Question 1

The three participants in corporate governance are the shareholders,

Accepted Answer

A)   board of directors, and employees.
B)   labor unions, and employees.
C)   board of directors, and management.
D)   banks and lending institutions, and management.E) None of the above
F) A) and B)

Question 2

All successful firms compete and outperform their rivals by developing bases for competitive advantage, which can be achieved only through cost leadership.

Accepted Answer

A) True 
 B)False

Question 3

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 4

WellPoint Health Network states: WellPoint will redefine our industry through a new generation of consumer-friendly products that put individuals back in control of their future. Thisis an example of a

Accepted Answer

A)   strategic objective.
B)   vision statement.
C)   vague statement of direction.
D)   line manager's individual goal.E) All of the above
F) A) and D)

Question 5

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) A) and B)
F) B) and D)

Question 6

Employee stakeholders are concerned with

Accepted Answer

A)   taxes, warranties, and regulations.
B)   wages, benefits, and job security.
C)   good citizenship behavior.
D)   dividends.E) None of the above
F) A) and B) B

Question 7

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 D)
F) B) and C)

Question 8

Wall Street executives have received excessive bonus pay in the past. This concerns which of the following stakeholder groups most directly?

Accepted Answer

A)   government
B)   suppliers
C)   creditors
D)   stockholdersE) All of the above
F) A) and C)

Question 9

Richard Branson, founder of the Virgin Group, empowers his companies through a(n)  ________ structure in which anyone can bring forth new ideas.

Accepted Answer

A)   formal
B)   hierarchal
C)   multi-level
D)   informalE) All of the above
F) C) and D)

Question 10

Strategy implementation can be the most difficult part of the strategic management process. Which of the following is not likely to be a cause of implementation failure?

Accepted Answer

A)   leadership
B)   competition
C)   coordination and integration of activities within and outside of the firm
D)   organizational commitment to excellenceE) All of the above
F) B) and C)

Question 11

The vision of an organization is at the top level of its hierarchy of organizational goals. The vision statement should be massively inspiring, overarching, and long term.

Accepted Answer

A) True 
 B)False

Question 12

Sustainability is being increasingly recognized as a source of cost efficiencies and revenue growth.

Accepted Answer

A) True 
 B)False  True

Question 13

To inculcate a strategic management perspective, managers must create management ________ to foster change.

Accepted Answer

A)   processes
B)   buy-back
C)   structures
D)   edictsE) A) and B)
F) All of the above

Question 14

An organization is responsible to many different entities. In order to meet the demands of these groups, organizations must participate in stakeholder management. Stakeholder management means that

Accepted Answer

A)   interests of the stockholders are not the only interests that matter.
B)   stakeholders are second in importance to the stockholders.
C)   stakeholders and managers inevitably work at cross-purposes.
D)   all stakeholders receive financial rewards.E) None of the above
F) All of the above

Question 15

An idealistic vision can arouse employee enthusiasm and therefore is a good vision.

Accepted Answer

A) True 
 B)False

Question 16

Social responsibility is the idea that organizations are only accountable to stockholders.

Accepted Answer

A) True 
 B)False

Question 17

The case for sustainability projects needs to be made on the basis of a more holistic and comprehensive understanding of all the ________ benefits.

Accepted Answer

A)   measurable and unmeasurable
B)   financial and physical
C)   tangible and intangible
D)   measurable and physicalE) All of the above
F) A) and B)

Question 18

Entering foreign markets requires firms to ascertain foremost how they will attain

Accepted Answer

A)   market share.
B)   low costs.
C)   competitive advantage.
D)   low returns on investment.E) A) and D)
F) All of the above

Question 19

All the following are ambidextrous behaviors except

Accepted Answer

A)   taking initiative and being alert to opportunities beyond the job description.
B)   being cooperative and seeking opportunities to combine personal efforts with that of others.
C)   intensely focusing on the responsibilities of one individual and maximizing the output of the department in the organization in which that individual works.
D)   being brokers, always looking to build internal linkages.E) None of the above
F) B) and D)

Question 20

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) B) and D)
F) All of the above B

Exam 1: Strategic Management Creating Competitive Advantages

The three participants in corporate governance are the shareholders,

Correct AnswerverifiedShow Answer

All successful firms compete and outperform their rivals by developing bases for competitive advantage, which can be achieved only through cost leadership.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

WellPoint Health Network states: WellPoint will redefine our industry through a new generation of consumer-friendly products that put individuals back in control of their future. Thisis an example of a

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Employee stakeholders are concerned with

Correct AnswerverifiedB

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

Correct AnswerverifiedShow Answer

Wall Street executives have received excessive bonus pay in the past. This concerns which of the following stakeholder groups most directly?

Correct AnswerverifiedShow Answer

Richard Branson, founder of the Virgin Group, empowers his companies through a(n) ________ structure in which anyone can bring forth new ideas.

Correct AnswerverifiedShow Answer

Strategy implementation can be the most difficult part of the strategic management process. Which of the following is not likely to be a cause of implementation failure?

Correct AnswerverifiedShow Answer

The vision of an organization is at the top level of its hierarchy of organizational goals. The vision statement should be massively inspiring, overarching, and long term.

Correct AnswerverifiedShow Answer

Sustainability is being increasingly recognized as a source of cost efficiencies and revenue growth.

Correct AnswerverifiedTrue

To inculcate a strategic management perspective, managers must create management ________ to foster change.

Correct AnswerverifiedShow Answer

An organization is responsible to many different entities. In order to meet the demands of these groups, organizations must participate in stakeholder management. Stakeholder management means that

Correct AnswerverifiedShow Answer

An idealistic vision can arouse employee enthusiasm and therefore is a good vision.

Correct AnswerverifiedShow Answer

Social responsibility is the idea that organizations are only accountable to stockholders.

Correct AnswerverifiedShow Answer

The case for sustainability projects needs to be made on the basis of a more holistic and comprehensive understanding of all the ________ benefits.

Correct AnswerverifiedShow Answer

Entering foreign markets requires firms to ascertain foremost how they will attain

Correct AnswerverifiedShow Answer

All the following are ambidextrous behaviors except

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedB

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B

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True

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

Correct Answer
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B