Question 1

Leadership is a necessary (but not sufficient)  condition for organizational success. Leaders should emerge at which level(s)  of an organization?

Accepted Answer

A)   Only at the top
B)   In the middle
C)   Throughout the organization
D)   Only during times of changeE) None of the above
F) A) and B)

Question 2

According to the text, formulating strategy includes taking into consideration strategy at the business, international, digital, and corporate levels.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

Wellpoint Health Networks states: "Wellpoint will redefine our industry: through a new generation of consumer-friendly products that put individuals back in control of their future." This is an example of a

Accepted Answer

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

Question 5

As our world increases in complexity, the global environment is increasingly competitive and challenging. The key to effective globalization is

Accepted Answer

A)   managing the flow of goods.
B)   more people speaking more languages.
C)   managing the flow of capital, people, and information.
D)   governmental regulations.E) B) and D)
F) B) and C)

Question 6

According to the text, a mission statement is an overarching statement that is massively inspiring, long-term, and only discusses the purpose of the company.

Accepted Answer

A) True 
 B)False

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

Social responsibility is the idea that organizations are not only accountable to shareholders but also to the community at large.

Accepted Answer

A) True 
 B)False

Question 9

Although vision statements vary from organization to organization, vision statements are intended to motivate and inspire employees to work toward a general goal.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

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

Question 11

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) A) and C)
F) All of the above

Question 12

The strategic management process should be addressed only by top-level executives. Mid-level and low-level employees are best equipped to implement the organization's strategies.

Accepted Answer

A) True 
 B)False

Question 13

As firms work to become more efficient and effective in the global business environment, they are forced to continually innovate. Innovation in an organization

Accepted Answer

A)   will always increase a firm's performance.
B)   may enhance or destroy a firm's capabilities.
C)   should not be pursued by industry leaders.
D)   happens only incrementally.E) A) and B)
F) A) and C)

Question 14

Which "organizational vision" did the text credit belonging to BCE Bell Canada Enterprises?

Accepted Answer

A)   "Restoring patients to full life."
B)   "Providing Canadians with a one-stop destination in meeting their needs."
C)   "Clear, Simple, First, True, Profitable, Proud."
D)   "The world's best quick service restaurant."E) All of the above
F) A) and B)

Question 15

In order 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) C) and D)
F) All of the above

Question 16

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 17

Shareholders, employees, and the community at large are among a firm's stakeholders.

Accepted Answer

A) True 
 B)False

Question 18

Strategic management includes strategy analysis, strategy formulation, and strategy implementation.

Accepted Answer

A) True 
 B)False

Question 19

The text discusses several characteristics of effective strategic objectives. List several of these and discuss why a firm's strategic objectives should meet these criteria.

Accepted Answer

To be effective, strategic objectives mu...

Question 20

Sears has developed a sophisticated quantitative model that can predict the relationship between employee satisfaction, customer satisfaction, and financial results. This is an example of a symbiotic approach to strategic management.

Accepted Answer

A) True 
 B)False

Exam 1: Strategic Management: Creating Competitive Advantages

Sears has developed a sophisticated quantitative model that can predict the relationship between employee satisfaction, customer satisfaction, and financial results. This is an example of a symbiotic approach to strategic management.

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

Although vision statements vary from organization to organization, vision statements are intended to motivate and inspire employees to work toward a general goal.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

As our world increases in complexity, the global environment is increasingly competitive and challenging. The key to effective globalization is

Correct AnswerverifiedShow Answer

In order to increase their competitiveness, organizations must continually analyze their strategy and their competitive environments. Strategy analysis includes

Correct AnswerverifiedShow Answer

Strategic management includes strategy analysis, strategy formulation, and strategy implementation.

Correct AnswerverifiedShow Answer

According to the text, formulating strategy includes taking into consideration strategy at the business, international, digital, and corporate levels.

Correct AnswerverifiedShow Answer

The strategic management process should be addressed only by top-level executives. Mid-level and low-level employees are best equipped to implement the organization's strategies.

Correct AnswerverifiedShow Answer

Leadership is a necessary (but not sufficient) condition for organizational success. Leaders should emerge at which level(s) of an organization?

Correct AnswerverifiedShow Answer

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

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

Correct AnswerverifiedShow Answer

Social responsibility is the idea that organizations are not only accountable to shareholders but also to the community at large.

Correct AnswerverifiedShow Answer

The text discusses several characteristics of effective strategic objectives. List several of these and discuss why a firm's strategic objectives should meet these criteria.

Correct AnswerverifiedTo be effective, strategic objectives mu...View AnswerShow Answer

According to Henry Mintzberg, the realized strategies of a firm

Correct AnswerverifiedShow Answer

Which "organizational vision" did the text credit belonging to BCE Bell Canada Enterprises?

Correct AnswerverifiedShow Answer

As firms work to become more efficient and effective in the global business environment, they are forced to continually innovate. Innovation in an organization

Correct AnswerverifiedShow Answer

Wellpoint Health Networks states: "Wellpoint will redefine our industry: through a new generation of consumer-friendly products that put individuals back in control of their future." This is an example of a

Correct AnswerverifiedShow Answer

According to the text, a mission statement is an overarching statement that is massively inspiring, long-term, and only discusses the purpose of the company.

Correct AnswerverifiedShow Answer

Shareholders, employees, and the community at large are among a firm's stakeholders.

Correct AnswerverifiedShow Answer

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Globalization involves the movement of g...
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To be effective, strategic objectives mu...
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