Question 1

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

Question 2

A firm has a variety of different stakeholders. Identify several possible stakeholders a firm may have and discuss how the firm may achieve stakeholder symbiosis.

Accepted Answer

Stakeholders include suppliers...

Question 3

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) All of the above
F) None of the above

Question 4

"To be the happiest place on earth" (Disney)  exemplifies which of the following?

Accepted Answer

A)   vision statements
B)   mission statements
C)   strategic objectives
D)   operational objectivesE) B) and D)
F) C) and D)

Question 5

Strategic management should only include short-term objectives. Long-term objectives are covered in the organization's vision statement.

Accepted Answer

A) True 
 B)False

Question 6

Effective vision statements include:

Accepted Answer

A)   all strategic directions of the organization.
B)   a brief statement of the company's direction.
C)   strategic posturing and future objectives.
D)   financial objectives and projected figures.E) A) and B)
F) All of the above

Question 7

Which of the following SMART criteria is satisfied when an objective is consistent with the vision and mission of the organization?

Accepted Answer

A)   Specific
B)   Measurable
C)   Appropriate
D)   RealisticE) A) and B)
F) B) and C)

Question 8

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

Question 9

Crowdsourcing diminishers interdependence between stakeholders and the firm.

Accepted Answer

A) True 
 B)False  False

Question 10

A manager's capacity to both align resources to take advantage of existing product markets, as well as proactively explore new opportunities is called:

Accepted Answer

A)   targeting
B)   altitudes
C)   ambidexterity
D)   ambitionE) B) and C)
F) A) and D)

Question 11

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) None of the above
F) A) and B)

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

Question 13

Describe the focus of shared value creation.

Accepted Answer

Shared value creation focuses ...

Question 14

When a vision fails because senior management's behaviour is not consistent with the vision, this is referred to which of the following failures?

Accepted Answer

A)   Not the Holy Grail
B)   Irrelevance
C)   The Walk Does Not Match the Talk
D)   Tunnel VisionE) A) and C)
F) All of the above

Question 15

The strategic management of an organization entails which three ongoing processes?

Accepted Answer

A)   Performance, motivation, and evaluation
B)   Analysis, decisions, and actions
C)   Vision, objectives, and goals
D)   Evaluation, appraisal, and adjustmentE) None of the above
F) A) and D)

Question 16

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 17

XYZ Corporation 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

Question 18

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

Question 19

Strategic objectives should be measurable, specific, appropriate, and realistic, but not constrained by time deadlines.

Accepted Answer

A) True 
 B)False

Question 20

Strategic management consists of the analysis, decisions, and actions an organization undertakes to create and sustain competitive advantages.

Accepted Answer

A) True 
 B)False

Exam 1: Strategic Management: Creating Competitive Advantages: an Overview

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

A firm has a variety of different stakeholders. Identify several possible stakeholders a firm may have and discuss how the firm may achieve stakeholder symbiosis.

Correct AnswerverifiedStakeholders include suppliers...View AnswerShow Answer

Members of boards of directors are

Correct AnswerverifiedShow Answer

"To be the happiest place on earth" (Disney) exemplifies which of the following?

Correct AnswerverifiedShow Answer

Strategic management should only include short-term objectives. Long-term objectives are covered in the organization's vision statement.

Correct AnswerverifiedShow Answer

Effective vision statements include:

Correct AnswerverifiedShow Answer

Which of the following SMART criteria is satisfied when an objective is consistent with the vision and mission of the organization?

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

Crowdsourcing diminishers interdependence between stakeholders and the firm.

Correct AnswerverifiedFalse

A manager's capacity to both align resources to take advantage of existing product markets, as well as proactively explore new opportunities is called:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Stakeholders are:

Correct AnswerverifiedB

Describe the focus of shared value creation.

Correct AnswerverifiedShared value creation focuses ...View AnswerShow Answer

When a vision fails because senior management's behaviour is not consistent with the vision, this is referred to which of the following failures?

Correct AnswerverifiedShow Answer

The strategic management of an organization entails which three ongoing processes?

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

XYZ Corporation 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

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

Correct AnswerverifiedA

Strategic objectives should be measurable, specific, appropriate, and realistic, but not constrained by time deadlines.

Correct AnswerverifiedShow Answer

Strategic management consists of the analysis, decisions, and actions an organization undertakes to create and sustain competitive advantages.

Correct AnswerverifiedShow Answer

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Stakeholders include suppliers...
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False

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B

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Shared value creation focuses ...
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A

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