Strategic management Essay Example for Free

Strategic management Essay 1. Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. TRUE Dess Chapter 01 #1 Learning Objective: 1 (p. 5) 2. Strategic management includes strategy analysis, strategy formulation, and strategy implementation. TRUE (p. 9-13) 3. According to the text, formulating strategy includes taking into consideration strategy at the business, international, digital, and corporate levels. TRUE Dess Chapter 01 (p. 11) 4. (p. 14) Symbiosis is the ability to recognize interdependencies among the interests of multiple stakeholders within and outside an organization. TRUE Dess Chapter 01 #6 Learning Objective: 3 5. (p. 15) Social responsibility is the idea that organizations are not only accountable to shareholders but also to the community-at-large. TRUE Dess Chapter 01 #7 Learning Objective: 3 6. (p. 14) 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. TRUE 7. (p. 14) Social responsibility for Suncor Energy of Calgary means accountability to customers but NOT to employees. FALSE Dess Chapter 01 #10 Learning Objective: 3 8. (p. 17) The strategic management process should be addressed only by top-level executives. Mid-level and low-level employees are best equipped to implement the organizations strategies. FALSE Dess Chapter 01 #11 Learning Objective: 4 9. (p. 17) Intellectual capital is becoming increasingly important in todays economy. It is a concern of managers throughout organizations. TRUE Dess Chapter 01 #13 Learning Objective: 4 10. (p. 20) Objectives in organizations should be clear, stated, and known by employees throughout the organization. TRUE Dess Chapter 01 #14 Learning Objective: 5 11. (p. 20) Strategic management should only include short-term objectives. Long-term objectives are covered in the organizations vision statement. FALSE Dess Chapter 01 #15 Learning Objectives: 5 12. (p. 20) Organizational goals and objectives should be vague in order to allow for changes in strategy. FALSE Dess Chapter 01 #16 Learning Objectives: 5 13. (p. 20) Organizational vision statements are the beginning point for the hierarchy of goals throughout the organization. An organizations vision statement should be massively inspiring, overarching, and long-term. TRUE 14. Dess Chapter 01 #18 Learning Objective:5 (p. 21) 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. FALSE 15. Dess Chapter 01 #19 Learning Objective: 5 (p. 21) A mission statement encompasses both the purpose of the company as well as the basis of competition and competitive advantage. TRUE 16. Dess Chapter 01 #20 Learning Objective: 5(p. 24) Strategic objectives should be measurable, specific, appropriate, and realistic, but not constrained by time deadlines. FALSE 17. (p. 23) It is important for organizations to focus primarily on financial objectives and be less concerned about other objectives and goals. FALSE 18. The four key attributes of strategic management include the idea that A. strategy must be directed toward overall organizational goals and objectives. B. strategy must be focused on long-term objectives. C. strategy must be focused on one specific area of an organization. D. strategy must focus on competitor strengths. 19. The four key attributes of strategic management include all of the following except A. including multiple stakeholder interests in decision-making. B. incorporating both short-term and long-term perspectives. C. recognizing the trade-offs between effectiveness and efficiency. D. emphasis on the attainment of short-term objectives. 20. According to Henry Mintzberg, the realized strategies of a firm A. are a combination of deliberate and emergent strategies. B. are a combination of deliberate and differentiation strategies. C. must be based on a companys strategic plan. D. must be kept confidential for competitive reasons. 21. In order to increase their competitiveness, organizations must continually analyze their strategy and their competitive environments. According to the text, strategy analysis includes 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. 22. In terms of strategy analysis, the textbook describes Roth, CEO of Nortel, as having 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 the answers are correct 23. Sears has developed a sophisticated quantitative model and found that there were positive relationships between employee satisfaction, customer satisfaction, and financial results. According to the text, this is an example of ________________. A. zero-sum relationship among stakeholders B. stakeholder symbiosis C. rewarding stakeholders D. emphasizing financial returns 24. 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 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.