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Exam 1: Strategic Management: Creating Competitive Advantages

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Question 71

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Objectives in organizations should be clear, stated, and known by employees throughout the organization.

A) True
B) False

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Question 72

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Management innovations such as total quality, benchmarking, and business process reengineering cannot lead to sustainable competitive advantage because

A) companies that have implemented these techniques have lost money.
B) there is no proof that these techniques work.
C) they cost too much money and effort to implement.
D) every company is trying to implement them.

E) C) and D)
F) B) and C)

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Question 73

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Internal networks have great positional power and formal authority.

Leaders are responsible for creating a learning organization so that the entire organization can benefit only from the individual talents.

Strategy implementation involves actions that carry out the formulated strategy including proper strategic controls, organizational designs, and leadership.

The intangible benefits of sustainability projects, such as reducing risks, staying ahead of regulations, pleasing communities, and enhancing employee morale, are substantial even when they are difficult to quantify.

Effective mission statements incorporate the concept of stakeholder management, suggesting that organizations must respond to a single constituency.

There are few benefits to having broad investment throughout the organization in the strategic management process.

A CEO made a lot of mistakes in assessing the market and the competitive conditions and improperly redesigning the organization into numerous business units. Such errors led to significant performance declines. According to the text, this example illustrates the __________ perspective of leadership.

Melvin Alexander, executive director of Principled Solutions Enterprise, a management consulting firm specializing in health care, suggests that environmental changes oblige firms to make strategic changes in order to survive. Which of the following is one of the strategic changes he foresees will occur in the next three to five years?

Which of the following is not an example of a financial strategic objective?

Only shareholders in a publicly held company are stakeholders because they are the only group that has a stake in the success of the organization.

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

Making trade-off decisions between effectiveness and efficiency is central to the practice of strategic management.

Local line leaders have __________ responsibility.

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

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

Ambidexterity refers to a manager's challenge to align resources, without having to take advantage of existing product markets or to proactively explore new opportunities.

Both the internal and external environments of a firm must be analyzed as well as the goals of the firm before managers can formulate and implement appropriate strategies.

To effect transformational change in an organization, managers must communicate extensively and provide incentives, training, and development.