Question 1

The four key attributes of strategic management include the idea that strategy must

Accepted Answer

A)  be directed toward overall organizational goals and objectives.
B)  be focused only on long-term objectives.
C)  be focused on only one specific area of an organization.
D)  focus only on competitor strengths.E) A) and B)
F) A) and C)

Question 2

The three primary participants in corporate governance are: (1)the shareholders,(2)the management (led by the chief executive officer),and (3)the employees.

Accepted Answer

A) True 
 B)False

Question 3

Do corporate mission statements really matter? Justify your response with concrete industry examples.

Accepted Answer

Yes, corporate mission statements do mat...

Question 4

Firms must be aware of goals other than short-term profit maximization.One area of concern should be social responsibility,which is the

Accepted Answer

A)  expectation that business will strive to improve the overall welfare of society.
B)  idea that organizations are solely responsible to local citizens.
C)  fact that court costs could impact the financial bottom line.
D)  idea that businesses are responsible for maintaining a healthy social climate for their employees.E) B) and D)
F) B) and C)

Question 5

For strategic management to be effective in achieving organizational goals,

Accepted Answer

A)  people throughout the organization must work in isolation.
B)  top managers only take an integrative,strategic perspective.
C)  leaders alone are responsible for the organizational outcome.
D)  people throughout the organization must strive toward overall goals.E) A) and C)
F) All of the above

Question 6

The vision and mission statements of a company set the overall direction of the organization.Strategic objectives serve what role?

Accepted Answer

A)  operationalize the mission statement
B)  modify the mission statement
C)  are a shorter version of the mission statement
D)  are only clarified by the board of directorsE) A) and D)
F) C) and D)

Question 7

Management innovations such as total quality,just-in-time,benchmarking,business process reengineering,and outsourcing are important but not enough for building sustainable competitive advantage.

Accepted Answer

A) True 
 B)False

Question 8

Many organizations have a large number of functional areas with very diverse and sometimes competing interests.Such organizations will be most effective if

Accepted Answer

A)  each functional area focuses on achieving their own goals.
B)  goals are defined at the bottom and implemented at the top.
C)  functional areas work together to attain overall goals.
D)  management and employees have separate goals.E) C) and D)
F) All of the above

Question 9

Some benefits of sustainability projects include

Accepted Answer

A)  reducing risks.
B)  lagging behind regulations.
C)  displeasing communities.
D)  ignoring employee morale.E) B) and C)
F) A) and D)

Question 10

Corporate-level strategy looks at how to manage the ________ of its businesses to create synergies.

Accepted Answer

A)  portfolio
B)  stock prices
C)  competitors
D)  market pricingE) None of the above
F) All of the above

Question 11

Effective vision statements include

Accepted Answer

A)  all strategic directions of the organization.
B)  a brief statement of the company's direction.
C)  strategic posturing and future objectives.
D)  financial objectives and projected figures.E) B) and D)
F) A) and B)

Question 12

Traditional financial models are built around relatively easy-to-measure,monetized results;whereas,the benefits of sustainability projects involve

Accepted Answer

A)  clear tangibles.
B)  clear intangibles.
C)  fuzzy tangibles.
D)  fuzzy intangibles.E) A) and B)
F) All of the above

Question 13

Trade-off decisions between effectiveness and efficiency are important in the practice of strategic management.

Accepted Answer

A) True 
 B)False

Question 14

Fortune Brands states they will cut corporate overhead 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) None of the above
F) A) and B)

Question 15

Strategic management requires managers at all levels of the organization to take a segregated view of the organization.

Accepted Answer

A) True 
 B)False

Question 16

Two types of strategic control that firms must exercise for good strategy implementation are

Accepted Answer

A)  informational and confrontational.
B)  confrontational and behavioral.
C)  behavioral and financial.
D)  informational and behavioral.E) C) and D)
F) All of the above

Question 17

According to the text,the strategic management process entails three ongoing processes.They are

Accepted Answer

A)  analyses,actions,and synthesis.
B)  analyses,decisions,and actions.
C)  analyses,evaluation,and critique.
D)  analyses,synthesis,and decisions.E) A) and B)
F) A) and C)

Question 18

A key stakeholder group that is particularly susceptible to corporate social responsibility (CSR) initiatives is

Accepted Answer

A)  suppliers.
B)  rivals.
C)  government agencies.
D)  consumers.E) B) and C)
F) None of the above

Question 19

Sustainability programs often find their success beyond company boundaries,thus ________ systems and ________ metrics cannot capture all of the relevant numbers.

Accepted Answer

A)  external;bio
B)  internal;process
C)  external;external
D)  internal;internalE) A) and B)
F) C) and D)

Question 20

The ROI on sustainability efforts can be difficult to quantify because

Accepted Answer

A)  an excess of necessary data for accurate calculation is readily available.
B)  benefits from such projects are tangible.
C)  the payback period is on a different time frame.
D)  the payback period is on the same time frame.E) A) and D)
F) B) and D)

Exam 1: Strategic Management: Creating Competitive Advantages

According to the text,the strategic management process entails three ongoing processes.They are

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Many organizations have a large number of functional areas with very diverse and sometimes competing interests.Such organizations will be most effective if

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The ROI on sustainability efforts can be difficult to quantify because

Correct AnswerverifiedShow Answer

Corporate-level strategy looks at how to manage the ________ of its businesses to create synergies.

Correct AnswerverifiedShow Answer

The three primary participants in corporate governance are: (1)the shareholders,(2)the management (led by the chief executive officer),and (3)the employees.

Correct AnswerverifiedShow Answer

Traditional financial models are built around relatively easy-to-measure,monetized results;whereas,the benefits of sustainability projects involve

Correct AnswerverifiedShow Answer

For strategic management to be effective in achieving organizational goals,

Correct AnswerverifiedShow Answer

A key stakeholder group that is particularly susceptible to corporate social responsibility (CSR) initiatives is

Correct AnswerverifiedShow Answer

Some benefits of sustainability projects include

Correct AnswerverifiedShow Answer

Firms must be aware of goals other than short-term profit maximization.One area of concern should be social responsibility,which is the

Correct AnswerverifiedShow Answer

Do corporate mission statements really matter? Justify your response with concrete industry examples.

Correct AnswerAnswered by ExamLex AIYes, corporate mission statements do mat...View AnswerShow Answer

Two types of strategic control that firms must exercise for good strategy implementation are

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The vision and mission statements of a company set the overall direction of the organization.Strategic objectives serve what role?

Correct AnswerverifiedShow Answer

Trade-off decisions between effectiveness and efficiency are important in the practice of strategic management.

Correct AnswerverifiedShow Answer

The four key attributes of strategic management include the idea that strategy must

Correct AnswerverifiedShow Answer

Strategic management requires managers at all levels of the organization to take a segregated view of the organization.

Correct AnswerverifiedShow Answer

Sustainability programs often find their success beyond company boundaries,thus ________ systems and ________ metrics cannot capture all of the relevant numbers.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Management innovations such as total quality,just-in-time,benchmarking,business process reengineering,and outsourcing are important but not enough for building sustainable competitive advantage.

Correct AnswerverifiedShow Answer

Effective vision statements include

Correct AnswerverifiedShow Answer

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Answered by ExamLex AI
Yes, corporate mission statements do mat...
View Answer

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Sustainability programs often find their success beyond company boundaries,thus systems and metrics cannot capture all of the relevant numbers.

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