Strategic Management Chapter 2

Which of the following types of questions does scenario planning ask? Multiple choice question. "So what?" "What if?" "And when?" "Why me?"

"What if?"

Studies show that CEOs spend the majority of their time ______. Multiple choice question. emailing colleagues making phone calls working alone meeting people face-to-face

meeting people face to face

Top-down strategy is derived from ______. Multiple choice question. military strategy scenario planning representational political systems planned emergence strategy

military strategy

A (fill out one word only) outlines what an organization does, while a vision outlines what the organization wants to do.

mission

A ______ vision statement defines a business by describing the goods or services it produces or offers. Multiple choice question. product-oriented business-oriented customer-oriented marketing-oriented

product-oriented

What type of vision statement focuses on the good or service provided? Multiple choice question. manufacturing-oriented customer-oriented sales-oriented product-oriented

product-oriented

An intended strategy is the outcome of a plan that has which of the following characteristics? Multiple select question. rational structured top-down improvised

rational structured top-down

Which term refers to strategic initiatives that lower-level employees undertake of their own volition, typically in response to unanticipated events? Multiple choice question. black swan events planned emergence autonomous actions realized strategy

autonomous actions

All of the following are sources of strategic initiatives except ______. Multiple choice question. serendipity the resource allocation process autonomous actions consumer demand

consumer demand

A(n) ______ is a statement of principles to guide an organization as it works to achieve its vision and fulfill its mission. Multiple choice question. strategic commitment core values statement business strategy upper echelons theory

core values statement

In the strategy process, questions concerning WHERE to compete, such as the industry or market, is referred to as ______ strategy. Multiple choice question. functional corporate business implementation

corporate

A company with a ______ vision statement tends to be more flexible and more likely to succeed. Multiple choice question. customer-oriented product-oriented marketing-oriented resources-oriented

customer-oriented

What method for improving strategic decision making involves having a separate team or individual carefully analyze and critique the underlying assumptions and potential downsides of a proposed course of action? Multiple choice question. escalating commitment devil's advocacy reason by analogy groupthink

devil's advocacy

Serena is the CEO of an online retailer. She and her immediate staff have decided to implement a company-wide marketing strategy to improve online sales in Central and South America. What type of strategic approach is Serena engaging in? Multiple choice question. top-down strategic planning bottom-up strategic planning scenario planning strategy as planned emergence

top-down strategic planning

A ______ vision statement defines a company by describing its interest in developing solutions to consumer problems. Multiple choice question. marketing-oriented customer-oriented product-oriented business-oriented

customer-oritented

If parts of a firm's intended strategy fall by the wayside, it is referred to as Multiple choice question. emergent strategy. autonomous action. unrealized strategy. realized strategy.

unrealized strategy.

In crafting a strategic management plan, leaders must first determine the company's long-term objective. This means leaders must first define the organization's ______. Multiple choice question. values mission vision products

vision

Which of the following terms best describes an organization's primary objective and what it ultimately wants to accomplish? Multiple choice question. inspiration vision values mission

vision

Strategy formulation concerns the choice of strategy in terms of ______ to compete. Multiple choice question. when and where where and how why or why not why and where

where and how

Which of the following are addressed during corporate strategy formulation? Multiple select question. which market to compete in how to implement business strategy which industry to compete in which geographic location to compete in

which market to compete in which industry to compete in which geographic location to compete in

Place in order from first to last the steps in the devil's advocacy decision framework.

1. Team 1 formulates a course of action 2. Team 2 questions the assumptions of and critiques the proposed course of action 3. Team 1 revises the proposed course of action based on the input from team 2 4. Team 2 questions the assumptions of and critiques the revised course of action, and team 1 makes additional revisions. 5. Team 1 and Team 2 agree upon a course of action

What does the Frappuccino story illustrate about the strategic management process? Multiple choice question. Emergent strategies are a waste of time. Emergent strategies can be very successful. Individual managers tend to have customer-oriented visions while all CEOs tend to have product-oriented ones. Bottom-up strategies are more effective than top-down ones.

