Chap 1

The main reason for the transition from corporate planning to strategic management during the latter half of the 1970s was:

A more turbulent business environment that became increasingly difficult to predict

The relationship between design and emergence in strategy making is best described as:

A process in which intended strategy is adapted as it is implemented

For both individuals and businesses, successful strategies are characterized by:

Clear goals, understanding their competitive environment, awareness of internal strengths and weaknesses, and effective implementation

A conceptualization the firm as an "activity system" is a means of depicting:

Consistency among a firm's activities

The division of responsibility between corporate and business strategy is consistent with the following principle:

Corporate level strategy is the domain of headquarters executives; divisional managers are responsible for business strategies

The main difference between corporate level strategy and business level strategy is:

Corporate strategy defines a firm's overall structure, while business strategy describes its actions?

The primary distinction between corporate strategy and business strategy is:

Corporate strategy is concerned with where the firm competes; business strategy with how it competes

The main problem of SWOT as a framework for strategy analysis is that:

Distinguishing opportunities from threats and strengths from weaknesses is often difficult

Strategy improves decision-making by:

Facilitating the use of analytic tools; Integrating and pooling the knowledge of different members of the organization; Reducing the number of choices being considered

The successful careers of both Queen Elizabeth II and Lady Gaga may be attributed to the fact that both:

Have a consistency of direction based on clear goals

The extent to which an organization's strategy is determined by decentralized emergence rather than by centralized design depends mainly upon:

How turbulent and unpredictable is the external environment of the organization

When the environment becomes more turbulent and unpredictable:

Strategy becomes an increasingly important as a source of direction

In the military field, we generally make the following distinction between strategy and tactics:

Tactics relate to specific actions whereas strategy relates to the overall plan

Strategic fit refers to:

The consistency of a firm's strategy with its external and internal environments

Military strategy and business strategy differ in that:

The objective of military strategy is to defeat the enemy; business strategy seeks coexistence rather than annihilation

In strategic management, the expression "blue oceans" refers to:

The potential offered by uncontested market space

The principal similarity between business and military strategy is that:

They share common concepts and principles

The two questions of "where" and "how" to compete define:

a firm's corporate and business strategies

Strategic goals should be:

simple, consistent, long term (all of the above)

The primary purpose of strategy is:

to achieve success