Question 1

The text argues that a strategic perspective in an organization should be emphasized

Accepted Answer

A)   at the top of the organization.
B)   at the middle of the organization.
C)   throughout the organization.
D)   from the bottom up.E) A) and D)
F) A) and C)

Question 2

Organizational vision statements are the beginning point for the hierarchy of goals throughout the organization. An organization's vision statement should be massively inspiring, overarching, and long-term.

Accepted Answer

A) True 
 B)False

Question 3

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

Question 4

Operational effectiveness includes all except

Accepted Answer

A)   benchmarking.
B)   performing different activities than rivals.
C)   business process re-engineering.
D)   just-in-time.E) All of the above
F) B) and C)

Question 5

A mission statement encompasses both the purpose of the company as well as the basis of competition and competitive advantage.

Accepted Answer

A) True 
 B)False

Question 6

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 shareholders are not the only interests that matter.
B)   stakeholders are second in importance to the shareholders.
C)   stakeholders and managers inevitably work at cross-purposes.
D)   all stakeholders receive financial rewards.E) A) and B)
F) All of the above

Question 7

According to the text, the "triple bottom line" approach to corporate accounting includes which three components

Accepted Answer

A)   financial, environmental, and customer.
B)   financial, organizational, and customer.
C)   financial, environmental, and social.
D)   financial, organizational, and psychological.E) A) and C)
F) B) and D)

Question 8

Members of boards of directors are

Accepted Answer

A)   appointed by the Securities and Exchange Commission.
B)   elected by the shareholders as their representatives.
C)   elected by the public.
D)   only allowed to serve one term of four years.E) C) and D)
F) A) and C)

Question 9

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)   functional areas work together to attain overall goals.
C)   goals are defined at the bottom and implemented at the top.
D)   management and employees have separate goals.E) B) and D)
F) A) and B)

Question 10

In terms of strategy analysis, the textbook describes Roth, CEO of Nortel, as having

Accepted Answer

A)   set low targets.
B)   ignored the experiences of competitors and set unrealistically high growth targets.
C)   focused on the economic landscape.
D)   all of these are correctE) None of the above
F) A) and C)

Question 11

The hierarchy of organizational goals is in this order (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) All of the above
F) A) and D)

Question 12

Stakeholders are

Accepted Answer

A)   a new way to describe shareholders.
B)   individuals, groups, and organizations who have a stake in the success of the organization.
C)   creditors who hold a lien on the assets of the organization.
D)   attorneys and their clients who sue the organization.E) B) and D)
F) B) and C)

Question 13

Intellectual capital is becoming increasingly important in today's economy. It is a concern of managers throughout organizations.

Accepted Answer

A) True 
 B)False

Question 14

The strategic management process includes strategy analysis, strategy formulation, and strategy implementation. Discuss each of these steps.

Accepted Answer

The strategic management process is a se...

Question 15

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

Question 16

Managers should do more than just focus on short-term financial performance. One concept that helps managers do this is stakeholder symbiosis. This means that

Accepted Answer

A)   stakeholders are dependent on each other for their success.
B)   stakeholders look out for their individual interests.
C)   one can only gain at the expense of someone else.
D)   all stakeholders want to maximize shareholder returns.E) B) and C)
F) C) and D)

Exam 1: Strategic Management: Creating Competitive Advantages

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

Correct Answer
verified

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

Correct Answer
verified

Intellectual capital is becoming increasingly important in today's economy. It is a concern of managers throughout organizations.

Correct Answer
verified

The text argues that a strategic perspective in an organization should be emphasized

Correct Answer
verified

Members of boards of directors are

Correct Answer
verified

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

Correct Answer
verified

In terms of strategy analysis, the textbook describes Roth, CEO of Nortel, as having

Correct Answer
verified

Stakeholders are

Correct Answer
verified

Operational effectiveness includes all except

Correct Answer
verified

A mission statement encompasses both the purpose of the company as well as the basis of competition and competitive advantage.

Correct Answer
verified

According to the text, the "triple bottom line" approach to corporate accounting includes which three components

Correct Answer
verified

Organizational vision statements are the beginning point for the hierarchy of goals throughout the organization. An organization's vision statement should be massively inspiring, overarching, and long-term.

Correct Answer
verified

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 Answer
verified

The strategic management process includes strategy analysis, strategy formulation, and strategy implementation. Discuss each of these steps.

Correct Answer
Answered by ExamLex AI
The strategic management process is a se...
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The hierarchy of organizational goals is in this order (least specific to most specific)

Correct Answer
verified

Managers should do more than just focus on short-term financial performance. One concept that helps managers do this is stakeholder symbiosis. This means that

Correct Answer
verified

Exam 1: Strategic Management: Creating Competitive Advantages

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Intellectual capital is becoming increasingly important in today's economy. It is a concern of managers throughout organizations.

Correct AnswerverifiedShow Answer

The text argues that a strategic perspective in an organization should be emphasized

Correct AnswerverifiedShow Answer

Members of boards of directors are

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

In terms of strategy analysis, the textbook describes Roth, CEO of Nortel, as having

Correct AnswerverifiedShow Answer

Stakeholders are

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Operational effectiveness includes all except

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A mission statement encompasses both the purpose of the company as well as the basis of competition and competitive advantage.

Correct AnswerverifiedShow Answer

According to the text, the "triple bottom line" approach to corporate accounting includes which three components

Correct AnswerverifiedShow Answer

Organizational vision statements are the beginning point for the hierarchy of goals throughout the organization. An organization's vision statement should be massively inspiring, overarching, and long-term.

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

The strategic management process includes strategy analysis, strategy formulation, and strategy implementation. Discuss each of these steps.

Correct AnswerAnswered by ExamLex AIThe strategic management process is a se...View AnswerShow Answer

The hierarchy of organizational goals is in this order (least specific to most specific)

Correct AnswerverifiedShow Answer

Managers should do more than just focus on short-term financial performance. One concept that helps managers do this is stakeholder symbiosis. This means that

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
Answered by ExamLex AI
The strategic management process is a se...
View Answer

Correct Answer
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Correct Answer
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