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