Emergent strategies can be very successful.

According to Daniel Kahneman and Amos Tversky, System 1 is analytical, logical, and deliberate. True false question. True False

False

True or false: Emergent strategy is planned. True false question. True False

False

What should a successful vision do for an organization? (Check all that apply.) Multiple select question. It should ensure that employees understand their job duties. It should make employees feel that their work is important. It should describe the products and services it plans to provide. It should inspire employees.

It should make employees feel that their work is important. It should inspire employees.

Which of the following statements is correct? Multiple choice question. Strategic initiatives can be the result of top-down planning or a bottom-up process. Strategic initiatives are always the result of top-down planning. Strategic initiatives are always the result of a bottom-up process. Strategic initiatives generally lead to financial success.

Strategic initiatives can be the result of top-down planning or a bottom-up process.

Both strategy formulation and strategy implementation are aspects of ______. Multiple choice question. the Level-5 Pyramid the strategy process vision the upper-echelons theory

The strategy process

In the strategic management process, which basic principle must be defined first? Multiple choice question. vision strategy values mission

Vision

Which of the following are questions that managers are likely to ask when beginning the strategic management process? (Check all that apply.) Multiple select question. What are our values? What do we ultimately hope to achieve? How can we achieve our goals? Is our vision product- or customer-oriented?

What are our values? What do we ultimately hope to achieve? How can we achieve our goals?

The story concerning the discovery of Starbucks' Frappuccino is an example of a(n) ______ strategy, or an unplanned strategic initiative that originated at the bottom and moved to the top. Multiple choice question. intended accidental emergent top-down

emergent

A core values statement provides information to employees regarding the company's ______. Multiple choice question. strategic planning vision and mission ethics and morals marketing strategy

ethics and morals

Strategy ______ concerns the organization, coordination, and integration of how work gets done. Multiple choice question. formulation analysis organization implementation

implementation

A(n) __________ strategy is the outcome of a rational and structured, top-down strategic plan. Multiple choice question. serendipitous intended realized emergent

intended

Research about how CEOs spend their days suggests that CEOs spend most of their time ______. Multiple choice question. brainstorming new ideas interacting with others monitoring the quality of the company's goods and services performing research

interacting with others

After creating a vision as part of the strategic management process, a firm must next establish a(n) ______. Multiple choice question. mission IPO value-driven product list leadership team

mission

An organization's ______ is what an organization actually does, including the products and services it plans to provide and the markets in which it will compete. Multiple choice question. commitment intent mission vision

mission

The executives of a computer software company developed an intended strategy to make the company more competitive. The company's ultimate ______ strategy contained elements not only of the intended strategy but also unplanned elements from a(n) ______ strategy. Multiple choice question. emergent; intended emergent, realized intended; realized realized; emergent

realized; emergent

planning is a strategy-planning activity in which top management envisions various what-if scenarios to anticipate plausible futures in order to derive strategic responses.

scenario

A(n) ______ is any activity a firm pursues to explore and develop new products and processes, new markets, or new ventures. Multiple choice question. mission statement competitive advantage strategic initiative AFI framework vision statement

strategic initiative

What are autonomous actions? Multiple choice question. strategic initiatives that lower-level employees undertake of their own volition, often in response to unanticipated events unexpected and unlikely occurrences that have a significant impact on society activities a firm pursues to explore and develop new products and processes, new markets, or new ventures random events, pleasant surprises, and accidental occurrences that can have a major impact on an organization's strategic initiatives

strategic initiatives that lower-level employees undertake of their own volition, often in response to unanticipated events

What is System 1 of the brain according to Daniel Kahneman and Amos Tverksy? Multiple choice question. the brain's sleeping mode the brain's logical and analytical mode the brain's default mode the brain's biased mode

the brain's default mode

Strategy Implementation primarily involves which of the following? Multiple choice question. the choice of strategy in terms of where and how to compete the power and influence to direct activities of others making productive contributions through motivation and talent the organization, coordination, and integration of how work gets done

the organization, coordination, and integration of how work gets done