's organizational structure the firm's design

Which of the following is an example of a firm's intellectual asset?

the knowledge worker

In order for strategic objectives to be meaningful they need to be ______.

timely specific measurable

Which of the following are needed in order for entrepreneurial initiatives to be successful?

viable opportunities effective strategies

During the analysis step of the strategic management process, managers are concerned with the company's ______.

vision, mission, and strategic objectives

Corporate-level strategy focuses on ______.

what business(es) should the company compete in

The ______ view of stakeholder management views the management process as groups competing for the organization's resources.

zero sum