Question 1

The hierarchy of organizational goals follows which of the following orders (from least specific to most specific) ?

Accepted Answer

A)   Vision statements, strategic objectives, and mission statements.
B)   Mission statements, strategic objectives, and vision statements.
C)   Vision statements, mission statements, and strategic objectives.
D)   Mission statements, vision statements, and strategic objectives.E) A) and B)
F) A) and C)

Question 2

Which of the following SMART criteria is satisfied when an objective contains indicators that explicitly measure progress toward fulfilling the objective?

Accepted Answer

A)   Specific
B)   Measurable
C)   Appropriate
D)   RealisticE) A) and B)
F) A) and C)

Question 3

Organizational goals and objectives should be vague to provide flexibility within a specific strategy.

Accepted Answer

A) True 
 B)False

Question 4

Outline the three ongoing processes in the strategic management process.

Accepted Answer

The three ongoing processes in the strat...

Question 5

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.E) A) and C)
F) C) and D)

Question 6

Peter Senge referred to the need to incorporate both short-term and long-term perspectives into strategic management as:

Accepted Answer

A)   Creative destruction
B)   Creative tension
C)   Sustainable advantage
D)   Competitive advantageE) A) and B)
F) A) and C)

Question 7

Globalization is impacting most firms today. Discuss what "globalization" means and how and why it impacts today's firms.

Accepted Answer

Globalization involves the movement of g...

Question 8

When a vision fails because managers are searching for that one elusive solution that will solve their firm's problem this is referred to which of the following failures?

Accepted Answer

A)   Not the Holy Grail
B)   Irrelevance
C)   The Walk Does Not Match the Talk
D)   Tunnel VisionE) B) and C)
F) A) and D)

Question 9

Who are the three critical types of leaders identified by Peter Senge?

Accepted Answer

1. Local line leaders, who have signific...

Question 10

Shared value creation focuses on:

Accepted Answer

A)   reciprocal relationships in the distribution channel
B)   reconciling profits with economic externalities
C)   identifying and expanding the connections between societal and economic progress.
D)   assimilating interests of multiple stakeholders.E) B) and C)
F) All of the above

Question 11

It is important for organizations to primarily focus on financial objectives and be less concerned about other objectives and goals.

Accepted Answer

A) True 
 B)False

Question 12

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.E) All of the above
F) A) and D)

Question 13

According to Henry Mintzberg, the realized strategies of a firm:

Accepted Answer

A)   are a combination of deliberate and emergent strategies.
B)   are a combination of deliberate and differentiation strategies.
C)   must be based on a company's strategic plan.
D)   must be kept confidential for competitive reasons.E) None of the above
F) B) and C)

Question 14

According to Mintzberg, decisions deriving from analysis constitute:

Accepted Answer

A)   the deliberate strategy of the firm
B)   the unrealized strategy of the firm
C)   the realized strategy of the firm
D)   the intended strategy of the firmE) B) and D)
F) A) and C)

Question 15

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.E) A) and D)
F) All of the above

Question 16

The four key attributes of strategic management include all of the following, except

Accepted Answer

A)   Strategic management should include multiple stakeholder interests in decision making.
B)   Strategic management should incorporate both short-term and long-term perspectives.
C)   Strategic management should recognize the trade-off between effectiveness and efficiency.
D)   Strategic management should emphasize the attainment of short-term objectives.E) All of the above
F) B) and C)

Question 17

Social responsibility for Suncor Energy of Calgary means accountability to customers but NOT to employees.

Accepted Answer

A) True 
 B)False

Question 18

Firms must be concerned with many types of capital. In the broader sense, these could include:

Accepted Answer

A)   employee goals.
B)   organizational vision.
C)   mission statements.
D)   ecological, material, and social.E) A) and B)
F) B) and C)

Question 19

Vision statements are used to create a better understanding of the organization's overall purpose and direction. Vision statements

Accepted Answer

A)   are very specific.
B)   provide specific objectives.
C)   set organizational structure.
D)   evoke powerful and compelling mental images.E) B) and C)
F) None of the above

Question 20

Provide an example that illustrates how shared value is about expanding the total pool of economic and social value.

Accepted Answer

A good example of this difference can be...

Exam 1: Strategic Management: Creating Competitive Advantages: an Overview

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

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Vision statements are used to create a better understanding of the organization's overall purpose and direction. Vision statements

Correct AnswerverifiedShow Answer

According to Henry Mintzberg, the realized strategies of a firm:

Correct AnswerverifiedShow Answer

Firms must be concerned with many types of capital. In the broader sense, these could include:

Correct AnswerverifiedShow Answer

Organizational goals and objectives should be vague to provide flexibility within a specific strategy.

Correct AnswerverifiedShow Answer

Globalization is impacting most firms today. Discuss what "globalization" means and how and why it impacts today's firms.

Correct AnswerverifiedGlobalization involves the movement of g...View AnswerShow Answer

Which of the following SMART criteria is satisfied when an objective contains indicators that explicitly measure progress toward fulfilling the objective?

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It is important for organizations to primarily focus on financial objectives and be less concerned about other objectives and goals.

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Outline the three ongoing processes in the strategic management process.

Correct AnswerAnswered by ExamLex AIThe three ongoing processes in the strat...View AnswerShow Answer

According to Mintzberg, decisions deriving from analysis constitute:

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To increase their competitiveness, organizations must continually analyze their strategy and their competitive environments. Strategy analysis includes:

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Shared value creation focuses on:

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Peter Senge referred to the need to incorporate both short-term and long-term perspectives into strategic management as:

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Who are the three critical types of leaders identified by Peter Senge?

Correct Answerverified1. Local line leaders, who have signific...View AnswerShow Answer

Provide an example that illustrates how shared value is about expanding the total pool of economic and social value.

Correct AnswerverifiedA good example of this difference can be...View AnswerShow Answer

The four key attributes of strategic management include all of the following, except

Correct AnswerverifiedShow Answer

Social responsibility for Suncor Energy of Calgary means accountability to customers but NOT to employees.

Correct AnswerverifiedShow Answer

Fortune Brands states they will "cut corporate costs by $30 million a year." This is an example of a

Correct AnswerverifiedShow Answer

When a vision fails because managers are searching for that one elusive solution that will solve their firm's problem this is referred to which of the following failures?

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The hierarchy of organizational goals follows which of the following orders (from least specific to most specific) ?

Correct AnswerverifiedShow Answer

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Globalization involves the movement of g...
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The three ongoing processes in the strat...
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1. Local line leaders, who have signific...
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A good example of this difference can be...
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